482 Alvarado StMonterey, CA 93940

This exceptional mixed-use property, Galerie Monterey, presents a compelling investment opportunity in the heart of downtown Monterey, California. Located at 482 Alvarado St & 499 Calle Principal St, Monterey, CA 93940, this two-story building, constructed in 1941, offers 9,755 net rentable square feet across 14 units. The property boasts a diverse tenant mix, currently housing six businesses, with unit sizes ranging from 100 to 2,450 square feet. Its versatile design accommodates various uses, including storefront retail, medical offices, and executive office spaces, making it ideal for owner-users or investors seeking a strong cash flow. The property features a 6.14% cap rate and a substantial net operating income (NOI) of $171,179. Zoned C2, the property includes eight parking spaces. The asking price is $2,790,000. This prime location in downtown Monterey ensures high visibility and foot traffic, benefiting from the area's thriving tourism and business sectors. The property's strong financial performance, combined with its desirable location and flexible floor plans, makes it an attractive investment for discerning buyers. The property's APN is 001-572-003-000 and is owned by an S-Corp. Leases are structured on a gross basis.