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3645 Rio Road

Market Price

3645 Rio Road, Carmel-by-the-Sea, CA 93921

Active
Last Updated: 11/03/2025

174,969.6

NOI

1,944 sqft

Building Size

Details:
NOI:    $174,969.60
Building Size:    1,944 sqft
Occupancy:    100%
Year Built:    1968
Parking Spots:    5
Highlights:
  • Environmental Clarity: The property benefits from a clean No Further Action Letter issued in 2012, providing investors with confidence in the site’s compliant environmental record.
  • Prime Retail Hub Location: Strategically positioned on a hard corner at Rio Road and Cabrillo Highway (Highway 1)—the main north-south coastal route and a primary gateway to the Monterey Peninsula.
  • Surrounding Retail Synergy: Adjacent to The Crossroads Carmel Shopping Center, a dominant retail hub anchored by Safeway, driving consistent traffic past the Chevron station.
  • New Multifamily Development Adjacent: A 34-unit luxury multifamily property is currently under construction directly east of the Chevron site, adding significant density and future customer base to the immediate trade area.
  • Exceptional Land & Residential Value Growth: Land values in Carmel are among the highest in the region, and residential home prices have experienced substantial appreciation over the past five years, reinforcing the strength and desirability of this market.
Description:

Irreplaceable Real Estate in a Restrictive Market
Automotive/Gas Station zoning on a prime corner in Carmel-by-the-Sea—a market with extremely high barriers to entry and virtually no opportunity for new commercial development. This rare zoning is nearly impossible to replicate.

Passive Ownership Structure
Full Triple Net (NNN) Ground Lease with zero landlord responsibilities. Chevron handles all operating expenses, maintenance, and property taxes, delivering a truly hands-off, bond-like investment.

Superior Corporate Guarantee
Lease guaranteed by Chevron Corporation (S&P: AA-), one of the world’s leading integrated energy companies, ensuring exceptional financial security.

Long-Term Tenant Stability
Chevron has operated at this location since 1965, demonstrating exceptional tenant performance and commitment. This long-standing history is a strong indicator of continued occupancy and willingness to extend long-term.

Affluent Coastal Town Demographics
Situated in one of California’s most affluent coastal communities. Carmel-by-the-Sea boasts a average household income of $213,365, significantly exceeding the national average.

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Documents:
Title
Offering Memorandum
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