277 Van Buren Street, Monterey, CA

 

3 Units

 

277 Van Buren Street Monterey 3 Unit Multi Family For Sale

 

$1,325,000

 

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Complex Notes:

 

    Unit A:

    This two-bedroom / one-bathroom house works well as an owner-occupied home, a second home, or as a high-demand rental.

     

    • Unit A amenities include ocean views, clothes washer & dryer hookups, and a home office/study/small bedroom.
    • Unit A Value for owner occupancy: The Old Monterey MLS map code (112) price range for all homes sold between June 1, 2023, and March 1, 2024, is $850,000 to $2,100,000. The median price is $1,100,000 per square foot, and the median price is $709.

     

    Units B & C:

    Unit B is renting for $1,400. Unit C is renting for $2,000. Both apartments are one-bedroom / one-bathroom units. The tenant is responsible for PG&E expenses. Estimated market rents for one-bedroom units are $2,200. Unit C has a washer and dryer hookups.

     

    Building Information:

    • The complex is estimated at 2,100 square feet. The lot size is 4,000 square feet.
    • The bathrooms have tile flooring, tile shower surrounds, and a ceiling fan.
    • The units have vinyl flooring and carpeting.  
    • The units have electric stoves and tile kitchen counters.
    • The units are heated with electric wall heaters.
    • The owner pays for water, sewer, and garbage. Tenants pay their own PG&E, cable, and internet.
    • An Accessory Dwelling Unit (ADU) can possibly be constructed on this site. There are sufficient water credits available. Please discuss with the City of Monterey & MPWMD.

     

 

Monterey & the Monterey Peninsula:

 

  • The estimated population of Monterey is 28,338 according to the US Census bureau in 2013. The Monterey Peninsula estimated population is 104,000.
  • The one year median sales price of a Monterey single-family home as of March 2023 $1,277,000 according to Redfin.
  • Monterey is the host city for the Naval Postgraduate School, which has approximately 2,600 students, 1,120 faculty and staff, and a $488 million-dollar operating budget.
  • Monterey is host to the Defense Language Institute, which has approximately 3,500 students and over 1,800 faculty and staff.
  • Monterey is also host to the Middlebury Institute of International Studies, which has 751 students and over 155 faculty and staff.
  • Cal State Monterey Bay is a growing campus. The current enrollment is 7,378 students.
  • The Monterey Bay Aquarium employs 500 people and has 1,800,000 annual visitors with an economic impact of $263 million on the local economy as of 2013.
  • Major employers include Pebble Beach Company, Monterey Bay Aquarium, Dole Vegetable, Naval Post Graduate School, Defense Language School, CSU Monterey Bay, the hospitality industry, and the construction industry.

 

 

Financials

 

Listing Price:  $1,325,000  Building Sq. Ft: 2,100  Units 3
Down Payment: $356,000  Lot Square Ft: 3,999  Price/Unit:  $441,667
Loan Amount: $969,000  APN:  001-568-011  Age: 1944
Gross Rent Multiplier: 17.794  Market GRM: 15.34  Roof: Comp
Cap Rate: 3.98%  Market Cap: 4.34%
Rent Roll: Current: Market:
Unit A Two Bed / One Bath $3,000 $3,200
Unit B One Bed / One Bath $1,400 $2,000
Unit C One Bed / One Bath $2,000 $2,000
Monthly Scheduled Rents: $6,400 $7,200
Scheduled Gross Annual Income $76,800 $86,400
Less: Vacancy Factor @ 3% $2,304 $2,592
Effective Gross Income: $74,496 $83,808
Less Expenses:
Property Taxes: $10,800 14.50% $15,390 18.36%
Repairs and Maintenance: $750 $2,250 3.02% $2,250 2.68%
Property Insurance: $3,098 4.16% $3,098 3.70%
Garbage: $32 $384 0.52% $384 0.46%
Sewer: $161 $1,932 2.60% $1,932 2.31%
Water: $80 $960 1.30% $960 1.15%
PG&E: $0 $0 0% $0 0%
Landscaping: $1,800 2.42% $1,800 2.15%
Miscellaneous: $500 0.67% $500 0.60%
Total Expenses: $7,241 $21,724 29.16% $26,314 31.40%
Net Operating Income: $52,772 $57,494

 

Notes:

 

1. Property taxes are based on the 2023/2024 property tax bill and reflect new Proposition 13 rates.
2. Repairs and Maintenance is based on $750 per unit per year
3. Property Insurance is based on Sellers most recent insurance bill.
4. Building square footage is based on Reallist data.
5. Tenants pay PG&E expenses for their units.
6. Owner is paying sewer, water, and garbage for all units.

 

 

 

Plot Map

 

277 Van Buren Street Monterey Parcel Map

 

 

Area Map

 

277 Van Buren Street Monterey Area Map

 

 

 

 

 


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Monterey, CA 93940

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