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Listed by Kathleen McCrystal • Douglas Elliman of California, Inc., DRE#01463899
$ 2,090,000
Est. payment | /mo
7,632 SqFt
$ 2,090,000
Est. payment | /mo
7,632 SqFt
Key Details
Property Type Multi-Family
Sub Type Multiple Dwellings / Structures
Listing Status Active
Purchase Type For Sale
Square Footage 7,632 sqft
Price per Sqft $273
MLS Listing ID ML82044101
Year Built 1988
Lot Size 8,250 Sqft
Property Sub-Type Multiple Dwellings / Structures
Property Description
Welcome to the Soho of the Monterey Peninsula, an exceptionally rare investment and development opportunity in the heart of Sand City. Positioned in one of the Peninsula's most dynamic and evolving micro-markets, this property offers significant upside with city-supported potential for a six-story residential development. Preliminary discussions have included two levels of parking and four levels of residential housing, with flexibility for a blend of market-rate and affordable units. Sand City has expressed openness to creative site planning, including potential use of and acquisition of adjacent portions of the bordering dead-end streets to enhance access and circulation. Upper level units above the third floor are anticipated to capture some of the most compelling views in the area. The existing improvements include a multi-tenant commercial structure featuring five office suites, six upper-level storage units, four ground-level garage bays (one with accessory office space) and two additional storage units. Most spaces are currently leased on a month to month basis providing immediate income. This is an exceptional opportunity to reimagine and capitalize on one of the Monterey Peninsula's most promising urban corridors. Buyer agrees to cooperate with sellers 1031 exchange.
Location
State CA
County Monterey
Area Sand City
Zoning Commercial Property
Interior
Heating Other
Cooling None
Exterior
Parking Features Common Parking Area
Utilities Available Public Utilities
Roof Type Shingle
Building
Foundation Concrete Perimeter and Slab
Sewer Sewer - Public
Water Public
Others
Tax ID 011-177-029-000
Security Features Other
Horse Property No
Special Listing Condition Not Applicable
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John Faylor
Realtor | Lic# 1065896