615 Terrace Street, Salinas, California 93905, Salinas, 93905 - 0 bed, 0 bath
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Salinas, California 93905
This Value-Add Triplex Asset represents a High-Potential Investment Opportunity with a List Price of $725,000—positioned well below the $736,422 Fair Market Value by 1%. This valuation gap offers $11,422 in Instant Equity for the incoming owner. While maintaining a Fair Condition Rating, the property features a mostly remodeled front unit and significant rental upside in a high-demand area near Highway 101 and local schools. This is a strategic acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to maximize cash flow.
Property is moderate renovation needed.
Built in 1951, this triplex is functional and fully occupied but shows clear signs of age. While the listing mentions one unit is 'mostly remodeled,' the interior photos show budget-grade finishes, including dated tile flooring, basic cabinetry, and older appliances. The exterior stucco and trim show wear and patching, and the overall aesthetic is dated. It meets the 'fair' criteria as it is maintained but requires minor updates and cosmetic repairs to meet modern market standards.
Current rents are well below market value with the potential to nearly double over time, offering a substantial opportunity for increased cash flow and equity growth.
The front unit has been mostly remodeled with updated flooring, kitchen cabinets, and countertops, providing immediate appeal and reducing initial capital expenditure.
The property is ideally situated in East Salinas with convenient access to Highway 101, local schools, and shopping centers, ensuring high tenant demand.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1607, other record living area = 652.
The owner currently covers trash, septic, and water costs, which significantly impacts the net operating income until these expenses can be transitioned to tenants.
Future rent increases are subject to the Salinas rental ordinance, which may limit the speed at which a buyer can realize the property's full market-rate potential.
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!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 1,607 | 1,526.5 | 50% |
| Lot Size | 5,674 | 6,750 | 25% |
| Price | $725.0K | $737.5K | 50% |
| Price per sq ft | $451 | $494 | 50% |
| Built year | 1951 | 1945 | 75% |
| HOA | $0 | $0 | 50% |
| Days on market | 35 | 39 | 50% |
Apr 15, 2026
$725,000
$775,000
-6% Price Drop
Initial Listing
Mar 18, 2026
$775,000
Initial Listing
Sep 30, 2009
$170,000
Public Record
Aug 4, 2005
$705,000
Public Record
Dec 7, 2001
$330,000
Public Record