For Sale
$2,950,000

499 Alvarado StMonterey, CA 93940

High-traffic Monterey office, 7,873 SF, $2.95M

Overview

Added:
Dec 11, 2024
Days on market:
115
This 7,873-square-foot executive office building in Monterey, California, is offered at $2,950,000. Located at 499 Alvarado Street, this multi-tenant property boasts a prominent corner location at the intersection of Alvarado, Pearl, and Munras Avenues, offering high visibility. Built in 1951 and zoned C-1, the building sits on a 10,237-square-foot lot. Currently, the occupancy is 40%, with a Net Operating Income (NOI) of $235,245.24, resulting in a 6.92% cap rate. The asking price per square foot is $431.86. The property features a 5-year remaining lease term under a NNN lease structure. Its central location in downtown Monterey provides easy access to numerous amenities, including Trader Joe's, Pacific Valley Bank, Peets Coffee, restaurants, shops, City Hall, a transit center, and Fisherman's Wharf. Street parking is available. The building includes approximately 4,500 square feet of divisible retail space, presenting multiple tenant options. This is a highly walkable area with exceptional visibility and proximity to key businesses and attractions, making it an attractive investment opportunity.

Highlights

  • 7,873 SF executive office building in Monterey, CA, offered at $2,950,000.
  • Prominent corner location at Alvarado, Pearl, and Munras Avenues, offering high visibility.
  • 40% occupancy, $235,245.24 NOI, 6.92% cap rate, $431.86/SF asking price.
  • 10,237 SF lot, C-1 zoning, built in 1951, 5-year remaining NNN lease.
  • Downtown Monterey location near amenities including Trader Joe's, Pacific Valley Bank, and Fisherman's Wharf; street parking available.
  • Approximately 4,500 SF of divisible retail space.

Property Details for 499 Alvarado St

Property type
Retail properties, Office properties
Square Feet
7,873 SF
Year Built
1951

Location Insight

City
Monterey
County
Monterey
State
California
Latitude
36.5978595
Longitude
-121.8946375
499 Alvarado St, Monterey, California

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499 Alvarado St
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