615 Terrace St Salinas, CA 93905
East Salinas NeighborhoodEstimated payment $4,352/month
About This Home
Great opportunity to own a fully rented triplex in east salinas! The front unit is a mostly remodeled 2 bedroom 1 bath unit with updated flooring, kitchen cabinets and countertops. The back unit is a 2 bedroom 1 bath with tile flooring and open floor plan with a small fenced backyard. The 3rd unit is a 1 bedroom 1 bathroom with tile flooring and storage shed in backyard. Rents are low for each unit and could easily be doubled over time, subject to Salinas rental ordinance. Owner covers trash, septic and water which potentially could be costs transferred to the tenants over time as well. There is plenty of room for improvements to be made that would reflect in an increase in equity position and cashflow for this property. Close proximity to shopping, restaurants, hwy 101 and local schools. This is truly a great investment opportunity for the right buyer!
Property Details
Home Type
- Multi-Family
Year Built
- 1951
Home Design
- Triplex
- Slab Foundation
- Composition Roof
Interior Spaces
- 1,607 Sq Ft Home
- 1-Story Property
Parking
- 3 Parking Spaces
- Covered Parking
Utilities
- Wall Furnace
- Separate Meters
- Individual Gas Meter
Listing and Financial Details
Community Details
Overview
- 1,607 Sq Ft Building
Building Details
- 2 Leased Units
- Insurance Expense $1,500
- Maintenance Expense $500
- Manager Expense $2,730
- Utility Expense $3,940
- Trash Expense $1,651
- Operating Expense $18,071
- Gross Income $39,798
Map
Home Values in the Area
Average Home Value in this Area
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 | $2,583 | $219,423 | $96,803 | $122,620 |
| 2024 | $2,583 | $215,121 | $94,905 | $120,216 |
| 2023 | $2,497 | $210,904 | $93,045 | $117,859 |
| 2022 | $2,404 | $206,770 | $91,221 | $115,549 |
| 2021 | $2,311 | $202,717 | $89,433 | $113,284 |
| 2020 | $2,248 | $200,639 | $88,516 | $112,123 |
| 2019 | $2,230 | $196,706 | $86,781 | $109,925 |
| 2018 | $2,200 | $192,850 | $85,080 | $107,770 |
| 2017 | $2,202 | $189,069 | $83,412 | $105,657 |
| 2016 | $2,203 | $185,363 | $81,777 | $103,586 |
| 2015 | $2,221 | $182,580 | $80,549 | $102,031 |
| 2014 | $2,077 | $179,005 | $78,972 | $100,033 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 04/10/2026 04/10/26 | For Sale | $775,000 | 0.0% | $482 / Sq Ft |
| 04/01/2026 04/01/26 | Pending | -- | -- | -- |
| 03/18/2026 03/18/26 | For Sale | $775,000 | -- | $482 / Sq Ft |
Source: MLSListings
MLS Number: ML82039241
APN: 004-081-025
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Ask me questions while you tour the home.