245 E Romie Lane, Salinas, California 93901, Salinas, 93901 - 8 bed, 4 bath
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Salinas, California 93901
This Multi-Unit Income Asset presents a High-Potential Investment Opportunity with a List Price of $1,199,000, matching its $1,199,000 Fair Market Value. The property offers a projected $98,700 Gross Annual Income across three distinct units situated on a massive 14,196 sq. ft. lot. Featuring CO/Residential Zoning and a Condition Rating of 4, the site provides significant upside for ADU development and forced appreciation. This versatile compound is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a high-yield house-hacking opportunity in Salinas.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 245 E Romie Lane Subject | $1,199,000* List Price | 8 | 4 | 4,096 | $293 | - |
A 323 San Miguel Avenue Active | $1,075,000 List Price | 7 | 5 | 3,425 | $314 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1890, the property is well-maintained and features recent cosmetic updates such as new flooring and paint in the primary unit. However, the kitchens and bathrooms remain dated with older cabinetry and standard fixtures, and the overall infrastructure reflects its age rather than a comprehensive modern renovation.
The property features three distinct living units with a projected gross annual income of $98,700, offering a strong opportunity for investors or owner-occupants looking to offset their mortgage.
Situated on a generous 14,196 sq. ft. lot with CO/Residential zoning, the property provides significant upside potential for adding ADUs or further developing the site to increase density.
With two substantial houses and an additional apartment, the property offers over 4,000 sq. ft. of living space, including a recently updated 4-bedroom main residence with new flooring and paint.
Built in 1890, the property likely requires ongoing specialized maintenance and potential upgrades to aging infrastructure typical of century-old structures.
With 8 total bedrooms but only 4 bathrooms across the entire property, the ratio is relatively low, which may impact tenant convenience and rental demand for larger families.
This property can be used in many ways - investment, family compound, owner occupancy with rental income, development or a combination. The 14,196 sq. ft. lot is zoned CO/Residential. The 245 E. Romie is a 1,430 sq. ft. 3 bedroom / 1 bathroom house. 245 E. Romie # A is a one bedroom apartment . 249 E. Romie is a 2,194 sq. ft 4 bedroom / 2 bathroom house with high ceilings. . 249 E. Romie has a large, private fenced yard. It has a downstairs bedroom / full bath and 3 bedrooms upstairs with a full bathroom and lots of storage. The unit has new flooring, paint, and additional improvements. 245 E. Romie has a classic older home feel with sitting areas and interior arches. 245 A is located to the left of the garages spaces. The zoning and lot size potentially can yield additional units and ADU's. The potential gross income on current rents is $98,700.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 8.0 | 3.0 | 97% |
| Baths | 4.0 | 2.0 | 92% |
| Square foot | 4,096 | 1,612 | 97% |
| Lot Size | 14,196 | 6,500 | 97% |
| Price | $1.20M | $810.0K | 97% |
| Price per sq ft | $293 | $506 | 3% |
| Built year | 1890 | 1962 | 3% |
| HOA | $0 | $0 | 50% |
| Days on market | 1153 | 154 | 0% |
Apr 19, 2023
$1,200,000
Public Record
Feb 24, 2023
$1,199,000
Initial Listing