449 Paseo Alvarado Monterey, CA 93940
- Retail properties
- 19,558 SF
Current Use by Public Records
- Retail properties
Property Details for 449 Paseo Alvarado
- Year built
- 1963
- Property size
- 19,558 SF
- Property type
- Retail properties
- Property subtype
- Banks
Description
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.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Monterey
- County
- Monterey
- State
- California
- Longitude
- -121.894
- Latitude
- 36.6015
