Property Description: Gabilan Plaza is a 200 unit apartment community located in Salinas, California. The property was built in two phases of 100 units each, with the first phase “GP I” being constructed in 1970, and “GP II” in 1973. Initially, both phases were subject to HUD 236 contracts, and current rents reflect the requirements of those contracts. The GP I contract expired in July 2010 and there are no further program obligations. The GP II contract will expire in April, 2015. The property owners will consider the sale of the two phases independently, or together, as there are two leasing offices, separate parking and laundry facilities. Currently, GP I and GP II share a leasing office which is located on the GP II property. A new owner of GP I could enter into an agreement with the current owner to share the office, leasing and maintenance staff with GP II. Current management has been in place for fourteen years and is available to continue for the new owners. Each unit at GP I is individually metered for gas and electric. GP II has individual electric services, and the property pays for gas, though it has higher rental rates to compensate for the difference in utility costs. Both properties pay for water, sewer and trash. Each site consists of 13 apartment buildings constructed of concrete floors, wood framing and pitched composition shingle or tile roofs. Each building is two stories, with lower units all having enclosed patios. Both properties are 100% leased and have waiting lists. Actual vacancy in the past year at GP I was 1.34% and GP II was 1.76%. Download this Flyer Obtain Full Offering Access
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