$550,000.00

Details

Price : $550,000.00
Address : 530 Ramona Ave
City : Monterey
State : CA
Zip Code : 93940
Property Type : Office
Secondary Type : Investment
Purpose : Sell
Status : Normal
Building Size : 2,450 SF
Lot Size : 6,027 SF (*Per County Records, Buyer to Verify)
Zoning : PC-NF (Planned Community North Fremont)
Bathrooms : 2
Area : 2,450 Sq Ft
Country : Monterey
Rooms : 9

Attachments

For Sale | Office Investment & Development Opportunity | 530 Ramona Ave, Monterey, CA

Offering Summary

Mahoney & Associates is pleased to offer 530 Ramona Ave. Monterey, CA a leased office investment for sale. The site consists of a 2,450 SF medical office building with seven on-site parking spaces. The current tenant has one year left on the current lease, with one, 3-year option extension; rent increases annually based on CPI. The current rent at $1.37 per square foot is below the market rate for equivalent medical office space on the Monterey Peninsula. Space is currently leased on a modified gross basis with the tenant responsible for all utilities and the landlord responsible for real estate taxes, maintenance, and insurance.

The interior layout consists of a patient waiting room, a reception counter with office space behind, three private offices, four exam rooms, two restrooms (of which only the patient restroom is A DA compliant), a staff break-room and a utility room. Along the central hallway runs the length of the building, and there is a patient seating area in a wide portion of the main hallway.

The building does not have a sprinkler system. The parking lot is paved entirely with concrete. There is minimal landscaping which includes raised planter boxes against the building’s frontages.

Development Opportunity: Being situated in the North Fremont Specific Plan zoning overlay, there is the p possibility of converting the building to allow for ground floor residential uses. This option would be available to the prospective new owner upon the expiration of the current tenant’s lease.

Investment Highlights

  • Tenant has 1 year left on the lease
  • One, 3-year option renewal option from 6/01/20 – 5/31/23
  • Approx. $225 price per SF is significantly below replacement cost
  • Zoning allows for residential conversion

Features

Gas Heat

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James Kendall

CONTACT US

Phone: (831) 646-1919
Fax: (831) 646-1115
Email Us: info@mahoneycommercial.com

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