Mixed-Use Commercial and
For Sale
$599,000
46404 Arroyo Seco RD, Greenfield, CA 93927
Commercial/Industrial, GREENFIELD, CA
Property Size1,875 SF
Lot Size2.34 Acres
Price / SF$319.47
Days on Market85
Property Features for 46404 Arroyo Seco RD
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Parking
2
Parking features
Off Street, Assigned
Security features
Security
Subdivision
South Monterey County
Standard status
Active
Lot size
2.34 Acres
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Wall Furnace
Cooling system
Wall Unit(s)
Water source
Well
Building Details
Year built
1973
Roof type
Composition
Listing Agency:
KW Coastal Estates · Keller Williams Realty
(831) 622-6200
Listed By:
Monterey Peninsula Home Team · License #70000352
(831) 594-3290
Added: Jun 3
Changed: Aug 25
Last Checked: Aug 26 at 11:06PM
MLS# ML82047717
Copyright © 2026 MLS Listings, Inc. 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 offering includes a 1,875+/- sq. ft. former retail/commercial building and a separate 1,536+/- sq. ft. two-bedroom residence. The property is located on approximately 2.34 acres and was previously operated as an antique/country store, which is no longer in operation. With the retail building and residence existing as distinct improvements, buyers have the basis to reimagine the site for residential, commercial, recreational, or other permitted uses, subject to applicable approvals.
Set in the Arroyo Seco area of South Monterey County, the property is described as being near the Los Padres National Forest and outdoor recreation areas. The parcel’s character and acreage support the idea of a multi-use setup, with space available for redevelopment and site planning across the combined structures.
From a practical standpoint, the property can appeal to buyers looking for an on-site residence alongside a second income-producing or operational building concept, or for those considering a combined redevelopment approach across both structures. The listing’s stated commercial zoning (“Comm”) provides a framework for evaluating permitted use plans for the former retail building and the separate home.
Set in the Arroyo Seco area of South Monterey County, the property is described as being near the Los Padres National Forest and outdoor recreation areas. The parcel’s character and acreage support the idea of a multi-use setup, with space available for redevelopment and site planning across the combined structures.
From a practical standpoint, the property can appeal to buyers looking for an on-site residence alongside a second income-producing or operational building concept, or for those considering a combined redevelopment approach across both structures. The listing’s stated commercial zoning (“Comm”) provides a framework for evaluating permitted use plans for the former retail building and the separate home.
Key Highlights
- Mixed‑use property with commercial building and separate residence on 2.34 acres.
- Opportunity to reimagine the former retail space for residential, commercial, or recreational use.
- Excellent location near Los Padres National Forest and outdoor recreation.
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
$30,164
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
5.04%
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%
$603,280
$603.3K
Cap Rate 7%
$430,914
$430.9K
Cap Rate 9%
$335,156
$335.2K
Market Conditions
NOI Build-Up for 1,875 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
$56.3K $30.00/SF
− Vacancy
−$1.4K −$0.75/SF
EGI
$54.8K $29.25/SF
− OpEx
−$24.7K −$13.16/SF
NOI
$30.2K $16.09/SF
Area
Monterey County, CA
Vacancy
2.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$603,280
Cap Rate 7%
$430,914
Cap Rate 9%
$335,156
Alternative Uses
Best Use
Apartment 5plus
$430.9K
$377.1K – $502.7K
NOI $30,164 @ 7.0% cap · market cap 5.04%
Second Best
Retail
$388.0K
$339.5K – $452.7K
NOI $27,159 @ 7.0% cap · market cap 4.53%
Theoretical Best
Specialty Retail
$715.9K
$626.4K – $835.3K
NOI $50,115 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 93927, CA
19,976
Population
5,037
Households
4
Avg Household Size
28
Median Age
9%
College-Educated
50%
High-School Grad
210.1 sq mi
ZIP Area
95
Density / Sq Mi
$77,272
Median Household Income
$34,140
Median Earnings
$1,658
Median Rent
$463,600
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?
Mixed-use property - A former retail building plus a separate two-bedroom home offers flexible options for permitted uses on a sizable parcel.
Where is this mixed-use property located?
The property is located at 46404 Arroyo Seco RD Greenfield, CA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Mixed‑use property with commercial building and separate residence on 2.34 acres.; Opportunity to reimagine the former retail space for residential, commercial, or recreational use.; Excellent location near Los Padres National Forest and outdoor recreation.
