$2,090,000
Welcome to the Soho of the Monterey Peninsula, an exceptionally rare investment and development opportunity in the heart of Sand City. Positioned in one of the Peninsula's most dynamic and evolving micro-markets, this property offers significant upside with city-supported potential for a six-story mixed-use development. Preliminary discussions have included two levels of parking and four levels of residential housing, with flexibility for a blend of market-rate and affordable units. Sand City has expressed openness to creative site planning, including potential use of acquisition of adjacent portions of the bordering dead-end streets to enhance access and circulation. Upper level units on the third floor are anticipated to capture some of the most compelling views in the area. The existing improvements include a multi-tenant commercial structure featuring five office suites, six upper-level storage units, four ground-level garage bays (one with accessory office space) and two additional storage units. Most spaces are currently leased on a month to month basis providing immediate income. This is an exceptional opportunity to reimagine and capitalize on one of the Monterey Peninsula's most promising urban corridors.
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Listed by Kathleen McCrystal with Douglas Elliman of California, Inc. (310) 595-3888
Property Type
Commercial Sale
Status
Active
MLS Number
ML82043889
Year Built
1988
Lot Size
8,250 sq ft