8897 Monterey RdGilroy, CA 95020

Property Details for 8897 Monterey Rd

Year built

1952

Construction

WOOD

Lot size

1.10 AC

Property size (Sq ft)

3,061 SF

Zone code

R4

Property type

Retail properties

Property subtype

Retail space

APN

790-15-041

APU

79015041

Description

This exceptional 1.1-acre property at 8897 Monterey RD, Gilroy, CA, presents a compelling investment opportunity for developers seeking a high-density mixed-use project. The site's zoning allows for the potential construction of up to approximately 50 residential units, combined with commercial space, creating a vibrant and diverse community hub. This presents a unique chance to capitalize on the growing demand for housing and commercial space in Gilroy. The property's strategic location offers excellent accessibility and visibility, further enhancing its development potential. A significant advantage lies in the adjacent property owner's expressed interest in selling their land, opening the possibility of assembling an entire city block for a truly integrated and expansive development. This assemblage would allow for a larger-scale project with enhanced synergy between residential and commercial components. The current use of the property generates a potential income stream exceeding $150,000 annually, providing a substantial revenue source during the development and planning phases. This income stream mitigates risk and offers a strong return on investment while the project progresses. This is a rare opportunity to acquire a prime development site in a thriving California market with significant upside potential. The property is offered at $3,499,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,347,468

  6.5%

  $1,243,817

  7%

  $1,154,973

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,151,434

  Geo Method

  $2,151,434

• Alternative Use

  Use

  Valuation

  Residential

  $1,049,206

  Hospitality

  $961,067

  Educational

  $799,596

  Medical

  $827,096

  Retail

  $1,243,817

Location Insight

City

Gilroy

County

Santa Clara

State

California

Latitude

37.026

Longitude

-121.579

CBSA code

41940

CBSA name

SAN JOSE-SUNNYVALE-SANTA CLARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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