Elevator-Served Medical Office
For Sale
$2,500,000
910 Major Sherman Lane, Monterey, CA 93940
Multi-tenant medical office building with elevator service and parking garage on the first level.
Property Size6,159 SF
Price / SF$405.91
Days on Market284
Property Features for 910 Major Sherman Lane
General Information
Standard status
Active
Size
6,159 SF
Property subtype
Commercial
Amenities
elevator
Building Details
Year Built
1985
Stories
3
Construction
wood frame/stucco
Tenancy
Multi
Listing Agency:
Josh Jones,Broker
(831) 238-3592
Listed By:
Josh Jones · License #01857243
(714) 497-3550
Source:
Sevengables
Added: Nov 13, 2025
Changed: Aug 23
Last Checked: Aug 24 at 6:34AM
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 Josh Jones,Broker
Investment Insights
Based on property information with market context.
This multi-tenant medical office building totals 6,159 SF and is configured with a parking garage on the first level and medical offices on the second and third floors. The property is wood frame and stucco construction and is elevator served, supporting convenient access between floors.
Located near downtown Monterey, the building offers an owner-user option with the ability to occupy the top floor. The seller also describes the property as suitable for an investor looking to re-tenant the top floor and hold it as an investment.
Overall, the layout supports separate second- and third-floor office use within an elevator-served medical office setting.
Located near downtown Monterey, the building offers an owner-user option with the ability to occupy the top floor. The seller also describes the property as suitable for an investor looking to re-tenant the top floor and hold it as an investment.
Overall, the layout supports separate second- and third-floor office use within an elevator-served medical office setting.
Key Highlights
- 6,159 SF multi‑tenant medical office building near downtown Monterey
- Wood frame/stucco construction with a parking garage on the first level
- Medical offices on the second and third floors
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
$104,210
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
4.17%
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%
$2,084,200
$2.1M
Cap Rate 7%
$1,488,714
$1.5M
Cap Rate 9%
$1,157,889
$1.2M
Market Conditions
NOI Build-Up for 6,159 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
$184.8K $30.00/SF
− Vacancy
−$11.1K −$1.80/SF
EGI
$173.7K $28.20/SF
− OpEx
−$69.5K −$11.28/SF
NOI
$104.2K $16.92/SF
Area
Monterey County, CA
Vacancy
6.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
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%
$2,084,200
Cap Rate 7%
$1,488,714
Cap Rate 9%
$1,157,889
Alternative Uses
Best Use
Healthcare Medical
$1.49M
$1.30M – $1.74M
NOI $104,210 @ 7.0% cap · market cap 4.17%
Second Best
Office B
$1.24M
$1.08M – $1.44M
NOI $86,472 @ 7.0% cap · market cap 3.46%
Theoretical Best
Specialty Retail
$2.35M
$2.06M – $2.74M
NOI $164,619 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,977
Businesses Nearby
Balanced
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-tenant medical office building with elevator service and parking garage on the first level.
Where is this medical office space located?
The property is located at 910 Major Sherman Lane Monterey, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 6,159 SF multi‑tenant medical office building near downtown Monterey; Wood frame/stucco construction with a parking garage on the first level; Medical offices on the second and third floors
