LISTED AT: $2,792,000 FOR SALE: DOWNTOWN …...LISTED AT: $2,792,000 FOR SALE: DOWNTOWN OFFICE BUILDING 419 WEBSTER ST. / 585 ABREGO ST. MONTEREY, CA 93940 MAHONEY & ASSOCIATES COMMERCIAL

LISTED AT: $2,792,000FOR SALE: DOWNTOWN OFFICE BUILDING419 WEBSTER ST. / 585 ABREGO ST. MONTEREY, CA 93940

MAHONEY & ASSOCIATES COMMERCIAL REAL ESTATE501 ABREGO STREET, MONTEREY, CA 93940

WWW.MAHONEYCOMMERCIAL.COM

JOHN MAHONEY | FOUNDER | DRE #[email protected]: 831.646.1919

EXCLUSIVELY LISTED BY:

INTRODUCTION

DETAILS

PROPERTY ADDRESS: 419 Webster St./585 Abrego St., Monterey, CA

APN: 001-726-018-000

PRICE: $2,792,000 ($325 PSF)

BUILDING SF: 8,591 SF

LOT SF: 10,202 SF

NET INCOME: $136,137

CAP RATE: 4.9%

ON-SITE PARKING: 12 Spaces

OFFERING OVERVIEWMahoney & Associates is pleased to offer a rare opportunity to purchase 419 Webster St./585 Abrego St in Monterey, CA. This premium building at the corner of Webster St. is a great investment or owner/user opportunity in the heart of downtown Monterey. The offering consists of a two-story 8,591 SF office building. The ground floor of 4,185 SF that will become available August 1, 2019. An owner occupant may qualify for SBA financing. The subject property is five blocks from the beach, two block from Lake El Estero, and resides in Monterey’s downtown commercial district.

INVESTMENT HIGHLIGHTS • Zoning: C-2 (Gen 1 Comm) - Allows for a Wide Variety of Uses• On-site Parking Available & Street Parking• Great Downtown Location• Private Enclosed Patio• Private Restrooms• Kitchen

LOCATION OVERVIEWMonterey 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 high quality of living due to its naturally preserved environment, world class golf courses and miles of scenic coastline.

419 WEBSTER ST. / 585 ABREGO ST. | 2

JOHN MAHONEY DRE #00909373

OPERATING EXPENSESPRO-FORMA FOOTNOTES

PROPERTY TAXES $17,719 2

PROPERTY INSURANCE $3,125

PG&E $9,832

TRASH $3,166

WATER $3,395

FIRE SAFETY $114

ELECTRICAL REPAIRS $315

WINDOW REPAIRS $500

HVAC CONTRACT $356

HVAC REPAIRS $815

JANITOR (COMMON AREA) $900

LANDSCAPING $3,900

LANDSCAPING SUPPLIES $510

LIGHTING $651

LOCKS & KEYS $80

PLUMBING REPAIRS $2,255

GENERAL REPAIRS $871

ROOF REPAIRS $725

WINDOW CLEANING $562

MANAGEMENT FEE $10,010 3

TOTAL EXPENSES $59,801

NET OPERATING INCOME $136,137

FOOT NOTES1. Tenants pay their own interior, janitorial expenses and reimburse

owner their pro-rata share of utility costs and increase in real property taxes. All other expenses paid by landlord.

2. At the price of $2,792,000 taxes will increase by approximately $10,000 which will be paid by tenants.

3. A new owner (particularly an owner/occupant) may chose to self manage, thus eliminating this expense.

FOOTNOTES

GROSS RENTAL INCOME $194,876

EXPENSE RE-CAPTURE OTHER $9,374 1

OTHER $125

TOTAL GROSS INCOME $195,938



LEASE ABSTRACTS

288 PEARL ST.MONTEREY, CALIFORNIAAPN: 001-726-021 BUILDING SIZE: 6,434 SFASKING PRICE: $2,500,000 PRICE PER SF: $389 DESCRIPTION: Downtown Two-Story Office Building

419 WEBSTER ST.MONTEREY, CALIFORNIAAPN: 001-063-012BUILDING SIZE: 8,591 SFASKING PRICE: $2,792,000PRICE PER SF: $325DESCRIPTION: Two-Story Office Building

CURRENTLY AVAILABLE FOR SALE

GROUND FLOOR

TENANT Visionary Health Care Services

ADDRESS 419 Webster St., Monterey, CA

SQUARE FOOTAGE 4,185 SF

LEASE EXPIRATION July 31st, 2019

LEASE RATE $7,243 Per Month ($1.73 PSF)

TENANT COSTSTenant pays interior janitorial and pro-rata share of the increases of taxes and utilities. Landlord pays all other

expenses.

