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.