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    6 Ocean Dolores St Carmel, CA 93921
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    6 Ocean Dolores St Carmel, CA 93921

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    • Commercial real estate
    • 0.09 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 6 Ocean Dolores St

    Year built
    1930
    Lot size
    0.09 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional commercial property, formerly the China Art Center, sits on a highly desirable block in Carmel-by-the-Sea at 6 SW Ocean Avenue on Dolores Street. The 0.09-acre lot previously housed a 6,566 square foot building, which has undergone a complete interior demolition, leaving only the basement, ground floor, and a small second-floor landing. This demolition was part of a city-approved renovation plan, which includes the addition of a rooftop deck accessible by elevator. The approved plans also allow for the reinstatement of a 1,172 square foot second floor and the creation of an outdoor terrace. The property is currently vacant, presenting a unique opportunity for an owner-occupant or investor to develop a significant commercial presence in this prime location. The approved plans streamline the redevelopment process, minimizing potential delays and uncertainties. Given the property's location and the approved plans, this represents a rare chance to acquire a highly visible and strategically positioned commercial space in the heart of Carmel-by-the-Sea. The existing foundation and approved plans provide a solid base for a customized development, tailored to meet specific business needs. This is a truly exceptional opportunity to create a landmark commercial property in one of California's most sought-after destinations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Monterey
    State
    California
    Longitude
    -121.881
    Latitude
    36.5998

    Comparable in this City

    • Value Estimation by Request
      5,886 SF

      Dolores St St

      Commercial real estate • 5,886 SF
      Dolores St St, Carmel, CA 93921
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    • 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
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    • 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

      104 Mission St

      Office properties & Spaces
      104 Mission St, Carmel-by-the-Sea, CA 93921
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    • 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
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    Carmel, 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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