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4plex Ocean views, 3/2.5 Penthouse, 457 Spencer St

4 Unit Block of Flats £2,747,468 (£686,867/Unit) 2.52% Net Initial Yield Monterey, CA 93940

Investment Highlights

  • Panoramic Bay Views
  • Garage for each unit
  • Owner area that can be converted to an ADU
  • 2000 SF 2 bed 2.5 bath Penthouse unit
  • Laundry area
  • 3 units with Ocean view and 1 two story townhouse with a private backyard.

Executive Summary

Panoramic ocean view penthouse home 3 bed /2.5 bath with 3 apartments- two Ocean View remodeled and one Townhouse with private yard. All have a garage. Buyer has water and opportunity to add a 5th unit as an ADU
Attention 1031 exchangers, investors or even second home searchers!!! Here is a rare opportunity to own a unique New Monterey 4 unit apartment complex with a spacious apx 1934 SF penthouse on top featuring expansive views of Monterey Bay and city lights. Also rare is the fact that all 4 units have been remodeled with updated flooring, countertops, stainless steel appliances, new windows, sliding glass doors, and paint inside and out. The penthouse boasts open beam ceilings and a wall of windows facing the Monterey Bay. There is a fireplace in the roomy living room, plus a dedicated dining room, ample kitchen, a dedicated laundry room and an apx. 151 SF deck. Below is a roughly 913 SF 2 bed, 1 bath unit and an approximately 714 SF 1 bed, 1 bath unit, both with bay views. Lastly, is an apx 978 SF 2 bedroom, 1.5 bath, townhouse style unit with the living space below and the bedrooms above w/ a private backyard. In total there is over 4500 SF of living space! Other amenities include 4 car garage, a community laundry room, a large storage area, several decks and new insulated top of the line garage doors. What a great opportunity to keep one for yourself and rent the rest out! go to https://my.matterport.com/show/?m=6ghrsp1n1q4 And Unit 1 - https://my.matterport.com/show/?m=J1K5EvdTUpG And Unit 3 - https://my.matterport.com/show/?m=rKXg1woqGSp OR Unit 2 - https://my.matterport.com/show/?m=2Mno8ogATyj for tour

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price £2,747,468
Price Per Unit £686,867
Sale Type Investment
Net Initial Yield 2.52%
No. Units 4
Property Type Residential
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Lot Size 0.13 AC
Building Size 4,539 SF
Average Occupancy 100%
Number of Floors 3
Year Built 1975
Parking Ratio 0.88/1,000 SF

Unit Amenities

  • Dishwasher
  • Ceiling Fans
  • Kitchen
  • Tub/Shower
  • Views
  • Deck

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 1 £1,805 714
2+1 1 £2,041 913
2+1.5 1 £2,355 978
3+2.5 1 £3,650 1,934
Walk Score ®
Very Walkable (85)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
001-099-005-000
Land Assessment
£569,186
Improvements Assessment
£1,085,832
Total Assessment
£1,655,018
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023

zoning

Zoning Code R3 (Unit 4 - https://my.matterport.com/show/?m=6ghrsp1n1q4 Tour also more below Unit 1 - https://my.matterport.com/show/?m=J1K5EvdTUpG)
R3 (Unit 4 - https://my.matterport.com/show/?m=6ghrsp1n1q4 Tour also more below Unit 1 - https://my.matterport.com/show/?m=J1K5EvdTUpG)
  • Listing ID: 31611158

  • Date on Market: 25/04/2024

  • Last Updated:

  • Address: 457 Spencer St, Monterey, CA 93940

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