Building Details

Buildings 1

Tenancy Single

Listing Agency: Mahoney & Associates

Listed By: Patrick Stafford · License #01857243 Show Phone

Source: Crexi

Added: Sep 2 Changed: Oct 15 Last Checked: Oct 20 at 6:29PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Mahoney & Associates

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Investment Insights

Based on property information with market context.

This NNN property comprises two parcels and an approximately 3,152 SF building with one roll-up door. An eleven-space parking lot is included with the property, providing dedicated on-site parking for the building and its occupant.

Located at 1064-1072 Del Monte Avenue in Monterey, California, the property is occupied by Bereman Carpet, which has operated from the site since the 1970s. The sale includes a long-term NNN lease in place, combining the building, parking improvements, and existing tenancy in one offering.

Key Highlights

• Approximately 3,152 SF building
• Long‑term NNN lease in place
• Two parcels included in the sale

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,657

Cap Rate

3.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$913,140 $913.1K

Cap Rate 7%

$652,243 $652.2K

Cap Rate 9%

$507,300 $507.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,152 SF

Gross rent

$68.1K $21.60/SF

− Vacancy

−$2.9K −$0.91/SF

EGI

$65.2K $20.69/SF

− OpEx

−$19.6K −$6.21/SF

NOI

$45.7K $14.48/SF

Area

Monterey County, CA

Vacancy

4.20%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$913,140

Cap Rate 7%

$652,243

Cap Rate 9%

$507,300

Alternative Uses

Best Use

Retail

$652.2K

$570.7K – $761.0K (±1% cap)

NOI $45,657 @ 7.0% cap · market cap 3.51%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$1.20M

$1.05M – $1.40M (±1% cap)

NOI $84,247 @ 7.0% cap · market cap 6.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Retail space

Suggested Use

Top Pick HVAC Service (Bike/Boat/Book/etc) Store Barber Shop Furniture & Home Goods Home Appliance Store Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,035

Businesses Nearby

51k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 76% Shops & Services 22% Home Improvements & Furnishings 2%

McDonald's Dining

38,445 visits/mo 0.4 miles

Chevron Shops & Services

10,522 visits/mo 0.1 miles

Sherwin-Williams Paint Store Home Improvements & Furnishings

975 visits/mo 0.4 miles

Enterprise Rent-A-Car Shops & Services

591 visits/mo 0.1 miles

Demographics for 93940, CA

30,454

Population

15,451

Households

2

Avg Household Size

43

Median Age

54%

College-Educated

94%

High-School Grad

35.1 sq mi

ZIP Area

868

Density / Sq Mi

$110,669

Median Household Income

$62,711

Median Earnings

$2,305

Median Rent

$1,039,700

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

NNN property - The property includes an existing occupant under a long-term NNN lease.

Where is this nnn property located?

The property is located at 1064-1072 Del Monte Ave. Monterey, CA.

What is the asking price?

The asking price for this property is $1,299,000.

What are key features of this property?

This property features: Approximately 3,152 SF building; Long‑term NNN lease in place; Two parcels included in the sale