Mahoney & Associates is pleased to present to the market the opportunity to acquire 202 Main Street, Salinas, CA (the “Property”), a two-story, landmark mixed-use building in Downtown Salinas. Originally constructed in 1907 as a one-story reinforced concrete commercial building but designed to support two more floors, the property first housed the Hub and Thurlby’s, two of Salinas’ most popular business houses. In 1926 the Bank of Italy purchased the property and added a second floor built out as professional offices complete with a vault and basement. The Bank of Italy was a major financial institution in Salinas, further solidifying its position as the business center of Monterey County and later became the Bank of America. Located in the heart of “old town” Salinas on the pivotal hard corner of Main Street and Gabilan Street within the Opportunity Zone and surrounded by blocks of restaurants, boutique stores, Maya Cinema, Fox Theater, Taylor Farms Fresh Foods 100,000 square feet Headquarters, City of Salinas Headquarters, Monterey County Courthouse, abundant public parking, and within one block of the Commuter Train Station with service to the Bay Area and Silicon Valley.

The property has been meticulously maintained over the years and has recently received significant upgrades such as new exterior paint, brand new custom-made historical windows to the entire second floor, and elevator service and maintenance. The building is 100% leased with the ground floor being occupied by an antique mall on a short-term lease. The upstairs is fully leased out to a variety of office users on month-to-month leases allowing the purchaser the flexibility and upside to either convert the second floor to residential units, increase the existing rents, or occupy the building as an owner/user. The property is serviced by a 2” water line.

PROPERTY HIGHLIGHTS

• This Historic Property is eligible for Annual Property Tax Savings of up to 50% of the Assessed Property Taxes pursuant to the 1972 Mills Act protecting historic buildings (purchaser to verify).
• This 1907 historic building is subject to possible 20% federal tax credits on all development costs subject to the receipt of National Historic Status per 1936 buildings (purchaser to verify).
• This unique Heritage Downtown Property is located within the Opportunity Zone where Significant Financial and Development Incentives Apply Fully to a Mixed Use Development.
• This Property is Central to the Downtown Vibrancy Plan and as part of the vibrancy plan this Landmark Property Attracts Superb Density Bonus’s (unlimited residential units at or above 350 square feet allowed), and Zero New Parking Required for all Residential and Commercial Units which are developed within the envelope of the current property.
• Located on the prime hard corner of downtown where the two major pedestrian and traffic roads intersect offering +/-127 linear feet of street frontage on Gabilan Street and +/- 75 linear feet of frontage on Main St.
• The location is enhanced by the Landmark Property’s closeness to boutiques, cinemas, theater, rail station, bars and nightlife
• Facilities are enhanced by the closeness of the Headquarters of the Taylor Farms, the County and City Headquarters and will likely attract professionals with attractive rents.
• Salinas is the largest city in the County of Monterey with a growing population of over 157,000 residents.
• The City of Salinas has an extreme housing shortage with minimum residential vacancy levels, demand outstripping availability, and an influx of millennial and empty nesters leading to strong commercial and residential rents.
• The State of California mandates that Monterey County develop 7,300 housing units by 2023.