4plex Ocean views, 3/2.5 Penthouse, | 457 Spencer St
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4plex Ocean views, 3/2.5 Penthouse, 457 Spencer St
4 Unit Apartment Building $3,500,000 ($875,000/Unit) 2.52% Cap Rate Monterey, CA 93940
Investment Highlights
- Panoramic Bay Views
- Garage for each unit
- Owner area that can be converted to an ADU
- 2000 SF 2 bed 2.5 bath Penthouse unit
- Laundry area
- 3 units with Ocean view and 1 two story townhouse with a private backyard.
Executive Summary
Panoramic ocean view penthouse home 3 bed /2.5 bath with 3 apartments- two Ocean View remodeled and one Townhouse with private yard. All have a garage. Buyer has water and opportunity to add a 5th unit as an ADU
Attention 1031 exchangers, investors or even second home searchers!!! Here is a rare opportunity to own a unique New Monterey 4 unit apartment complex with a spacious apx 1934 SF penthouse on top featuring expansive views of Monterey Bay and city lights. Also rare is the fact that all 4 units have been remodeled with updated flooring, countertops, stainless steel appliances, new windows, sliding glass doors, and paint inside and out. The penthouse boasts open beam ceilings and a wall of windows facing the Monterey Bay. There is a fireplace in the roomy living room, plus a dedicated dining room, ample kitchen, a dedicated laundry room and an apx. 151 SF deck. Below is a roughly 913 SF 2 bed, 1 bath unit and an approximately 714 SF 1 bed, 1 bath unit, both with bay views. Lastly, is an apx 978 SF 2 bedroom, 1.5 bath, townhouse style unit with the living space below and the bedrooms above w/ a private backyard. In total there is over 4500 SF of living space! Other amenities include 4 car garage, a community laundry room, a large storage area, several decks and new insulated top of the line garage doors. What a great opportunity to keep one for yourself and rent the rest out! go to https://my.matterport.com/show/?m=6ghrsp1n1q4 And Unit 1 - https://my.matterport.com/show/?m=J1K5EvdTUpG And Unit 3 - https://my.matterport.com/show/?m=rKXg1woqGSp OR Unit 2 - https://my.matterport.com/show/?m=2Mno8ogATyj for tour
Attention 1031 exchangers, investors or even second home searchers!!! Here is a rare opportunity to own a unique New Monterey 4 unit apartment complex with a spacious apx 1934 SF penthouse on top featuring expansive views of Monterey Bay and city lights. Also rare is the fact that all 4 units have been remodeled with updated flooring, countertops, stainless steel appliances, new windows, sliding glass doors, and paint inside and out. The penthouse boasts open beam ceilings and a wall of windows facing the Monterey Bay. There is a fireplace in the roomy living room, plus a dedicated dining room, ample kitchen, a dedicated laundry room and an apx. 151 SF deck. Below is a roughly 913 SF 2 bed, 1 bath unit and an approximately 714 SF 1 bed, 1 bath unit, both with bay views. Lastly, is an apx 978 SF 2 bedroom, 1.5 bath, townhouse style unit with the living space below and the bedrooms above w/ a private backyard. In total there is over 4500 SF of living space! Other amenities include 4 car garage, a community laundry room, a large storage area, several decks and new insulated top of the line garage doors. What a great opportunity to keep one for yourself and rent the rest out! go to https://my.matterport.com/show/?m=6ghrsp1n1q4 And Unit 1 - https://my.matterport.com/show/?m=J1K5EvdTUpG And Unit 3 - https://my.matterport.com/show/?m=rKXg1woqGSp OR Unit 2 - https://my.matterport.com/show/?m=2Mno8ogATyj for tour
Financial Summary (Actual - 2023) 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 | $99,999 | $9.99 |
Operating Expenses | $99,999 | $9.99 |
Total Expenses | $99,999 | $9.99 |
Net Operating Income | $99,999 | $9.99 |
Financial Summary (Actual - 2023) 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 | $99,999 |
Annual Per SF | $9.99 |
Operating Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Total Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Net Operating Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Property Facts
Price | $3,500,000 | Building Class | B |
Price Per Unit | $875,000 | Lot Size | 0.13 AC |
Sale Type | Investment | Building Size | 4,539 SF |
Cap Rate | 2.52% | Average Occupancy | 100% |
No. Units | 4 | No. Stories | 3 |
Property Type | Multifamily | Year Built | 1975 |
Property Subtype | Apartment | Parking Ratio | 0.88/1,000 SF |
Apartment Style | Low Rise |
Price | $3,500,000 |
Price Per Unit | $875,000 |
Sale Type | Investment |
Cap Rate | 2.52% |
No. Units | 4 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | B |
Lot Size | 0.13 AC |
Building Size | 4,539 SF |
Average Occupancy | 100% |
No. Stories | 3 |
Year Built | 1975 |
Parking Ratio | 0.88/1,000 SF |
Unit Amenities
- Dishwasher
- Ceiling Fans
- Kitchen
- Tub/Shower
- Views
- Deck
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
1+1 | 1 | $2,300 | 714 |
2+1 | 1 | $2,600 | 913 |
2+1.5 | 1 | $3,000 | 978 |
3+2.5 | 1 | $4,650 | 1,934 |
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Walk Score ®
Very Walkable (85)
PROPERTY TAXES
Parcel Number | 001-099-005-000 | Total Assessment | $2,108,327 |
Land Assessment | $725,086 | Annual Taxes | ($1) ($0.00/SF) |
Improvements Assessment | $1,383,241 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
001-099-005-000
Land Assessment
$725,086
Improvements Assessment
$1,383,241
Total Assessment
$2,108,327
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
Zoning Code | R3 (Unit 4 - https://my.matterport.com/show/?m=6ghrsp1n1q4 Tour also more below Unit 1 - https://my.matterport.com/show/?m=J1K5EvdTUpG) |
R3 (Unit 4 - https://my.matterport.com/show/?m=6ghrsp1n1q4 Tour also more below Unit 1 - https://my.matterport.com/show/?m=J1K5EvdTUpG) |
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4plex Ocean views, 3/2.5 Penthouse, | 457 Spencer St
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