Corner Retail Building with Loading
For Sale
$3,800,000
299 Lighthouse Avenue, Monterey, CA 93940
Almost 16,000 SF corner retail building on a major Monterey thoroughfare with a roll-up loading door on a side street.
Property Size16,000 SF
Price / SF$237.50
Days on Market97
Property Features for 299 Lighthouse Avenue
General Information
Standard status
Active
Size
16,000 SF
Property subtype
Commercial
Additional Details
Drive-In Doors
1
Building Details
Year Built
1964
Listing Agency:
KW Coastal Estates
Listed By:
Monterey Peninsul...
(714) 497-3550
Source:
Sevengables
Added: May 22
Changed: Aug 25
Last Checked: Aug 26 at 9:23AM
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 KW Coastal Estates
Investment Insights
Based on property information with market context.
An almost 16,000 SF corner retail building currently operating as a furniture retailer. The property includes a roll-up loading door on the side street and is suitable for an owner/user or for potential redevelopment.
Located on a major Monterey thoroughfare at the corner of Lighthouse Ave and Dickman Ave, the site benefits from corner exposure.
With its existing retail configuration and convenient side-street loading access, the building offers flexibility for continued use or adaptive reuse based on buyer goals.
Located on a major Monterey thoroughfare at the corner of Lighthouse Ave and Dickman Ave, the site benefits from corner exposure.
With its existing retail configuration and convenient side-street loading access, the building offers flexibility for continued use or adaptive reuse based on buyer goals.
Key Highlights
- Almost 16,000 SF corner retail building on a major Monterey thoroughfare
- Located at the corner of Lighthouse Ave and Dickman Ave
- Roll‑up loading door on a side street
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
$231,759
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
6.10%
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%
$4,635,180
$4.6M
Cap Rate 7%
$3,310,843
$3.3M
Cap Rate 9%
$2,575,100
$2.6M
Market Conditions
NOI Build-Up for 16,000 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
$345.6K $21.60/SF
− Vacancy
−$14.5K −$0.91/SF
EGI
$331.1K $20.69/SF
− OpEx
−$99.3K −$6.21/SF
NOI
$231.8K $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%
$4,635,180
Cap Rate 7%
$3,310,843
Cap Rate 9%
$2,575,100
Alternative Uses
Best Use
Retail
$3.31M
$2.90M – $3.86M
NOI $231,759 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.11M
$5.35M – $7.13M
NOI $427,651 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,333
Businesses Nearby
101k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 18%
Apparel 14%
Groceries 7%
Bubba Gump Shrimp Co.
Dining
19,022 visits/mo
0.5 miles
El Torito
Dining
15,909 visits/mo
0.3 miles
Goodwill
Apparel
9,511 visits/mo
0.3 miles
Chart House
Dining
8,542 visits/mo
0.2 miles
Big Fish Grill
Dining
7,663 visits/mo
0.5 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 - Almost 16,000 SF corner retail building on a major Monterey thoroughfare with a roll-up loading door on a side street.
Where is this retail space located?
The property is located at 299 Lighthouse Avenue Monterey, CA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Almost 16,000 SF corner retail building on a major Monterey thoroughfare; Located at the corner of Lighthouse Ave and Dickman Ave; Roll‑up loading door on a side street
