Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    499 Alvarado St Monterey, CA 93940

    Sponsored
    For Sale
    $2,950,000

    High-traffic Monterey office, 7,873 SF, $2.95M

    Property size:
    7,873 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This 7,873-square-foot executive office building in Monterey, California, is offered at $2,950,000. Located at 499 Alvarado Street, this multi-tenant property boasts a prominent corner location at the intersection of Alvarado, Pearl, and Munras Avenues, offering high visibility. Built in 1951 and zoned C-1, the building sits on a 10,237-square-foot lot. Currently, the occupancy is 40%, with a Net Operating Income (NOI) of $235,245.24, resulting in a 6.92% cap rate. The asking price per square foot is $431.86. The property features a 5-year remaining lease term under a NNN lease structure. Its central location in downtown Monterey provides easy access to numerous amenities, including Trader Joe's, Pacific Valley Bank, Peets Coffee, restaurants, shops, City Hall, a transit center, and Fisherman's Wharf. Street parking is available. The building includes approximately 4,500 square feet of divisible retail space, presenting multiple tenant options. This is a highly walkable area with exceptional visibility and proximity to key businesses and attractions, making it an attractive investment opportunity.

    Property Features for 499 Alvarado St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    7,873 SF

    Building Details

    Year Built
    1951

    HighLights

    • 7,873 SF executive office building in Monterey, CA, offered at $2,950,000.
    • Prominent corner location at Alvarado, Pearl, and Munras Avenues, offering high visibility.
    • 40% occupancy, $235,245.24 NOI, 6.92% cap rate, $431.86/SF asking price.
    • 10,237 SF lot, C‑1 zoning, built in 1951, 5‑year remaining NNN lease.
    • Downtown Monterey location near amenities including Trader Joe's, Pacific Valley Bank, and Fisherman's Wharf; street parking available.
    • Approximately 4,500 SF of divisible retail space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Rite Aid Pharmacy Pharmacy Vincent J. Cardinale, ... Pharmacy higi Health Consultant Western Union Money Transfer Service Coinhub Bitcoin ATM ... Atm

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Monterey
    County
    Monterey
    State
    California
    Longitude
    -121.8946375
    Latitude
    36.5978595

    Nearby Similar for Sale

    • New
      $1,275,000
      1,414 SF

      Versatile Monterey Property Near Downtown

      Charming, versatile property in a prime Monterey location.
      415 Figueroa St, Monterey, CA 93940
      View Details
    • $1,750,000
      3,436 SF

      Monterey Fourplex with ADU Potential

      Fourplex in New Monterey with approved ADU plans.
      830 Parcel St, Monterey, CA 93940
      View Details
    • $3,700,000
      16,563 SF

      Monterey Commercial Corridor Opportunity

      Partially occupied commercial property in Monterey's commercial corridor.
      539 Ramona Ave, Monterey, CA 93940
      View Details
    • $1,990,000
      7,120 SF

      Monterey Retail Property For Sale

      Retail property with high visibility and redevelopment potential in Monterey.
      2240-2252 Fremont St, Monterey, CA 93940
      View Details
    • $5,000,000
      11,972 SF

      Retail Property in Monterey, CA

      Multi-tenant retail property in a dense, affluent Monterey community.
      439 Alvarado St, Monterey, CA 93940
      View Details
    • $2,200,000
      5,049 SF

      Lighthouse Avenue Retail Opportunity

      Retail properties on Lighthouse Ave, Monterey, CA for sale.
      585-599 Lighthouse Ave, Monterey, CA 93940
      View Details
    • $1,000,000
      1,425 SF

      Medical Office Condos For Sale

      Two medical office condos in Monterey, one vacant, one leased.
      900 Cass St, Monterey, CA 93940
      View Details
    • $2,200,000

      Monterey Commercial Property For Sale

      Three parcels available for sale in Monterey, California.
      591 Lighthouse Ave, Monterey, CA 93940
      View Details
    • $2,300,000

      Monterey Commercial Property for Sale

      Commercial property available in Monterey, California.
      443 Watson St, Monterey, CA 93940
      View Details
    • $850,000

      El Dorado Street Property

      Property located on El Dorado Street, Monterey, CA 93940
      167 El Dorado St, Monterey, CA 93940
      View Details
    • Contact for pricing
      0.20 Acres

      Prime Monterey Mixed-Use Opportunity

      Class A Office/Medical Space - 33,132 SF
      10 Ct Unit 1A, Monterey, CA 93940
      View Details
    • $587,000
      1.59 Acres

      Monterey Commercial Land Opportunity

      1.59 Acres, Prime Location, $587,000
      24480 Citation Ct, Monterey, CA 93940
      View Details

    FAQs

    What type of property is this?
    Office Property / Space - High-traffic Monterey office, 7,873 SF, $2.95M
    Where is this office property / space located?
    The property is located at 499 Alvarado St Monterey, CA.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: 7,873 SF executive office building in Monterey, CA, offered at $2,950,000.; Prominent corner location at Alvarado, Pearl, and Munras Avenues, offering high visibility.; 40% occupancy, $235,245.24 NOI, 6.92% cap rate, $431.86/SF asking price.
    Request Owner's contact information
    499 Alvarado St Monterey, CA 93940
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    499 Alvarado St
    Monterey, CA 93940
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    499 Alvarado St Monterey, CA 93940
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.