543 Monroe Street, Monterey, CA

543 Monroe Street Apartment in Monterey House and Units

Complex Notes:

  • Property is located four blocks to Middlebury Institute of International Studies.
  • The complex is a short walk to the Monterey Bay Recreation Trail, Cannery Row, Monterey Bay Aquarium, Fisherman’s Wharf, downtown Monterey, restaurants, gym’s, coffee shops, and many different services. 
  • 543 Monroe Street consists of a 1,256 square foot two bedroom / one & half bathroom free standing home. The house has been remodeled and is perfect for an owner occupant. The house has granite kitchen counter tops, high end kitchen appliances, hardwood floors, a spacious kitchen, and a large dining area. The bathrooms have marble tile floors, counter tops, and showers.
  • 543 Monroe Street # A consists of a 773 square foot two bedroom / one bathroom unit with a wood burning fireplace. This unit is an upstairs apartment and has a 264 square foot deck with ocean and city light views.
  • 543 Monroe Street # B consists of a 773 square foot two bedroom / one bathroom unit with a fireplace. This downstairs unit has a private fenced patio.
  • Each unit has a covered carport.
  • Each unit has natural gas heat.
  • The house has washer dryer hookups and has high end laundry equipment in place.
  • The duplex does not have access to laundry facilities.
  • The complex is estimated at 2,802 square feet. The lot size is 5,612 square feet.
  • The free standing cottage is estimated at being built in 1915 and the duplex is estimated at being built in 1975.
  • The owner pays sewer and garbage.  Tenants pay their own PG&E, water, cable, and internet.

     

    Monterey:

    • The estimated population of Monterey is 28,338 according to the US Census bureau in 2013.
    • The 2016 median sales price of a Monterey single family home is $775,000.
    • The estimated population of the Monterey Peninsula is 104,000.
    • 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. Current enrollment is 7,378 students.
    • The Monterey Bay Aquarium employees 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. 
    Listing Price:  $1,359,000 Building Sq. Ft:           2,802 Units:  3
    Down Payment:  $520,000 Lot Square Ft:           5,612 Price/Unit:  $453,000
    Loan Amount:  $839,000 APN:  001403007 Age:  1915/1975
    Gross Rent Multiplier:  19.19 Market GRM:  15.51 Roof:  Pitched 
    Cap Rate:  3.34% Market Cap:  4.54%    
               
    Rent Roll:    Current:    Market:   
    Two Bedroom / One & Half Bathroom  $2,900   $2,900  
    Two Bedroom / One Bedroom $1,500   $2,200  
    Two Bedroom / One Bedroom  $1,500   $2,200  
    Monthly Scheduled Rents: $5,900   $7,300  
    Scheduled Gross Annual Income $70,800   $87,600  
    Less: Vacancy Factor 3% $2,124   $2,628  
    Additional Income: Laundry         
    Effective Gross Income:    $68,676   $84,972  
    Less: Expenses          
    Property Taxes 1.149% $15,615 22.74% $15,615 18.38%
    Repairs & Maintenance $750.00 $2,250 3.28% $2,250 2.65%
    Property Insurance   $1,770 2.58% $1,770 2.08%
    Garbage:    $563 0.82% $563 0.66%
    Sewer   $920 1.34% $920 1.08%
    Water   $0 0.00% $0 0.00%
    PG&E:    $0 0.00% $0 0.00%
    Landscaping:    $1,200 1.75% $1,200 1.41%
    Miscellaneous   $1,000 1.46% $1,000 1.18%
    Total Expenses: $7,772.49 $23,317 33.95% $23,317 27.44%
    Net Operating Income   $45,359   $61,655  
    Annual Debt Service:  4.38% $50,753   $50,753  
    Before Tax Cash Flow   -$5,394 -1.04% $10,902 2.10%
    Principal Reduction:   $14,046   $14,046  
    Return Before Taxes:   $8,652 1.66% $24,948 4.80%
               
    Notes:           
    1. Property taxes are based on the 2016/2017 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 estimated.         
    5. Freestanding cottage was built in 1915 and the duplex was built in 1975.     

     

    543 Monroe Street Monterey Area Map

     

    543 Monroe Street Monterey Plot Map

     

    543 Monroe Street Layout Map

     

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