Remodeled Multifamily
For Sale
$3,600,000
1230 Del Monte Ave, Monterey, CA 93940
Remodeled multifamily asset spanning three parcels with a private parking lot.
Property Size6,397 SF
Price / SF$562.76
Days on Market198
Property Features for 1230 Del Monte Ave
General Information
Standard status
Active
Size
6,397 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
12
Building Details
Year Built
1930
Listing Agency:
eXp Realty of California, Inc.
(888) 584-9427
Listed By:
Loren Eva Ybarra · License #02138632
(925) 494-5430
Source:
Exitrealty
Added: Apr 1
Changed: Oct 4
Last Checked: Oct 12 at 5:11PM
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 eXp Realty of California, Inc.
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Investment Insights
Based on property information with market context.
This multifamily offering includes 13 doors across three parcels and a separate private parking lot. The improvements include both commercial and residential components and have been remodeled. The first parcel pairs a commercial space with a residential fourplex. The second includes a main house accompanied by two separate guest units. The third contains another main house and a fourplex, creating a varied rental configuration across the assemblage.
The property is located at 1230 Del Monte Avenue in Monterey, near the Naval Postgraduate School, Fisherman’s Wharf, Del Monte Beach, and downtown Monterey. Built in 1930, the asset generates rental income from its collection of residential units while also incorporating commercial space.
The property is located at 1230 Del Monte Avenue in Monterey, near the Naval Postgraduate School, Fisherman’s Wharf, Del Monte Beach, and downtown Monterey. Built in 1930, the asset generates rental income from its collection of residential units while also incorporating commercial space.
Key Highlights
- 13 doors distributed across 3 parcels
- Separate private parking lot included
- Commercial space paired with a residential fourplex on Parcel #1
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$111,731
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,234,620
$2.2M
Cap Rate 7%
$1,596,157
$1.6M
Cap Rate 9%
$1,241,456
$1.2M
Market Conditions
NOI Build-Up for 6,397 SF
Gross rent
$163.5K $25.56/SF
− Vacancy
−$3.9K −$0.61/SF
EGI
$159.6K $24.95/SF
− OpEx
−$47.9K −$7.49/SF
NOI
$111.7K $17.47/SF
Area
Monterey County, CA
Vacancy
2.38%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,234,620
Cap Rate 7%
$1,596,157
Cap Rate 9%
$1,241,456
Alternative Uses
Best Use
Multifamily LT 5
$1.60M
$1.40M – $1.86M
NOI $111,731 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $102,912 @ 7.0% cap · market cap 2.86%
Theoretical Best
Specialty Retail
$2.44M
$2.14M – $2.85M
NOI $170,980 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,035
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Remodeled multifamily asset spanning three parcels with a private parking lot.
Where is this multifamily property located?
The property is located at 1230 Del Monte Ave Monterey, CA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 13 doors distributed across 3 parcels; Separate private parking lot included; Commercial space paired with a residential fourplex on Parcel #1
