$2,025,000
$2,150,000
5.8%For more information regarding the value of a property, please contact us for a free consultation.
Address not disclosed Pacific Grove, CA 93950
3,564 SqFt
Key Details
Sold Price $2,025,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 3,564 sqft
Price per Sqft $568
MLS Listing ID ML81807525
Sold Date 02/18/21
HOA Y/N No
Year Built 1959
Lot Size 6,224 Sqft
Acres 0.1429
Property Description
Ideal location within Coastal Zone which may qualify for 'future' consideration and permitting as a 'Short-Term Rental' investment as determined by the City of Pacific Grove and the California Coastal Commission. Resting on the cusp of Ocean View Blvd, The Monterey Bay Aquarium and Cannery Row, this 5 unit(4 with ocean views), fully leased 1bed/1bath 'low' maintenance apartment complex is available today for SALE. Strong NOI with healthy cap rate, this investment has strong measurables and room to increase rents robustly for years to come. Pride of Ownership and well maintained, this 'rare' find is a turnkey with positive cash flow 'Day One.' Contact the City of Pacific Grove's Community Development Dept for rules and guidelines for future 'Short Term Rental' permit opportunities.
Location
State CA
County Monterey
Area 699 - Not Defined
Zoning R-3
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Heating Forced Air
Cooling None
Fireplace No
Laundry None
Exterior
Carport Spaces 5
Roof Type Flat,Tar/Gravel
Total Parking Spaces 4
Building
Water Public
Schools
Elementary Schools Other
Middle Schools Pacific Grove
High Schools Pacific Grove
School District Other
Others
Tax ID 006224016000
Financing Conventional
Special Listing Condition Standard
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Bought with Carol L. Duncan • Sotheby's Int'l Realty-Valley