449 Paseo AlvaradoMonterey, CA 93940

Property Details for 449 Paseo Alvarado

Year built

1963

Property size (Sq ft)

19,558 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional 19,558 square foot retail property, located at 449 Paseo Alvarado in Monterey, California (APN 001-574-028), presents a compelling investment opportunity. Currently operating as a multi-tenant bank with a 75% occupancy rate, the property boasts a strong lease structure (NNN) with a remaining term of 3 years. The asking price is $3,900,000, representing a 5.00% cap rate. Built in 1963, this landmark building sits on a 13,112 square foot lot and features impressive architectural details including soaring ceilings, an elevator, and a mezzanine. A significant asset is the substantial basement, which includes three vaults – a legacy from its previous life as the Monterey Savings and Loan. The current monthly rent is $12,000, with potential for increased revenue through leasing of available space. The property enjoys a prime location in downtown Monterey, within walking distance of numerous amenities including Trader Joe's, Pacific Valley Bank, Peet's Coffee, restaurants, shops, City Hall, a transit center, and Fisherman's Wharf. This mixed-use development offers significant income-producing potential and strong long-term prospects in a thriving California coastal city.

Location Insight

City

Monterey

County

Monterey

State

California

Latitude

36.6015

Longitude

-121.894

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