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449 Alvarado St
24,186 SF Vacant Retail Building Monterey, CA 93940 $3,900,000 ($161/SF) 5.77% Cap Rate
Investment Highlights
- 2 Structure Plan to make a mixed use building
- Existing will be a 3 story residential building with 16 apartments
- New building to be buildt
Executive Summary
Prime location downtown Monterey,
THE EXISTING BUILDING IS PROPOSED TO BE
A 3-STORY RESIDENTIAL BUILDING. THE NEW BUILDING WILL BE
CONSISTING OF (2) COMMERCIAL-LEASE SPACES ON THE GROUND
FLOOR AND RESIDENTIAL UNITS ABOVE. OVERALL THE PROJECT WILL
CONSIST OF 20 RESIDENT UNITS INCLUDING (5) STUDIOS, (12) 1
BD, AND (2) 2 BD TYPE UNITS. I believe it is 20 units
2 Structure Redevelopment Plan
Please see RRM Plans attached
New Structure
Located in front of existing coin Shoppe
4-6 Residential units
2 Retail spaces with entry through middle
Existing Structure
To be converted into a 16 unit apartment building with Retail space
Street level to be mix of residential and commercial
Mezzanine (aka 2nd floor) to be expanded to accommodate 4 one bed apartments
Third floor to be created to accommodate 4 one bedroom apartments
Coine Shoppe to remain in retail space on street level
Basement to provide storage for apartments in 4000 SF
9000 SF of basement available for future use.
Building SF goes from 19597 to 26,687 including new building.
Property is 13, 112 SF
THE EXISTING BUILDING IS PROPOSED TO BE
A 3-STORY RESIDENTIAL BUILDING. THE NEW BUILDING WILL BE
CONSISTING OF (2) COMMERCIAL-LEASE SPACES ON THE GROUND
FLOOR AND RESIDENTIAL UNITS ABOVE. OVERALL THE PROJECT WILL
CONSIST OF NINETEEN RESIDENT UNITS INCLUDING (5) STUDIOS, (12) 1
BD, AND (2) 2 BD TYPE UNITS. I believe it is 20 units
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- Signage
Space Availability
- Space
- Size
- Space Use
- Position
- Available
10 storage spaces that are 200 sf approx. Not fancy just secure storage that you can lock. Other spaces available
Specialty Storage space with VAULT and Temperature controlled. Includes Safety Deposit Boxes. Excellent for a business that wants to offer vault space, document security, Safety Deposit Boxes, and or Storage for Wine or other property that requires Temperature control. Can be made larger or split up. Lessor open to helping develop this space and use for correct user.
New Alvarado Facing Retail Space with Patio also on Alvarado. Potential Group 2 or 3 Water Use. Space will be opposite corner of Coin SHoppe. Can Have a new entry door. Lessor open to providing shell space for correct user,
Mezzanine Space open air to retail below but with locking access. Bright open space for Retail or Office space. Fun location downtown Monterey. NO elevator use
| Space | Size | Space Use | Position | Available |
| Basement | 2,000 SF | Industrial | - | Now |
| Basement | 2,222 SF | Retail | In-Line | Now |
| C | 1,100 SF | Retail | End Cap | Now |
| Mezzanine | 2,000 SF | Office/Retail | - | Now |
Basement
| Size |
| 2,000 SF |
| Space Use |
| Industrial |
| Position |
| - |
| Available |
| Now |
Basement
| Size |
| 2,222 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
C
| Size |
| 1,100 SF |
| Space Use |
| Retail |
| Position |
| End Cap |
| Available |
| Now |
Mezzanine
| Size |
| 2,000 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
Basement
| Size | 2,000 SF |
| Space Use | Industrial |
| Position | - |
| Available | Now |
10 storage spaces that are 200 sf approx. Not fancy just secure storage that you can lock. Other spaces available
Basement
| Size | 2,222 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
Specialty Storage space with VAULT and Temperature controlled. Includes Safety Deposit Boxes. Excellent for a business that wants to offer vault space, document security, Safety Deposit Boxes, and or Storage for Wine or other property that requires Temperature control. Can be made larger or split up. Lessor open to helping develop this space and use for correct user.
C
| Size | 1,100 SF |
| Space Use | Retail |
| Position | End Cap |
| Available | Now |
New Alvarado Facing Retail Space with Patio also on Alvarado. Potential Group 2 or 3 Water Use. Space will be opposite corner of Coin SHoppe. Can Have a new entry door. Lessor open to providing shell space for correct user,
Mezzanine
| Size | 2,000 SF |
| Space Use | Office/Retail |
| Position | - |
| Available | Now |
Mezzanine Space open air to retail below but with locking access. Bright open space for Retail or Office space. Fun location downtown Monterey. NO elevator use
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 001-574-028-000 | Improvements Assessment | $1,561,725 (2023) |
| Land Assessment | $1,115,518 (2023) | Total Assessment | $2,677,243 (2023) |
PROPERTY TAXES
Presented by
449 Alvarado St
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