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    540 Gabilan Drive

    Soledad, CA 93960
    • $5,000,000
    • STATUS: Active
    • ON SITE: 13 days
    • ID#: ML81824495
    UPDATED: 29 min ago
    $5,000,000
    • 0
      BEDS
    • 4.61
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Vacant Land / Lots
    County:

    School Ratings & Info

    Description

    The Gabilan Apartment Homes will provide high quality rental residences to the Soledad rental market. Demand for quality housing in the Salinas Valley continues to outpace the supply of new housing built. Quality rental housing is in great demand. Soledad residences are mainly employed by the agriculture industry and the California State Correctional Facility in Soledad that employs over 1,000 employees with many high paying salaries. The Gabilan Apartments are centrally located in the City of Soledad in an upscale single family neighborhood. The site is located on the south side of Gabilan Drive between Orchard Lane and Granada Street. The project is fully entitled and permitted with a total project cost estimated at $27,250,000 or $283,000/unit. The stabilized NOI is approximately $1.8M providing a yield on cost of approximately 6.6%. Upon stabilization, we expect the property to be worth over $38.0M.

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    Bay East ©2021. CCAR ©2021. bridgeMLS ©2021. Information Deemed Reliable But Not Guaranteed. This information is being provided by the Bay East MLS, or CCAR MLS, or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website. This information is intended for the personal use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated at 2021-01-19T13:41:05.063.

    www.searcheastbayrealestate.com/homes/113005124
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    540 Gabilan Drive Soledad, CA 93960

    • Price: $5,000,000
    • Status: Active
    • Updated: 29 min ago
    • ID#: ML81824495
    0
    Beds
    0
    Baths
    0
    ½ Baths
    4.61
    Acres
    Neighborhood:
    All Other Counties/States
    County:
    Monterey
    Area:
    All Other Counties/States
    Property Description
    The Gabilan Apartment Homes will provide high quality rental residences to the Soledad rental market. Demand for quality housing in the Salinas Valley continues to outpace the supply of new housing built. Quality rental housing is in great demand. Soledad residences are mainly employed by the agriculture industry and the California State Correctional Facility in Soledad that employs over 1,000 employees with many high paying salaries. The Gabilan Apartments are centrally located in the City of Soledad in an upscale single family neighborhood. The site is located on the south side of Gabilan Drive between Orchard Lane and Granada Street. The project is fully entitled and permitted with a total project cost estimated at $27,250,000 or $283,000/unit. The stabilized NOI is approximately $1.8M providing a yield on cost of approximately 6.6%. Upon stabilization, we expect the property to be worth over $38.0M.
    Exterior Features

    Lot Description Level

    Property Features

    Building Type Lots And Land Development Status Approved Bldg Plan Hoa YN No Utilities On Site ElectricityWater Water Sewer Sewer System - Public Zoning R-3

    Listing courtesy of Nicholas Tortorelli of Nicholas Tortorelli Real Estate.


    Bay East ©2021. CCAR ©2021. bridgeMLS ©2021. Information Deemed Reliable But Not Guaranteed. This information is being provided by the Bay East MLS, or CCAR MLS, or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website. This information is intended for the personal use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated at 2021-01-19T13:41:05.063.

     
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