Multi-Tenant Office
For Sale
$3,270,000
24551 Silver Cloud Court, Monterey, CA 93940
Four-suite configuration includes medical and professional office layouts with a built-out lower level.
Property Size10,617 SF
Price / SF$307
Days on Market174
Property Features for 24551 Silver Cloud Court
General Information
Standard status
Active
Size
10,617 SF
Property subtype
Commercial/Industrial
Additional Details
Office Units
4
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
Baird Partnership, Inc.
(831) 238-3592
Listed By:
Patrick Stafford · License #01857243
(831) 238-3592
Source:
Exitrealty
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 30 at 1:22PM
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.
Built in 2005, this office building in Laguna Seca Business Park is arranged for four occupants. Three suites are configured for medical uses, while the remaining suite is set up as professional office space. The lower level is fully built out for office or storage use, adding functional space to the building’s existing layout.
The ground floor may be delivered vacant, creating an owner-user occupancy option. The property is located at 24551 Silver Cloud Ct in Monterey, with a Walk Score of 3, a Bike Score of 9, and a Transit Score of 19.
The ground floor may be delivered vacant, creating an owner-user occupancy option. The property is located at 24551 Silver Cloud Ct in Monterey, with a Walk Score of 3, a Bike Score of 9, and a Transit Score of 19.
Key Highlights
- Configured for 4 tenants
- Three suites designed for medical uses
- One suite configured as professional office space
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
$179,640
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
5.49%
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%
$3,592,800
$3.6M
Cap Rate 7%
$2,566,286
$2.6M
Cap Rate 9%
$1,996,000
$2.0M
Market Conditions
NOI Build-Up for 10,617 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
$318.5K $30.00/SF
− Vacancy
−$19.1K −$1.80/SF
EGI
$299.4K $28.20/SF
− OpEx
−$119.8K −$11.28/SF
NOI
$179.6K $16.92/SF
Area
Monterey County, CA
Vacancy
6.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
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%
$3,592,800
Cap Rate 7%
$2,566,286
Cap Rate 9%
$1,996,000
Alternative Uses
Best Use
Healthcare Medical
$2.57M
$2.25M – $2.99M
NOI $179,640 @ 7.0% cap · market cap 5.49%
Second Best
Office B
$2.13M
$1.86M – $2.48M
NOI $149,063 @ 7.0% cap · market cap 4.56%
Theoretical Best
Specialty Retail
$4.05M
$3.55M – $4.73M
NOI $283,773 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
353
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-suite configuration includes medical and professional office layouts with a built-out lower level.
Where is this office building located?
The property is located at 24551 Silver Cloud Court Monterey, CA.
What is the asking price?
The asking price for this property is $3,270,000.
What are key features of this property?
This property features: Configured for 4 tenants; Three suites designed for medical uses; One suite configured as professional office space
