Corner Lot Multifamily with
For Sale
$1,500,000
721 9th Street, Pacific Grove, CA 93950
Multi-family property with six units and five garages, featuring newer dual pane windows and a shared inner courtyard.
Property Size3,026 SF
Price / SF$495.70
Days on Market68
Property Features for 721 9th Street
General Information
Standard status
Active
Size
3,026 SF
Property subtype
Multi Family Home
Zoning
R-1
Additional Details
Multifamily Units
6
Amenities
shared inner courtyard
Building Details
Building Size
3,026 SF
Year Built
1930
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Jeannie Ferrara · License #01464647
(831) 236-1111
Source:
Brucebaldwin
Added: Jun 30
Changed: Sep 4
Last Checked: Aug 11 at 1:16PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This corner-lot multifamily property features six units, including two 1-bedroom, 1-bath residences and four studio units. The units total 3,026 square feet, and the property also includes five garages providing approximately 727 square feet of additional storage. Interiors are supported by newer dual pane windows throughout, and the exterior has recently been painted.
The units are arranged around a shared inner courtyard designed for entertaining. The property is described as being within a short distance of schools, shopping, restaurants, and beaches in Pacific Grove, with the Coveted Pacific Grove school district noted in the remarks.
The configuration offers a mix of studio and 1-bedroom layouts, complemented by on-site garage storage for added convenience.
The units are arranged around a shared inner courtyard designed for entertaining. The property is described as being within a short distance of schools, shopping, restaurants, and beaches in Pacific Grove, with the Coveted Pacific Grove school district noted in the remarks.
The configuration offers a mix of studio and 1-bedroom layouts, complemented by on-site garage storage for added convenience.
Key Highlights
- Six‑unit multi‑family property on a corner lot with shared inner courtyard
- Unit mix includes two 1 bed/1 bath units and four studios totaling 3,026 sq ft
- Five garages plus 727 sq ft of additional storage
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
$48,681
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
3.25%
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%
$973,620
$973.6K
Cap Rate 7%
$695,443
$695.4K
Cap Rate 9%
$540,900
$540.9K
Market Conditions
NOI Build-Up for 3,026 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
$90.8K $30.00/SF
− Vacancy
−$2.3K −$0.75/SF
EGI
$88.5K $29.25/SF
− OpEx
−$39.8K −$13.16/SF
NOI
$48.7K $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%
$973,620
Cap Rate 7%
$695,443
Cap Rate 9%
$540,900
Alternative Uses
Best Use
Apartment 5plus
$695.4K
$608.5K – $811.4K
NOI $48,681 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,880 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,236
Businesses Nearby
Explore this area
Business Placement
Demographics for 93950, CA
15,082
Population
8,315
Households
1.8
Avg Household Size
49
Median Age
58%
College-Educated
96%
High-School Grad
2.8 sq mi
ZIP Area
5,386
Density / Sq Mi
$105,568
Median Household Income
$62,185
Median Earnings
$2,384
Median Rent
$1,129,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi-family property with six units and five garages, featuring newer dual pane windows and a shared inner courtyard.
Where is this apartment building located?
The property is located at 721 9th Street Pacific Grove, 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: Six‑unit multi‑family property on a corner lot with shared inner courtyard; Unit mix includes two 1 bed/1 bath units and four studios totaling 3,026 sq ft; Five garages plus 727 sq ft of additional storage
