245 Washington St, Monterey, CA 93940-2409
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.
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Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.