100% Occupied NNN building -Downtown w Parkin | 439 Alvarado St
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100% Occupied NNN building -Downtown w Parkin 439 Alvarado St
12,500 SF 100% Leased Retail Building Monterey, CA 93940 $5,600,000 ($448/SF) 6.10% Cap Rate
Investment Highlights
- Trophy Corner Building w Parking Lot
- Legacy Property
- Known and Active Bank location for over 50 years
- 7 year absolute NNN Lease
- 6 Cap plus opportunity for increases, Great for an exchange
- Professionally Managed, Seller will consider all or partial sale.
Executive Summary
100% occupied NNN building. Anchor Tenant Mechanics Bank recently extended its Lease for 7 years, Upstairs Tenant is a 5 year also NNN Lease. Landmark pride of Ownership building. Building has been a bank since it was built. Opportunity to add residential and increase income if so inclined. Call Listing agent/Seller for more info Recent appraisal available. Located on Main Street in Monterey surrounded by 1500 Hotel Rooms and only steps Fishermans Wharf and the Beach. Building has an elevator and includes parking lot.
Data Room Click Here to Access
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
12,500 SF
Building Class
C
Year Built/Renovated
1942/2000
Price
$5,600,000
Price Per SF
$448
Cap Rate
6.10%
NOI
$341,645
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.02
Land Acres
0.28 AC
Parking
18 Spaces (1.44 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signage
Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (80)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 001-573-012-000 | Improvements Assessment | $2,274,319 |
| Land Assessment | $1,051,410 | Total Assessment | $3,325,729 |
PROPERTY TAXES
Parcel Number
001-573-012-000
Land Assessment
$1,051,410
Improvements Assessment
$2,274,319
Total Assessment
$3,325,729
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Power Broker Anthony Davi -
A.G. Davi Property Management
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100% Occupied NNN building -Downtown w Parkin | 439 Alvarado St
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