482 Alvarado St Monterey, CA 93940-2729

This exceptional 12,061 square foot commercial building is ideally situated in the heart of Monterey's vibrant downtown area, boasting a prime location at 482 Alvarado Street. The property features a blend of retail and executive office spaces, catering to a diverse range of business needs. Two main entrances, conveniently located on Alvarado Street and Calle Principal, provide excellent accessibility for both customers and employees. An internal elevator ensures easy navigation between floors, while two generously sized bathrooms add to the building's functionality. The property benefits from a high occupancy rate, with approximately 95% of the space currently leased under gross lease agreements, meaning the owner covers all expenses. Long-term tenants contribute to a stable income stream. Private parking is available on Calle Principal Street, offering added convenience. Furthermore, the Calle Principal Street side presents a compelling opportunity for potential future development into apartments or condominiums, subject to City of Monterey and water management approvals. Interested parties are encouraged to contact the City of Monterey for detailed information regarding development possibilities. This property represents a rare opportunity to acquire a well-established, high-performing commercial building in a highly desirable location. The 0.29-acre lot provides ample space and potential for future expansion or redevelopment. The asking price is $2,900,000.