1020 Merrill Street

Salinas, California  93901
For Further Information, Please Contact:

Brian Rianda, Inc.
66 Monterey-Salinas Highway
Salinas, CA  93908

Phone: 831.758.2728
Fax: 831.758.0460
 Email briani@rianda.com

SOLD

Property Description

Address:   1020 Merrill Street, Salinas, CA  93901.   
Assessor’s Parcel Number:   002-881-032
Gross Square Footage: 23,690 Square Feet.
Rentable Space:  18,778 Square Feet.
Construction:      2-story wood (redwood), stucco and steel frame. 
AGE:          Built in 1978. 20 years old
Parking Eighty four (84) parking spaces in addition to a parking easement on the adjacent property.

Lease Terms:             

 There is a five-year lease that will expire on September 1, 2003.  The Tenant has a right of first refusal to purchase and lease.
Monthly Rent: 

Twenty Three Thousand Seven Hundred Eighty One Dollars and Thirty-Three Cents ($23,781.33), $1.26/sq.ft.
Owners Responsibility:  Structural components, foundations, roof and exterior walls
Tenant Responsibility: All with the exception of Owners’ responsibility.
Maintenance:   In August, 1998, the building was painted with 4 coats of paint with a 20-year life by Speed Boy Painting Company.
Additional Information: The property is equipped with stairs and an elevator.  The building has new exterior paint and is landscaped.
Commission:      2.5% to Selling Broker.
Asking Price:    

Two Million Seven Hundred Twenty Five Thousand Dollars ($2,725,000), 10.47% cap (less owner’s responsibilities).
Broker’s Comments: This property is NNN with the exception of structural components, roof, exterior walls and foundation. Where can one find a 10+% cap on the coast of California? The reason for the high cap is a motivated seller and a short term lease (which makes it difficult to finance for most buyers).


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Disclaimer

This information is from sources deemed reliable.  No representation or warranties are made as to the accuracy thereof and should you accept and act upon said description or information such action shall be upon the express understanding that no liability on the part of  Brian Rianda, Inc. shall arise because of errors, omissions, change of price, rentals and leasing, or prior sale of withdrawal without notice.