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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

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    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.
    (831) 622-6200
    Request Owner's contact information
    499 Alvarado St Monterey, CA 93940
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    Monterey, CA 93940
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    499 Alvarado St Monterey, CA 93940
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