Property profile

245 Washington St Monterey, CA 93940

OFF-MARKET
Medical Office Space
Property ID
US09-2099268
0.23 ac lot
Entity Owned 1-yr Hold Free & Clear
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Property summary

AI-generated overview

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.

Property profile

Verified
Property type Medical Office Space
Use group MEDICAL BUILDING
Lot 0.23 ac (10,021 SF)
APN 001-701-003-000
UPID US09-2099268

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Parking Lot & Garage
  • Physician
  • (Bike/Boat/Book/etc) Store Printing Service
  • Parking Lot & Garage
  • Tour Operator

Location

245 Washington St Monterey, CA 93940-2409
Monterey metro Census 12700 SALINAS, CA METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$2.05M
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$2.05M

Owner & transaction history

since 2025
Last sale
$2.1M
7 recorded transactions
2025
$2.1M
2024
Price N/A
2022
$2.0M
2018
Price N/A
2017
Price N/A
2014
Price N/A
2007
Price N/A

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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