$1,700,000.00

For Sale | Multi-Family Investment | Monterey, CA

Offering Overview

Mahoney & Associates is pleased to present the exclusive offering to purchase the fee simple interest in a well-located New Monterey apartment complex. Located at 2001 David Ave in Monterey, California, this 5-unit complex is located blocks from the Defense Language Institute Foreign Language Center and a few minutes from Cannery Row and downtown Pacific Grove.  All the units are made up of two bedrooms and one bathroom.  Four of the five units have dedicated carports and the property contains a laundry facility. 

The 2001 David Avenue apartments are in a prime location just 1 mile west of downtown Monterey, less than a mile from the entrance to Pebble Beach and 17-Mile Drive, and 1 mile from the iconic Lover’s Point in Pacific Grove. Within a few minutes’ drive from these units, guests will find the Monterey Bay Aquarium and Fisherman’s Wharf. Each unit is separately metered for water and PG&E.

Investment Highlights

  • Rare opportunity to acquire New Monterey apartment complex
  • Extremely High Barriers to Entry
  • Minutes from Cannery Row and Asilomar State Beach
  • Fee Simple
  • Units recently updated and have ocean views
  • Strong rental demand and rental upside

Location Overview

Monterey is a scenic California coastal city that rises from the pristine Monterey Bay to pine-forested hillsides with sweeping bay views. The city’s natural beauty and historic sites make it a quality residential community and premier tourist destination. A small, livable city that prides itself on being a clean and safe place to live, Monterey is known for its sense of community and hospitality and its culturally diverse residents. Monterey’s tourist-based economy continues to attract hundreds of thousands of visitors every year. The Monterey Peninsula is one of Central California’s most protected areas and poses major barriers to entry for new development due to water constraints and a very stringent California Coastal Commission. Monterey is centrally located on the Monterey Peninsula and is flanked by Pebble Beach to the South and Seaside & Fort Ord to the North. The area is highly regarded for the high quality of living due to its naturally preserved environment, world-class golf courses, and miles of scenic coastline.

Details

Price : $1,700,000.00
Cap Rate : 4.04%
Address : 2001 David Ave.
City : Monterey
State : CA
Zip Code : 93940
APN : 001-192-001
Latitude : 36.6102593
Longitude : -121.9180311
Property Type : Multi-Family
Secondary Type : Investment
Purpose : Sell
Building Size : ± 4,120 SF
Lot Size : ± 5,218 SF
Zoning : R-3-5
Property ID : 3838

Attachments

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Ryan Edwards
DRE #01403313
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Josh Jones
DRE#01352818
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CONTACT US

Phone: (831) 646-1919
Fax: (831) 646-1115
Email Us: [email protected]

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