942 Munras AveMonterey, CA 93940

  • Office properties
  • 613 SF
For Sale
$2,800,000 View listing

Property Details for 942 Munras Ave

Year built
1900
Construction
TILT-UP CONCRETE
Lot size
0.10 AC
Property size (Sq ft)
613 SF
Property type
Office properties
Property subtype
Office buildings
APN
001-672-018-000
APU
1672018000

Description

This exceptional investment opportunity presents two adjacent properties located at 942 Munras Ave and 120 Carmelito Ave in Monterey, California, 93940. The combined land area totals approximately 20,979 square feet, encompassing a 5,033 square foot apartment building. This highly recognizable Monterey property boasts a prime downtown location, placing it within convenient walking distance of the city's vibrant center and the Del Monte Shopping Center. The property is zoned CO. The asking price for this unique offering is $2,800,000, translating to a price per square foot of $556.33. Owned for generations by a prominent local family, this is a rare chance to acquire a well-established asset in a highly desirable area. The properties are being sold together as a single unit, presenting a cohesive and attractive investment package. The combined APN numbers are 001-672-018 and 001-672-019. This presents a unique opportunity to acquire a piece of Monterey's history and capitalize on its thriving market. The property's strong location and established presence make it an ideal investment for discerning buyers seeking a stable and potentially high-return asset in a sought-after California coastal city.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $183,569
    6.5%
    $169,448
    7%
    $157,344
  • Comparable approach

    Method
    Valuation
    Relative Method
    $170,972
    Geo Method
    $170,972
  • Alternative Use

    Use
    Valuation
    Residential
    $210,115
    Hospitality
    $192,465
    Educational
    $160,128
    Medical
    $165,635
    Retail
    $249,088
942 Munras Ave, Monterey, California

Location Insight

City
Monterey
County
Monterey
State
California
Latitude
36.5923
Longitude
-121.894
CBSA code
41500
CBSA name
SALINAS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$3,369
$187,917
$112,750
$300,667
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