499 Alvarado St Monterey, CA 93940

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.