Remodeled Mixed-Use
For Sale
$3,600,000
1230 Del Monte Ave, Monterey, CA 93940
Commercial Sale, Monterey, CA
Property Size6,397 SF
Price / SF$562.76
Days on Market152
Property Features for 1230 Del Monte Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Lot features
Paved
Directions
Hwy 1 to Del Monte Ave
Subdivision
Listing
Standard status
Active
APN
001824006000
Size
6,397 SF
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1930
Number of units
13
Flooring type
Tile, Laminate
Building materials
Stucco
Roof type
Composition
Listing Agency:
eXp Realty of California, Inc.
(888) 584-9427
Listed By:
Loren Eva Hanson
(925) 494-5430
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 30 at 6:06PM
MLS# 41129295
Copyright © 2026 Contra Costa Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property at 1230 Del Monte Ave in Monterey encompasses 6,397 square feet across three parcels and includes 13 doors plus a private parking lot. The improvements combine commercial and residential components, with a commercial space and rear fourplex on one parcel, a main house with two separate guest units on another, and a main house with a fourplex on the third. The properties have been remodeled and feature stucco construction, tile and laminate flooring, wall-furnace heating, composition roofs, and public water service.
The property is near the Naval Postgraduate School, Fisherman's Wharf, Del Monte Beach, and downtown Monterey. The mix of building types and rental-oriented configuration provides a combination of commercial and residential space within one offering.
The property is near the Naval Postgraduate School, Fisherman's Wharf, Del Monte Beach, and downtown Monterey. The mix of building types and rental-oriented configuration provides a combination of commercial and residential space within one offering.
Key Highlights
- 13 doors across 3 parcels
- 6,397 square feet of mixed‑use improvements
- Private parking lot included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$111,731
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three parcels combine commercial and residential components with on-site parking.
Where is this mixed-use 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 across 3 parcels; 6,397 square feet of mixed‑use improvements; Private parking lot included
