Retail Building with Prominent Street
For Sale
$1,940,000
2240-2252 N Fremont Street, Monterey, CA 93940
Three-building retail property with approximately 120 feet of frontage along Monterey’s North Fremont Corridor.
Property Size7,374 SF
Price / SF$263.09
Days on Market329
Property Features for 2240-2252 N Fremont Street
General Information
Standard status
Active
Size
7,374 SF
Property subtype
Commercial/Industrial
Site & Location
Frontage
120 ft
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$22,824
Building Details
Year Built
1956
Buildings
3
Tenancy
Multi
Listing Agency:
Baird Partnership, Inc.
(831) 646-1919
Listed By:
Peter Baird · License #00533485
(831) 646-1919
Source:
Exitrealty
Added: Sep 30, 2025
Changed: Aug 23
Last Checked: Aug 24 at 3:25AM
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 Baird Partnership, Inc.
Investment Insights
Based on property information with market context.
2240-2252 N. Fremont St., Monterey, CA 93940 includes three buildings totaling +/-7,120 SF. The property is set up as four retail units, with three units having long-standing leases and the fourth unit positioned as an owner-occupied opportunity.
The site offers great visibility on a prominent thoroughfare in Monterey and provides approximately 120 feet of frontage along the North Fremont Corridor. The rear portion of the property is bordered by an alley, which may add operational flexibility. It is also located near Highway 1, Highway 68, and Highway 218 (Canyon del Rey Blvd).
The property sits within the North Fremont Specific Plan, which includes long-term visions of mixed-use redevelopment.
The site offers great visibility on a prominent thoroughfare in Monterey and provides approximately 120 feet of frontage along the North Fremont Corridor. The rear portion of the property is bordered by an alley, which may add operational flexibility. It is also located near Highway 1, Highway 68, and Highway 218 (Canyon del Rey Blvd).
The property sits within the North Fremont Specific Plan, which includes long-term visions of mixed-use redevelopment.
Key Highlights
- Three buildings totaling +/-7,120 SF at 2240‑2252 N. Fremont St, Monterey
- Approximately 120 feet of frontage along the North Fremont Corridor
- Four retail units; three have long‑standing leases
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
$106,812
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
5.51%
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%
$2,136,240
$2.1M
Cap Rate 7%
$1,525,886
$1.5M
Cap Rate 9%
$1,186,800
$1.2M
Market Conditions
NOI Build-Up for 7,374 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
$159.3K $21.60/SF
− Vacancy
−$6.7K −$0.91/SF
EGI
$152.6K $20.69/SF
− OpEx
−$45.8K −$6.21/SF
NOI
$106.8K $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 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%
$2,136,240
Cap Rate 7%
$1,525,886
Cap Rate 9%
$1,186,800
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.78M
NOI $106,812 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.82M
$2.46M – $3.28M
NOI $197,094 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
911
Businesses Nearby
156k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 38%
Shops & Services 31%
Dining 22%
Apparel 5%
Safeway
Groceries
60,028 visits/mo
0.3 miles
Dollar Tree
Shops & Services
21,482 visits/mo
0.1 miles
Burger King
Dining
14,000 visits/mo
0.4 miles
Chevron
Shops & Services
10,902 visits/mo
0.2 miles
Black Bear Diner
Dining
10,665 visits/mo
0.3 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Three-building retail property with approximately 120 feet of frontage along Monterey’s North Fremont Corridor.
Where is this retail space located?
The property is located at 2240-2252 N Fremont Street Monterey, CA.
What is the asking price?
The asking price for this property is $1,940,000.
What are key features of this property?
This property features: Three buildings totaling +/-7,120 SF at 2240‑2252 N. Fremont St, Monterey; Approximately 120 feet of frontage along the North Fremont Corridor; Four retail units; three have long‑standing leases
