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    104 Mission St Carmel-by-the-Sea, CA 93921
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    104 Mission St Carmel-by-the-Sea, CA 93921

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    • Office properties & Spaces

    Property Details for 104 Mission St

    Property type
    Office properties & Spaces

    Description

    This exceptional 450-square-foot office suite, located at 104 Mission Street in the heart of Carmel-by-the-Sea, California, presents a unique leasing opportunity. Situated in the desirable Sunset Terrace building, Suite 7 offers a fully remodeled interior, boasting a modern kitchen and a private bathroom. The layout includes two private offices, perfect for individual workspaces, and an open entry area ideal for a third person or a shared workspace. The suite is located upstairs, benefiting from abundant natural light from large picture windows facing south and east. This bright and airy space is well-suited for a small team or individual professional seeking a prestigious Carmel address. The convenient location on Mission Street, near the intersection of 8th Street, provides easy access to local amenities and businesses. Utilities are included in the lease, adding to the overall value and convenience. This single-tenant space is perfect for a business requiring approximately 450 square feet in a prime Carmel location. The traditional office layout offers privacy and functionality, making it an attractive option for a variety of professional uses. This is a rare opportunity to secure a beautifully remodeled office space in the coveted Carmel-by-the-Sea area. The zip code is 93921, and the property is located in Monterey County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Carmel-by-the-Sea
    County
    Monterey
    State
    California
    Longitude
    -121.921
    Latitude
    36.5527

    Comparable in this City

    • Value Estimation by Request

      Mission St

      Office properties & Spaces
      0 Mission St, Carmel-by-the-Sea, CA 93921
      View Details
    • Value Estimation
      $635,000
      3,442 SF

      Dolores St At 8th Ave

      OFFICE BUILDING • 3,442 SF
      Dolores St At 8th Ave, Carmel, CA 93921
      View Details
    • Value Estimation by Request
      5,886 SF

      Dolores St St

      Commercial real estate • 5,886 SF
      Dolores St St, Carmel, CA 93921
      View Details
    • Value Estimation by Request
      3,518 SF

      Msn St 2

      Retail properties & Spaces • 3,518 SF
      0 Msn St 2, Carmel-by-the-Sea, CA 93921
      View Details
    • Value Estimation by Request
      1,090 SF

      Carmel-By-The-Sea Ca

      Retail properties & Spaces • 1,090 SF
      0 Carmel-By-The-Sea Ca, Carmel-by-the-Sea, CA 93921
      View Details
    • Value Estimation by Request
      0.09 Acres

      6 Ocean Dolores St

      Commercial real estate • 0.09 Acres
      6 Ocean Dolores St, Carmel, CA 93921
      View Details
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    Carmel-by-the-Sea, CA 93921
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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    104 Mission St, Carmel-by-the-Sea, CA, 93921
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