RENEWAL Tenant is relocating to a recently purchased building at lease expiration.

SECOND FLOOR

TENANT Huntington Ingells Industries

ADDRESS 419 Webster St., Monterey, CA

SQUARE FOOTAGE 4,406 SF

LEASE EXPIRATION April 30th, 2022

LEASE RATE $9,200 Per Month ($2.09 PSF)

TENANT COSTSTenant pays interior janitorial and pro-rata share

of the increases of taxes and utilities. Landlord pays all other expenses.

RENEWAL

If they no longer require an office in Monterey, the tenant has the right to terminate the lease with 6 months notice anytime after April 30th, 2020. There is a termination fee of $500 per

month for every month remaining on the lease. Rent increases by $200 per Mont on 05/01/20

and again on 05/01/21.

DISCLOSUREThe seller / listing agent is a licensed real estate broker in the state of California.

TERMSAll cash through seller will consider financing with a down payment of at least 30%.



COMPARATIVE SALESSOLD IN LAST 24 MONTHS

1221 10TH ST.MONTEREY, CALIFORNIABUILDING SIZE: 2,175 SFSALE PRICE: $890,909PRICE PER SF: $410DATE SOLD: 7/1/17DESCRIPTION: Two-Story Mixed-Use Retail /Office Building

460 ALMA ST.MONTEREY, CALIFORNIABUILDING SIZE: 3,300 SFSALE PRICE: $1,175,000 PRICE PER SF: $356.00 DATE SOLD: 01/07/19DESCRIPTION: Downtown Two-Story Office Building

574 CORTES ST.MONTEREY, CALIFORNIABUILDING SIZE: 4,942 SFSALE PRICE: $1,750,000 PRICE PER SF: $354DATE SOLD: 05/11/18DESCRIPTION: Downtown Two-Story Mixed-Use Office Building

400 PEAR ST.MONTEREY, CALIFORNIA

BUILDING SIZE: 5,580 SFSALE PRICE: $1,800,000 PRICE PER SF: $322.58 DATE SOLD: 05/05/18DESCRIPTION: Renovated Single-Story Office Building

665 MUNRAS AVE.MONTEREY, CALIFORNIABUILDING SIZE: 21,174 SFSALE PRICE: $6,687,000 PRICE PER SF: $315DATE SOLD: 08/01/18DESCRIPTION: Two-Story Medical Office Building

450 CAMINO EL ESTEROMONTEREY, CALIFORNIABUILDING SIZE: 5,135 SFSALE PRICE: $1,800,000 PRICE PER SF: $351DATE SOLD: 01/01/17DESCRIPTION: Single-Story Office Building



AERIAL SHOT

ABRE

GO

ST.

(14

,135

VPD

)

MONTEREY BAY

MONTEREY BAY AQUARIUM

WEBSTER ST.

CANNERY ROW



PROPERTY PHOTOS



Tax Map 419 Webster St, Monterey, CA 93940

Tax Map 419 Webster St, Monterey, CA 93940 3/4/2019 Page 1 (of 1)

©2005-2019 First American Financial Corporation and/or its affiliates. All rights reserved.

Limitation of Liability for Informational ReportIMPORTANT – READ CAREFULLY:THIS REPORT IS NOT AN INSURED PRODUCT OR SERVICE OR A REPRESENTATION OF THE CONDITIONOF TITLE TO REAL PROPERTY. IT IS NOT AN ABSTRACT, LEGAL OPINION, OPINION OF TITLE, TITLE INSURANCE COMMITMENT ORPRELIMINARY REPORT, OR ANY FORM OF TITLE INSURANCE OR GUARANTY. THIS REPORT IS ISSUED EXCLUSIVELY FOR THE BENEFITOF THE APPLICANT THEREFOR, AND MAY NOT BE USED OR RELIED UPON BY ANY OTHER PERSON. THIS REPORT MAY NOT BEREPRODUCED IN ANY MANNER WITHOUT FIRST AMERICANʼS PRIOR WRITTEN CONSENT. FIRST AMERICAN DOES NOT REPRESENT ORWARRANT THAT THE INFORMATION HEREIN IS COMPLETE OR FREE FROM ERROR, AND THE INFORMATION HEREIN IS PROVIDEDWITHOUT ANY WARRANTIES OF ANY KIND, AS-IS, AND WITH ALL FAULTS. AS A MATERIAL PART OF THE CONSIDERATION GIVEN INEXCHANGE FOR THE ISSUANCE OF THIS REPORT, RECIPIENT AGREES THAT FIRST AMERICANʼS SOLE LIABILITY FOR ANY LOSS ORDAMAGE CAUSED BY AN ERROR OR OMISSION DUE TO INACCURATE INFORMATION OR NEGLIGENCE IN PREPARING THIS REPORTSHALL BE LIMITED TO THE FEE CHARGED FOR THE REPORT. RECIPIENT ACCEPTS THIS REPORT WITH THIS LIMITATION AND AGREESTHAT FIRST AMERICAN WOULD NOT HAVE ISSUED THIS REPORT BUT FOR THE LIMITATION OF LIABILITY DESCRIBED ABOVE. FIRSTAMERICAN MAKES NO REPRESENTATION OR WARRANTY AS TO THE LEGALITY OR PROPRIETY OF RECIPIENTʼS USE OF THEINFORMATION HEREIN.

