'164777' Lafayette Real Estate, California Homes, San Francisco Investment Property - Matt Locati

200 Unit Apt. Complex with Upside
730-736 Williams Road

Salinas, CA 93905
Listing Price $13,800,000
Status: Withdrawn
Type: Commercial
Year Built: 1971 & 1973
Agent: TerraCorp Financial
1043 Stuart Street, Suite 220
Lafayette, California 94549
Phone: 925.284.6464


Property Description: Gabilan Plaza is a 200 unit apartment community located in Salinas, California. The property was built in two phases of 100 units each, with the first phase “GP I” being constructed in 1970, and “GP II” in 1973. Initially, both phases were subject to HUD 236 contracts, and current rents reflect the requirements of those contracts. The GP I contract expired in July 2010 and there are no further program obligations.   The GP II contract will expire in April, 2015. The property owners will consider the sale of the two phases independently, or together, as there are two leasing offices, separate parking and laundry facilities.  Currently, GP I and GP II share a leasing office which is located on the GP II property.  A new owner of GP I could enter into an agreement with the current owner to share the office, leasing and maintenance staff with GP II. Current management has been in place for fourteen years and is available to continue for the new owners. Each unit at GP I is individually metered for gas and electric.  GP II has individual electric services, and the property pays for gas, though it has higher rental rates to compensate for the difference in utility costs. Both properties pay for water, sewer and trash.  Each site consists of 13 apartment buildings constructed of concrete floors, wood framing and pitched composition shingle or tile roofs.  Each building is two stories, with lower units all having enclosed patios.  Both properties are 100% leased and have waiting lists.  Actual vacancy in the past year at GP I was 1.34% and GP II was 1.76%. Download this Flyer       Obtain Full Offering Access


The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals. The information at this site is provided solely for informational purposes and does not constitute an offer to sell, rent, or advertise real estate outside the state in which the owner of the site is licensed. The owner is not making any warranties or representations concerning any of these properties including their availability. Information at this site is deemed reliable but not guaranteed and should be independently verified.
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