11-Unit Apartment
For Sale
Contact for pricing
818 Sunset Dr, Pacific Grove, CA 93950
Fully leased multifamily property with 11 units in western Pacific Grove.
Property Size8,848 SF
Price / SF$480.33
Days on Market8
Property Features for 818 Sunset Dr
General Information
Standard status
Active
Size
8,848 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$195,985
Additional Details
Multifamily Units
11
Building Details
Year Built
1964
Buildings
1
Units
11
Tenancy
Multi
Listing Agency:
Kidder Mathews San Diego
Listed By:
Dev Patel · License #CA 01858087
Source:
Crexi
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 2:49PM
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 Kidder Mathews San Diego
Investment Insights
Based on property information with market context.
This 11-unit apartment property at 818 Sunset Drive contains 8,848 square feet and was built in 1964. The asset is currently 100% leased, providing established occupancy across its multifamily configuration.
Positioned in western Pacific Grove, the property offers access to Asilomar State Beach, Pebble Beach, downtown Pacific Grove, the Monterey coastline, shopping, dining, recreation, and employment centers across the Monterey Peninsula. Its setting places residents within the established coastal communities of the peninsula while maintaining proximity to regional amenities and services.
Positioned in western Pacific Grove, the property offers access to Asilomar State Beach, Pebble Beach, downtown Pacific Grove, the Monterey coastline, shopping, dining, recreation, and employment centers across the Monterey Peninsula. Its setting places residents within the established coastal communities of the peninsula while maintaining proximity to regional amenities and services.
Key Highlights
- 11‑unit apartment property
- 8,848 square feet
- 100% leased
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
$142,342
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
3.35%
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%
$2,846,840
$2.8M
Cap Rate 7%
$2,033,457
$2.0M
Cap Rate 9%
$1,581,578
$1.6M
Market Conditions
NOI Build-Up for 8,848 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
$265.4K $30.00/SF
− Vacancy
−$6.6K −$0.75/SF
EGI
$258.8K $29.25/SF
− OpEx
−$116.5K −$13.16/SF
NOI
$142.3K $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%
$2,846,840
Cap Rate 7%
$2,033,457
Cap Rate 9%
$1,581,578
Alternative Uses
Best Use
Apartment 5plus
$2.03M
$1.78M – $2.37M
NOI $142,342 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.38M
$2.96M – $3.94M
NOI $236,491 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
927
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 - Fully leased multifamily property with 11 units in western Pacific Grove.
Where is this apartment building located?
The property is located at 818 Sunset Dr Pacific Grove, CA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 11‑unit apartment property; 8,848 square feet; 100% leased
