431 Espinosa Road, Salinas, California 93907

$5,495,000

Property Type

Commercial Sale

City

Salinas

Status

Active

Rare 24.81± acre offering near the northern edge of Salinas, approximately one-quarter mile from Highway 101. Includes 5.17± acres zoned Heavy Commercial and 19.64± acres zoned Farmland (F/40), with approximately 980 feet of Espinosa Road frontage and level terrain. Land of this size and zoning seldom comes available in this area, offering a broad range of potential commercial uses. Four residences will be delivered vacant: a 2,758± SF main home with a stone fireplace, separate dining and family rooms, front porch and garage; a standalone 1BR/1BA home; and a duplex with two 2BR/1BA units. Residences are served by municipal water. A 23-acre row-crop lease generates $41,400 annually. The cultivated land has a history of organic strawberry production and an agricultural well. Estimated residential rents of $11,000/month bring projected gross annual income to $173,400 at full occupancy, before expenses. Residential uses are reported as legal nonconforming. Future uses are subject to County review, applicable approvals and existing lease terms. Buyer to verify property details, allowable uses and income projections.