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Description
First time on the market in 20 years, rarely available, investment/exchange opportunity located in the increasingly popular Carmel Valley Village. Close to local wineries, restaurants, and shopping, this 4800 SF parcel features 8200 SF of rentable space including 3 retail stores on the main level. Upper level is spacious, great natural light with 6 skylights and a balcony, upstairs is currently rented out as multiple offices with a common area. Long term tenants, some have been there 18+ years and all the leases are now MTM, which allows a buyer to negotiate increased rents. Dry cleaner uses non-toxic materials and disposes of waste in the upmost environmentally friendly way. 3 separate electric meters downstairs retail spaces and 2 electric meters dividing upstairs. Part of the Carmel Valley Village Center which is a focal point of commerce and activity with ample parking. CAP rate of just over 4% is based on the "projected market rents" as the existing rents are below market.
Location
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Listing Agent: Monterey Peninsula Home Team | Agent phone: 831-594-3290
Listing Office: KW Coastal Estates
