Five-Unit Apartment
New
For Sale
$1,500,000
545 Ramona Avenue, Monterey, CA 93940
Fully occupied multifamily property with refreshed interiors, one-bedroom layouts, and on-site resident parking.
Property Size2,681 SF
Price / SF$559.49
Days on Market3
Property Features for 545 Ramona Avenue
General Information
Standard status
Active
Size
2,681 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$22,000
Building Details
Year Built
1955
Listing Agency:
Redfin
(877) 973-3346
Listed By:
Vanessa Haven · License #02030427
(831) 200-6633
Source:
Exitrealty
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 5 at 2:45PM
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 Redfin
Investment Insights
Based on property information with market context.
This 2,681-square-foot apartment property contains five units, each configured with one bedroom and one bathroom. The units are approximately the same size and were updated in 2018 with interior paint, remodeled kitchens, and refreshed flooring. Built in 1955, the property includes on-site parking for residents, and all five units are currently occupied.
Located at 545 Ramona Avenue in Monterey, the property sits just off Fremont Street with access to nearby shopping, dining, and transportation. Its five-unit configuration and consistent unit layouts provide a straightforward multifamily profile in a central Monterey setting.
Located at 545 Ramona Avenue in Monterey, the property sits just off Fremont Street with access to nearby shopping, dining, and transportation. Its five-unit configuration and consistent unit layouts provide a straightforward multifamily profile in a central Monterey setting.
Key Highlights
- Five apartment units, all currently occupied
- Each unit offers 1 bedroom and 1 bathroom
- 2,681 square feet on a 1955‑built property
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
$43,131
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
2.88%
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%
$862,620
$862.6K
Cap Rate 7%
$616,157
$616.2K
Cap Rate 9%
$479,233
$479.2K
Market Conditions
NOI Build-Up for 2,681 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
$80.4K $30.00/SF
− Vacancy
−$2.0K −$0.75/SF
EGI
$78.4K $29.25/SF
− OpEx
−$35.3K −$13.16/SF
NOI
$43.1K $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%
$862,620
Cap Rate 7%
$616,157
Cap Rate 9%
$479,233
Alternative Uses
Best Use
Apartment 5plus
$616.2K
$539.1K – $718.9K
NOI $43,131 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.02M
$895.7K – $1.19M
NOI $71,658 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
958
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with refreshed interiors, one-bedroom layouts, and on-site resident parking.
Where is this apartment building located?
The property is located at 545 Ramona Avenue Monterey, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Five apartment units, all currently occupied; Each unit offers 1 bedroom and 1 bathroom; 2,681 square feet on a 1955‑built property
