Shops on Del Monte | Reposition-Redevelopment Opportunity in Prime Coastal Location

3074 Del Monte Boulevard, Marina, CA

IN CONTRACT

$1,300,000

Price

4.5%

Cap Rate

$58,533

NOI

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Street
Map
Overview
Cap Rate
4.5%
NOI
$58,533
Pro Forma Cap Rate
5.54%
Building Size
3,171 sqft
Lot Area
0.52 acres
Occupancy
82%
Lease Type
Modified Gross
Year Built
1970
Price Per Sqft
$409.97
Zoning
C-1
Parking Spots
34
Parking Ratio
0.0107
Description

Rare, coastal Monterey County retail property with potential for redeveloping and/or repositioning the existing footprint. The subject property is located at 3074 Del Monte Blvd in Marina, CA. The four unit building is 3,171 square feet and resides on .52 acre lot with a 4,000 square foot parking lot leased to the city of Marina. Located in the development friendly City of Marina, the municipality has its own water district (no moratoriums or water credit obstacles). Additionally, the current month-to month tenancy provides flexibility and income during entitlement process.

Highlights
  • Immediate Upside - Below Market Rents on Modified Gross Leases
  • Heavy Traffic Counts - 33,147 Vehicles Per Day on Main Arterial & Surrounded by National Tenants
  • Strategically Positioned - High Visibility, Hard Corner Signalized Intersection Excellent Demographics - $106,731 Average HH Income
  • High-Density Residential Redevelopment Opportunity - Rezoned and Approved for 26 Units plus Density Bonus - CEQA EXEMPT
Documents
Title
3074_Del_Monte_Blvd_-_Marina__CA.pdf
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Location
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