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499 Alvarado St Monterey, CA 93940

For Sale
$2,950,000

Prime Retail/Office Space, Financing Available

Property size:
7,873 SF

Description

Added:
Feb 3, 2025
Days on Market:
316
This exceptional 7,873 square foot freestanding commercial building presents a rare opportunity in the heart of downtown Monterey, California. Located at 499 Alvarado Street, this landmark property offers a unique blend of retail and office space, perfectly situated for optimal visibility and accessibility. The building boasts convenient pull-up parking—a highly sought-after feature in this vibrant downtown area. Its prime location places it steps away from Trader Joe's and Fisherman's Wharf, surrounded by approximately 1,500 hotel rooms, and directly across from the Monterey Public Transport hub, ensuring high foot traffic and convenient access for both locals and tourists. The property's walk score of 90 and bike score of 80 further highlight its desirability. Currently vacant after serving for 40 years as a local pharmacy, this building is ideal for a single large tenant or can be easily divided. The ground floor is suitable for two retail users, and existing water credits could facilitate the conversion of the second floor into residential apartments. The 0.23-acre lot provides ample space. The seller is open to financing options with a 20% down payment and subject to approved financials. A pro forma analysis projects a 5% capitalization rate for a single tenant occupancy. This is a truly exceptional investment opportunity in a thriving Monterey location.

Property Features for 499 Alvarado St

General Information

Property type
Other commercial real estate
Square Feet
7,873 SF
Lot Size
10,019 SF

Building Details

Year Built
1951

Insight Report Location Intelligence

Current Use by Public Records

Rite Aid Pharmacy Pharmacy Vincent J. Cardinale, ... Pharmacy higi Health Consultant Western Union Money Transfer Service Coinhub Bitcoin ATM ... Atm

Suggested Use

Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Monterey
County
Monterey
State
California
Longitude
-121.8947
Latitude
36.59786

FAQs

What type of property is this?
Commercial real estate - Prime Retail/Office Space, Financing Available
Where is this commercial real estate located?
The property is located at 499 Alvarado St Monterey, CA.
What is the asking price?
The asking price for this property is $2,950,000.
More about this property
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