RARE MIXED COMMERCIAL IN DOWNTOWN PACIFIC GROVE

RARE MIXED COMMERCIALIN DOWNTOWN PACIFIC GROVE551 Lighthouse Ave., Pacific Grove CA, 93950

For more information on this opportunity, please contact:

MICHAEL [email protected] | (831) 596-6000CA BRE#01702352

VERY RARE MIX USE COMMERCIALBUILDING IN DOWNTOWN PACIFIC GROVE

Located in the heart of downtown Pacific Grove only two blocks from the world famous “Lovers Point Beach”. This unique Victorian style commercial property has a local designer jeweler retailer and a women’s clothing store. The second level has a large living unit that has 3 bedroom and two bath unit with over 2500sf of living space including a rooftop deck.

PRICE: $1,449,000 RENTALBE SF: ......... 5000SF PRICE PER SF: ......... $290 LAND AREA: ............. 2898SF LEASE TYPE: ............ MODIFIED GROSS YEAR BUILT: ............. 1900

MARKET RENTSCurrent rents are below market rents for the trade area. Great upside for potential rent increases. Downtown Pacific Grove has seen lots of new activity in the past few years with increased tax revenues in the trade area.

Investment Highlights

Income & Expense

PRICE $1,449,000

Price Per Square Foot: $290

Capitalization Rate: 5.82

Total Rentable Area (SF): $5000SF

Lot Size (SF): 2898SF

Year Built: 1900

STABILIZED INCOME Per Square Foot

Scheduled Rent $16.89 $84,444

Effective Gross Income $17.31 $86,530

LESS

Taxes $13,287

Insurance $1,746

Total Operating Expenses $17,058

EQUALS NET OPERATING INCOME

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

ABOUT

Rare opportunity to own a mixed use property in the heart of downtown Pacific Grove. This three unit mixed commercial property is a great investment opportunity or either an end user or an investor. With a large living unit above the retail space the property is located in the coveted Pacific Grove school district. Within walking distance to all of downtown Pacific Grove and only a few blocks from the pacific ocean.

ZoningMX, Mixed UseThe purpose of the Mixed Use districts regulations is to promote and provide development opportunities for integrated, complementary housing and employment opportunities in the same building, on the same parcel or within the same block. The MX district provides opportunities for mixed use, office, public and semipublic uses and commercial uses that emphasize retail, entertainment and service activities. Medium and high-density residential uses are encouraged within MX district to facilitate pedestrian-oriented activity centers

Downtown Pacific Grove

Surrounding Retail Photos

Regional Map

Location & Demos

PACIFIC GROVE OVERVIEW

Pacific Grove is often referred as America’s last hometown, Pacific Grove is also known for its Victorian homes which has more per capita than anywhere else in the United States. The city is uniquely located between Pebble Beach and the city of Monterey with miles of coastline and beaches. The population of Pacific Grove is just a little over 15,000 people with a per capita of just under $100,000.

PROPERTY DATA - All information deemed reliable but not guaranteed. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

MICHAEL [email protected] | (831) 596-6000CA BRE#01702352

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