323 Front Street
- PUBLIC-AGENCY CREDIT: Ground leased to the Housing Authority of the County of Monterey, underpinned by the County's 'AA' Issuer Default Rating from Fitch
- ABSOLUTE NET STRUCTURE: Lessee pays all taxes, insurance, and maintenance — truly passive income ideal for 1031 buyers
- LONG-TERM INCOME: ±28 years of base term remaining, plus five 7-year options extending through 2090
- CONTRACTUAL GROWTH: 1% annual escalations grow ground rent from $220,996 today to $291,999 in the final base year
- REVERSION OF IMPROVEMENTS: 171 units + ±13,250 SF of commercial revert to the fee owner at lease expiration
- ATTRACTIVE LAND BASIS: $17.55/SF for ±5.84 acres of MX-zoned infill minutes from downtown Salinas and Hwy 101
- MARKET RESETS WITH A FLOOR: Option-period rent resets to prevailing market ground rent (never below the prior year's rent), then escalates 1% annually — upside capture with downside protection
Property Description
Newmark, as exclusive advisor, is pleased to present the Tynan Village Ground Lease, a ±254,390-square-foot (±5.84-acre) leased fee interest located at 323 Front Street in Salinas, California, ground leased on an absolute net basis to the Housing Authority of the County of Monterey (HACM) — a public-agency credit underpinned by Monterey County’s ‘AA’ Issuer Default Rating from Fitch. With ±28 years of base term remaining, 1% annual escalations, and five seven-year extension options running through 2090, the offering delivers truly passive, management-free income — and all improvements (171 residential units plus ±13,250 SF of ground-floor commercial) revert to the fee owner at lease expiration.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Land/Development |
| Price: | $4,464,000 |
| Lot Size: | 5.84 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
Jefferson Ave., McCabe Ct., Buecking Dr., Sanborn Ave. & Madison Ave.
Temecula, CaliforniaBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout