499 Alvarado St Monterey, CA 93940-2739

This 7,873-square-foot executive office building in Monterey, California, is offered at $2,950,000. Located at 499 Alvarado Street, this multi-tenant property boasts a prominent corner location at the intersection of Alvarado, Pearl, and Munras Avenues, offering high visibility. Built in 1951 and zoned C-1, the building sits on a 10,237-square-foot lot. Currently, the occupancy is 40%, with a Net Operating Income (NOI) of $235,245.24, resulting in a 6.92% cap rate. The asking price per square foot is $431.86. The property features a 5-year remaining lease term under a NNN lease structure. Its central location in downtown Monterey provides easy access to numerous amenities, including Trader Joe's, Pacific Valley Bank, Peets Coffee, restaurants, shops, City Hall, a transit center, and Fisherman's Wharf. Street parking is available. The building includes approximately 4,500 square feet of divisible retail space, presenting multiple tenant options. This is a highly walkable area with exceptional visibility and proximity to key businesses and attractions, making it an attractive investment opportunity.