245 Washington St Monterey, CA 93940
- Medical offices
- 0.23 lot acres
Current Use by Public Records
- Waterfront Attendant Lot / Parking Lot
- Dr. David D. Spilker, MD / Emergency Care Physician
- The Famous Old Fisherman's Wharf Sign / Sign Shop
- 245 Washington St Parking / Parking Lot
- San Nicola fishing boat / Historical Landmark
Property Details for 245 Washington St
- Lot size
- 0.23 lot acres
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 001-701-003-000
- APU
- 1701003000
Description
This exceptional commercial property at 245 Washington Street, Monterey, CA, presents a unique owner-user opportunity. The building boasts a substantial 5,630 square feet of space, distributed across two floors. The ground floor features recently upgraded office units, ready for immediate occupancy. The second floor comprises three distinct office suites, each equipped with its own private full bathroom, offering flexibility and privacy for multiple tenants or departments. The property sits on a 0.23-acre lot, providing ample space and potential for future development or expansion. Currently zoned as Open Space, the property enjoys a legal, non-conforming use designation for medical/office purposes. It's important to note that this property is not included in the waterfront Master Plan. The building will be delivered vacant, allowing for immediate customization and adaptation to the new owner's specific needs and business operations. The asking price for this versatile and well-maintained commercial property is $2,500,000. This presents a compelling investment opportunity in a desirable Monterey location. The existing infrastructure and recent upgrades minimize upfront capital expenditures, allowing for a swift and efficient transition into operations. The property's size and layout offer significant potential for a variety of commercial uses within the permitted zoning guidelines.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,050,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,965,000
- 6.5%
- $1,975,000
- 7%
- $2,245,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,035,000
- Geo Method
- $2,110,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,085,000
- Retail
- $2,370,000
- Mixed-Use
- $1,805,000
- Hospitality
- $2,195,000
- Educational
- $1,995,000
- Residential Income
- $1,750,000
- Energy
- $2,290,000
- Income-Based Land
- $1,850,000
- Food Service
- $2,095,000
Location Insight
- Map
- Local Demand
- City
- Monterey
- County
- Monterey
- State
- California
- Longitude
- -121.892
- Latitude
- 36.6011
- CBSA code
- 41500
- CBSA name
- SALINAS, CA METROPOLITAN STATISTICAL AREA
