Five-Unit Apartment
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 Market47
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 5
Changed: Sep 30
Last Checked: Sep 30 at 11:14AM
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
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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 / Yr
$43,131
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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
