942 Munras AveMonterey, CA 93940

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 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.

• 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

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

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