449 Paseo Alvarado Monterey, CA 93940

This exceptional 19,558 square foot retail property, located at 449 Paseo Alvarado in Monterey, California (APN 001-574-028), presents a compelling investment opportunity. Currently operating as a multi-tenant bank with a 75% occupancy rate, the property boasts a strong lease structure (NNN) with a remaining term of 3 years. The asking price is $3,900,000, representing a 5.00% cap rate. Built in 1963, this landmark building sits on a 13,112 square foot lot and features impressive architectural details including soaring ceilings, an elevator, and a mezzanine. A significant asset is the substantial basement, which includes three vaults – a legacy from its previous life as the Monterey Savings and Loan. The current monthly rent is $12,000, with potential for increased revenue through leasing of available space. The property enjoys a prime location in downtown Monterey, within walking distance of numerous amenities including Trader Joe's, Pacific Valley Bank, Peet's Coffee, restaurants, shops, City Hall, a transit center, and Fisherman's Wharf. This mixed-use development offers significant income-producing potential and strong long-term prospects in a thriving California coastal city.