SITE MAP



FLOOR PLANS

419 WEBSTER STREET 585 ABREGO STREET



PopulationThe county’s population reached 428,826 in 2013 and is projected to rise to ±475,000 by 2025. The latest population estimates for individual Peninsula cities are:

Traditionally, our population growth has been lower than the state average. In fact, most counties along the central coast are growing at around 1% annually. Between 2007 and 2012, the population of Monterey County grew at an average rate of 0.7 percent per year.Growth is limited by available water supply and environmental constraints. Salinas is the largest city in the county and Seaside is the largest community on the Monterey Peninsula.

HouseholdThe median age in Monterey County for 2013 was 33.0. Median household income in Monterey County, as of 2013 was $55,840 compared to a national average of $52,250.Median housing prices are also higher, The single family home in City of Carmel was $1,197,700 in 2013, in Carmel Valley $849,600, in Monterey $682,300, Marina $419,600, Pacific Grove $703,800, Del Rey Oaks $486,100, Pebble Beach $1.45 million and in Seaside it was $364,100.

Monterey County’s Key Industries:

AGRICULTUREThe Salinas Valley is the center for Monterey County’s $4.379 billion agriculture industry and continues to be a leader in agricultural exports with over 785 million pounds of produce exported in 2013. Top importers of Salinas Valley produce include Canada, Japan, Hong Kong, Taiwan, Mexico and the European Union.Organic produce is an expanding market and has been incorporated into the holdings of most large companies. There are currently over 46,500 acres of organic products being grown in Monterey County.

TOURISMThe Monterey Peninsula’s scenic cities and unincorporated rural areas have economies that are primarily tourist-driven. Secondly, only to agriculture, hospitality is a $2.3 billion plus per year industry and employs approximately 22,000 people, over 12 percent of the workforce in Monterey County.Over 8.39 million visitors travel to Monterey County annually, double that of Yosemite Park. Within California, Monterey County ranks 11th of all 58 counties in tourism expenditures.

HIGHER EDUCATIONHigher Education contributes approximately $1.9 billion in operating budgets and $365 million in research budgets to the local economy. The Monterey Bay region is home to more than twenty higher education and research institutions, including three community colleges, two state universities, an international institute, college of law, two specialized military institutions and several research organizations. The institutions employ over 12,110 faculty and staff and have enrollment of 78,000 students.

Monterey:Carmel-by-the-Sea:

Del Rey Oaks:Marina:

Pacific Grove:Sand City:

Seaside:

28,2943,8421,67220,37015,50434134,095

MARKET OVERVIEW



GROWTH5-Mile

HOUSEHOLD INCOME5-Mile

Total Households

Population

Housing Units

TRAFFIC / VISIBILITY5-Mile

28,639

141,635

13,851 Median

Average HouseholdMedian Value

$68,511

$664,300

$55,245 Abrego St.

Fremont St.

Franklin St.

DEMOGRAPHICS

16,482

10,783

14,135



Mahoney & Associates hereby advises all prospective purchasers of property as follows:All materials and information received or derived from Mahoney & Associates its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither Mahoney & Associates its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Mahoney & Associates will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Mahoney & Associates makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Mahoney & Associates does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Mahoney & Associates in compliance with all applicable fair housing and equal opportunity laws.

501 Abrego Street, Monterey, CA Tel: 831.646.1919 Fax: 831.646.1115 www.mahoneycommercial.com

CONFIDENTIALITY & DISCLAIMER

For More Information Please Contact:

John Mahoney Founder DRE #00909373 [email protected]

Documents

LISTED AT: $2,792,000 FOR SALE: DOWNTOWN …...LISTED AT: $2,792,000 FOR SALE: DOWNTOWN OFFICE BUILDING 419 WEBSTER ST. / 585 ABREGO ST. MONTEREY, CA 93940 MAHONEY & ASSOCIATES COMMERCIAL