650 E Franklin ST, Monterey, CA 93940

$1,200,000
Sold Price
$1,200,000
List Price
$1,299,000
Closing Date
Dec 29, 2021
MLS#
ML81867673
Status
SOLD
Property Type
com
Lot Size
14,300
Listing Area
Downtown/Fisherman Wharf
Year Built
1943

Property Description

Owner Financing available for Commercial Listing or High Density Multi-Family in Monterey. Located close to Downtown Monterey, Fishermans Wharf, and many more desirable amenities, this site offers almost 1/3 acre of flat usable space with a 1,132sf building, currently occupied by a garden center. Tenant is month to month, but willing to stay. Rents are below market. 3.7% Cap Rate at current rents. Upside opportunity for investor or developer. Prime Monterey location. Property is also zoned for high density multi-family. Keep tenant in place and generate cash flow while you develop your plans. Terms 30% down, 4% interest only, amortized over 25 years due in 20. Please do not disturb tenants. Business is not for sale. Tenants wish to remain. Shown by appointment only.

Additional Information

Acres
0.33
Age
78
Cooling System
None
Foundation
Concrete Slab
Garage Parking
Other
Heating System
Forced Air
Lot Size
14,300
Neighborhood
Downtown/Fisherman Wharf
Other Utilities
Public Utilities
Present Use
Nursery, Retail, Other
Roof
Composition
Sewer
Sewer - Public
Special Features
None
Zoning
PC-planned community

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of The Ruiz Group from KW Coastal Estates. 831.392.6993

Selling Office: KWCE.

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