439 Alvarado StMonterey, CA 93940

This exceptional Class A retail property, located at 439 Alvarado Street in Monterey, California, presents a compelling investment opportunity. The 12,197 square foot building, constructed in 1942 and renovated in 2000, sits on a 0.28-acre lot and boasts a prestigious location in the heart of Monterey, surrounded by 1500 hotel rooms, Fisherman's Wharf, and the beach. Currently 100% occupied with two tenants under absolute NNN leases, this multi-tenant property offers significant long-term stability. The anchor tenant, Mechanics Bank, recently signed a 7-year lease extension, while the upstairs tenant holds a 5-year NNN lease. The property features three stories, an elevator, and ample parking. The building has served as a bank for over 50 years, establishing itself as a landmark with significant pride of ownership. With a current NOI of $330,000 and a 5.89% cap rate, this property offers a strong return on investment. The asking price is $5,600,000, translating to $459.13 per square foot. The property is zoned for commercial use, and there's potential for future development, including the addition of residential units to further increase income. A recent appraisal is available upon request. Lease commencement is January 1, 2024, with expiration on December 31, 2030, leaving a remaining lease term of 6.1 years.