NOT LISTED FOR SALE

2 Homestead Ave Salinas, CA 93901

South Salinas Neighborhood

Estimated Value: $633,000 - $715,000

2 Beds
2 Baths
820 Sq Ft
$831/Sq Ft Est. Value

Last Sold July 26, 2024

Last sale price $670,000 $817 Per Sq Ft

Est. 2% increase in value since last sale

Current estimated payment $4,073/month

8 Days on Market

Highlights

  • 0.36 Acre Lot
  • Traditional Architecture
  • 1-Story Property

About This Home

As of July 2024

Bring your contractors and developers!! Great opportunity to own two detached single family homes on a large 15,700 sqft lot. Each home has 1 bedroom and 1 bathroom with a basement. Units have newer 30 year composition roofs, newer exterior paint and newer windows. Interior is older and needs updating. Rents are very low and could be closer to $1500 per unit if they are raised to fair market value. There are unfinished plans included with the sale to split the lots, demolish both units and build two new single family homes that are approx 1950 sqft each with attached garages. The units are currently on a septic system and would need to be connected to the sewer system in the street for any new development. Lot is zoned medium density residential 2.9 which could allow for up to 5-6 units. Buyer to verify all development potential directly with the city. One of the units is on a mudsill foundation which will require a cash buyer to purchase the property. Could be a 5% Cap rate if rents are raised to market value. Don't miss out on this rare opportunity!

Last Agent to Sell the Property

Sean Griffin

Agency One Real Estate License #01466508 Listed on: 06/19/2024

Last Buyer's Agent

Leonard Bustin

Realtor Limbo Paid License #00804201

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,546

Year Built

  • 1929

Lot Details

  • 0.36 Acre Lot

Home Design

  • Duplex
  • Traditional Architecture
  • Composition Roof

Interior Spaces

  • 820 Sq Ft Home
  • 1-Story Property
  • Crawl Space

Parking

  • 2 Parking Spaces
  • On-Street Parking
  • Off-Street Parking

Utilities

  • Wall Furnace
  • Septic Tank

Listing and Financial Details

  • Total Actual Rent $21,600

Community Details

Overview

  • 820 Sq Ft Building

Building Details

  • 2 Leased Units
  • Insurance Expense $1,000
  • Maintenance Expense $1,000
  • Operating Expense $7,950
  • Gross Income $21,600

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,546

Year Built

1929

Lot Details

0

Listing Details

  • Zoning: MDR
  • Subclass: Duplex
  • Style: Traditional
  • Age: 95
  • Listing Class: Residential Income (2-4 Units)
  • Structure Sq Ft: 820
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1929

Interior Features

  • Living Sq Ft: 820
  • Stories: 1

Exterior Features

  • Foundation: Crawl Space
  • Roof: Composition

Garage/Parking

  • Parking Spaces: 2
  • Garage Parking Features: On Street, Off-Street Parking

Utilities

  • Heating System: Wall Furnace
  • Sewer/Septic System: Existing Septic

Schools

  • School District: Salinas Union High

Lot Info

  • Lot Acres: 0.3604
  • Lot Size Area Minimum Units: Square Feet
  • Minimum Lot Size: 15700.00
  • Lot Size Area Maximum Units: Square Feet
  • Maximum Lot Size: 15700.00

Rental Info

  • Existing Lease Term(s): Month To Month
  • Gross Rent Multiplier: 27.55
  • Number Of Leased: 2

Multi Family

  • Utilities: Public Utilities
  • Expense Insurance: 1000
  • Expense Maintenance: 1000
  • Expenses Total: 7950
  • Income Annual Gross: 21600.00
  • Income Annual Rental: 21600
  • Income Gross Scheduled: 21600
  • Income Includes: Rents
  • Meters: Separate Electric, Separate Gas, Separate Water
  • Number Of Buildings: 2
  • Operating Expenses Include: Fee - Property Tax, Insurance, Maintenance, Services - Sewer
  • Tenant Expenses: Services - Trash Removal, Utilities - Electric, Utilities - Gas, Utilities - Heating, Utilities - Water

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jun 19, 2024
Closed on
Jul 11, 2024
Sold by
Kenneth Eugene Slama Revocable Trust and Slama Kenneth Eugene
Bought by
Olvera-Hernandez Agustin
Seller's Agent
Sean Griffin
Agency One Real Estate
Buyer's Agent
Leonard Bustin
Realtor Limbo Paid
List Price
$595,000
Sold Price
$670,000
Premium/Discount to List
$75,000
12.61%
Views
67
Current Estimated Value
$681,198

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$11,198
Avg. Annual Appreciation
1.38%
Original Mortgage
$536,000
Outstanding Balance
$529,549
Interest Rate
6.95%
Mortgage Type
New Conventional
Estimated Equity
$151,649

Purchase Details

Closed on
Aug 29, 2019
Sold by
Jackson Raymond and Lillian E Jackson Revocable Li
Bought by
Slama Kenneth Eugene and Kenneth Eugene Slama Revocable

Purchase Details

Closed on
Dec 19, 2007
Sold by
Jackson Lillian E
Bought by
Jackson Lillian E and Lillian E Jackson Revocable Tr
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Olvera-Hernandez Agustin $670,000 Chicago Title
Slama Kenneth Eugene $350,000 Chicago Title Company
Jackson Lillian E -- None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Olvera-Hernandez Agustin $536,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
07/26/2024 07/26/24 Sold $670,000 +12.6% $817 / Sq Ft
06/28/2024 06/28/24 Pending -- -- --
06/19/2024 06/19/24 For Sale $595,000 -- $726 / Sq Ft
Source: MLSListings

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $5,546 $670,000 $390,000 $280,000
2024 $5,546 $670,000 $390,000 $280,000
2023 $5,360 $462,517 $315,353 $147,164
2022 $5,158 $453,449 $309,170 $144,279
2021 $4,955 $444,558 $303,108 $141,450
2020 $4,818 $440,000 $300,000 $140,000
2019 $2,473 $219,850 $92,569 $127,281
2018 $2,435 $215,540 $90,754 $124,786
2017 $2,438 $211,315 $88,975 $122,340
2016 $2,439 $207,173 $87,231 $119,942
2015 $2,465 $204,062 $85,921 $118,141
2014 $2,302 $200,065 $84,238 $115,827
Source: Public Records

Agents Affiliated with this Home

  • Sean Griffin

    Seller's Agent in 2024

    Sean Griffin

    Agency One Real Estate

    (831) 262-1955

    9 in this area

    59 Total Sales

    Sean Griffin
    Section Image

  • L

    Buyer's Agent in 2024

    Leonard Bustin

    Realtor Limbo Paid

See All Agents

Map

Source: MLSListings

MLS Number: ML81970239

MLSListings

APN: 002-131-001-000

California Monterey County Salinas 93901 South Salinas

2 Homestead Ave, Salinas, CA

This home is located at 2 Homestead Ave, Salinas, CA 93901 since 19 June 2024 and is currently estimated at $681,198, approximately $830 per square foot. This property was built in 1929. 2 Homestead Ave is a home located in Monterey County with nearby schools including Roosevelt Elementary School, Laurel Wood Elementary School, and Washington Middle School.

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