7451 Monterey St
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7451 Monterey St
2,376 SF 100% Leased Retail Building Gilroy, CA 95020 £1,184,975 (£499/SF) 3.45% Net Initial Yield
Investment Highlights
- Heavy Foot Traffic along Gilroy's Downtown "Main Street" (Monterey Road), Historic Paseo, and Infamous Gourmet Alley.
- Many retail and other commercial possibilities.
- Gorgeously renovated, reinforced, and upgraded.
Executive Summary
Opportunity to own the most affordably priced commercial real estate in Santa Clara County, in a downtown that is experiencing a mass rejuvenation period, 2 BUILDINGS ON 1 LOT with a shared patio area, the main building is a true crown jewel with a retail/office storefront facing "main" street (Monterey Street) in downtown Gilroy. Additionally, the property is bordered on its side by the "Paseo Walkway" which connects downtown with parking and showcases displays of Gilroy's rich history, and bordered at the rear by Gourmet Alley which is undergoing a beautification project and will serve as a pedestrian walkway adorned w/art, lighting, seating, fresh greenscape & landscape, and a re-surfaced parking lot right at the doorstep of Subject Property's rear building which faces Gourmet Alley. Both buildings have been completely renovated, retrofitted, upgraded, and tastefully finished, complete with an interior and exterior video surveillance system, ADA compliant, code compliant, this property is one-of-a-kind WIN offering many different types of business opportunities, the prospect of owning turn-key commercial real estate in Santa Clara County at a reasonable price, PERFECT for an Owner/Occupant looking to grow their roots and business in an up-and-coming Silicon Valley Downtown.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£56,881
|
£23.94
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£56,881
|
£23.94
|
| Taxes |
£14,813
|
£6.23
|
| Operating Expenses |
£1,185
|
£0.50
|
| Total Expenses |
£15,998
|
£6.73
|
| Net Operating Income |
£40,883
|
£17.21
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £56,881 |
| Annual Per SF | £23.94 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £56,881 |
| Annual Per SF | £23.94 |
| Taxes | |
|---|---|
| Annual | £14,813 |
| Annual Per SF | £6.23 |
| Operating Expenses | |
|---|---|
| Annual | £1,185 |
| Annual Per SF | £0.50 |
| Total Expenses | |
|---|---|
| Annual | £15,998 |
| Annual Per SF | £6.73 |
| Net Operating Income | |
|---|---|
| Annual | £40,883 |
| Annual Per SF | £17.21 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
2,376 SF
Building Class
C
Year Built
1900
Price
£1,184,975
Price Per SF
£499
Net Initial Yield
3.45%
NOI
£40,882
Percent Leased
100%
Tenancy
Multiple
Number of Floors
2
Building FAR
0.91
Land Acres
0.06 AC
Opportunity Zone
Yes
Zoning
C2 - Retail & Office allowed.
Parking
10 Spaces (4.21 Spaces per 1,000 SF Leased)
Frontage
30 ft on Monterey St
Amenities
- 24 Hour Access
- Commuter Rail
- Conferencing Facility
- Courtyard
- Restaurant
- Security System
- Roof Lights
- Accent Lighting
- Storage Space
- Recessed Lighting
- Air Conditioning
Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (84)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 799-07-055 | Total Assessment | £60,392 (2023) |
| Land Assessment | £25,588 (2023) | Annual Taxes | £14,813 (£6.23/sf) |
| Improvements Assessment | £34,804 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
799-07-055
Land Assessment
£25,588 (2023)
Improvements Assessment
£34,804 (2023)
Total Assessment
£60,392 (2023)
Annual Taxes
£14,813 (£6.23/sf)
Tax Year
2024
-
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The Realty Society Group
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