11 E. Laurel Drive, Salinas, CA 93905...7.67 Acres Apartment Development | 11 E. Laurel Drive,...

7.67 Acres - Apartment Development Opportunity11 E. Laurel Drive, Salinas, CA 93905

$1,700,000 | Rare in-fill project | Within City Limits | All Residential types in high demandCity wants more housing | Motivated & flexible Seller

Subject Property

Renz & RenzGeorge L. Renz, [email protected]

7.67 Acres Apartment Development | 11 E. Laurel Drive, Salinas, CA 93905

Summary of Salients

7.67 Acres Apartment Development Land11 E. Laurel Drive, Salinas, CA 93905

List Price $1,700,000

Land Acres 7.67 Acres

APN 004-601-053

Zoning High-density Residential

11 E. Laurel Drive was approved for a 53 Unit Housing Development project. This approval to begin construction recently expired on April 17th 2018. Project was marginally profitable. City has indicated a willingness to increase density to 85-90 units apartment project or more. Redesign to a traditional apartment project is possible with 2-3 building on part of the property. Ideal for affordable or subsidized, low income, or senior housing. The property sits along Laurel Drive in Salinas which is a main thoroughfare. It would also have an outlet at Hill Circle which is shown in the picture below. Maps, City CUP paperwork for prior project, and Environmental & Soil Reports are available. Call for more informtaion.

Property Highlights

• Rare in-fill project

• Within City Limits

• All Residential types in high demand

• City wants more housing

• Motivated & flexible Seller

Subject Property7.67 Acres


Salinas Demographics

Population Income Households

2010 Population 159,921 2013 Population 162,708 2018 Projected Population 170,165 2010-2013 Annual Rate 0.53% 2013-2018 Annual Rate 0.90% Male Population 50.5% Female Population 49.5% 2013 Median Age 29.4

2013 Median Household Income $50,874 2018 Projected Median Household Income $56,420 2013-2018 Annual Rate 2.09% 2013 Average Household Income $67,845 2018 Projected Average Household Income $76,082 2013-2018 Annual Rate 2.21% 2.25% 2.32% 2013 Per Capita Income $18,589

2013 Total Households 43,867

2018 Projected Total Households 45,805

2013-2018 Annual Rate 0.87% 2013 Average Household Size 3.65

In the identified area, the current year population is 162,708. In 2010, the Census count in the area was 159,921. The rate of change since 2010 was 0.53% annually. The five-year projection for the population in the area is 170,165 representing a change of 0.90% annual-ly from 2013 to 2018. Currently, the population is 50.5% male and 49.5% female. The median age in this area is 29.4, compared to U.S. median age of 37.3.

Current U.S. Median household income is $51,314. Median household income is projected to be $56,420 in five years, compared to $59,580 for U.S. house-holds.Current U.S. Average household income is $71,842 for all U.S households.. Average household income is projected to be $76,082 in five years, compared to $83,667 for all U.S. households.Current U.S. per capita income is $27,567. The per capita income is projected to be $20,754 in five years, compared to $32,073 for all U.S. households.

The household count in this area has changed from 43,263 in 2010 to 43,867 in the current year, a change of 0.43% annually. The five-year projection of households is 45,805, a change of 0.87% annually from the current year total. Average household size is currently 3.65, compared to 3.64 in the year 2010. The number of families in the current year is 34,333 in the specified area.

Housing2013 Total Housing Units = 46,921: 42.4% or 19,879 are Owner Occupied; 51.1% or 23,988 are Renter Occupied; 6.5% or 3,054 are Vacant.

2018 Projected Total Housing Units = 49,084: 21,122 Owner Occupied; 24,683 Renter Occupied; 3,279 Vacant.U.S. Averages: 56.4% owner occupied; 32.3% renter occupied; and 11.3% vacant. Median home value in the area is $257,216, compared to a median home

value of $177,257 for the U.S. In five years, median value is projected to change by 1.71% annually to $280,021.


Parcel Map

C2016

Chicago Title Company50 Winham Street,Salinas, CA 93901

This map/plat is being furnished as an aid in locating the hereindescribed Land in relation to adjoining streets, natural boundaries and other land, and is not a survey of the land depicted. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances, location of easements, acreage or other matters shown thereon.

Title Order No. : FWMN-TO16001293, Preliminary Report Dated August 12, 2016

Reference :

Property : 11 E Laurel Dr, Salinas, CA

Plat Showing : Parcel A, as shown on that certain map filed June 3, 2008 in Volume 22 of Parcel Maps, Page 92, Monterey County Records.

Drawing Date : 09/12/2016 - FNFI

Assessor's Parcel No. : 004-601-066

Data :

Sheet 1 of 1

Archieve #

Scale 1 inch = 180.22 feet

LegendProperty In Question - Fee

Item No. 5 - Relinquishment of Access In 04/30/1957 Bk1787 Pg507 of Official Records Affects said portion as described in the documentItem No. 7 - Easement for Construction, Maintenance of Pipe lines In 04/13/1967 Reel 501 Pg186 of Official Records Affects said portion as described in the documentItem No. 8 - Easement for Construction, Maintenance of Pipe lines In 04/13/1967 Reel 501 Pg190 of Official Records Affects said portion as described in the documentItem No. 8 - Easement for temporary Construction, Maintenance of Pipe lines In 04/13/1967 Reel 501 Pg190 of Official RecordsAffects said portion as described in the documentItem No. 11 & 12 - Easement for Perpetual Air & Fligh In 05/28/2008 Inst # 20080340270 of Official Records The exact location of said easement cannot be Determined and is not plottable

DETAIL ''A''

SEE DETAIL ''A''

Item No. 14 - Easement for Public Utilities In Bk22 Pg92 of Parcel Map Affects said portion as shown on the MapItem No. 14 - Easement for Landscape In Bk22 Pg92 of Parcel Map Affects said portion as shown on the Map


Easement Map

C2016




Reference :





Data :

Sheet 1 of 1

Archieve #




DETAIL ''A''

SEE DETAIL ''A''


C2016




Reference :





Data :

Sheet 1 of 1

Archieve #




DETAIL ''A''

SEE DETAIL ''A''


GEORGE L. RENZ, CCIM, SIOR, ALC Renz & Renz Investment & Commercial Brokerage 408-846-1031office|408-846-1042fax|[email protected]|BRELicense#00854816

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3.69Acresof M-2ZonedIndustrialLand-Gilroy,CA-$1,750,000ApartmentProjecton7.67Acres-Salinas,CA-$1,700,000

3.14AcresZonedforHigh-DensityResidential-Manteca,CA-$1,250,00016+Acresof AgriculturalLand-Gilroy,CA-$1,095,000

0.93AcreCommercialLot-Gilroy,CA-$750,0002.8Acresof HwyCommercialonCornerof Hwy152&Hwy33-DosPalos,CA-$299,000

11 E. Laurel Drive, Salinas, CA 93905

EXCLUSIVELY LISTED BY

GEORGE L. RENZ, CCIM Renz & Renz Investment & Commercial Brokerage 408-846-1031 office 408-846-1042 fax [email protected] BRE License # 00854816

DISCLOSURE & NON-DISCLOSURE Information contained herein was obtained from the owner or sources we deem reliable. We have no reason to doubt its accuracy, but do not guarantee it. Prospective buyers should investigate and verify all information pertaining to the property. Recievers of this information commit to using it solely for it’s purpose and not to disseminate Seller or Tenant information for any other use.

11 E. Laurel Drive, Salinas, CA 93905...7.67 Acres Apartment Development | 11 E. Laurel Drive,...

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