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Monterey Commerce Center

3 Properties Offered at $19,000,000 in Monterey, CA

  • Listing ID: 15682146
  • Date Created: 4/9/2019
  • Last Updated:

Properties

Property Name / Address, City, State Property Type Size Year Built Individual Price
Bldg 2
1 Lower Ragsdale Dr, Monterey, CA
Flex 28,020 1990 N/A
Bldg 3
1 Lower Ragsdale Dr, Monterey, CA
Flex 24,052 1992 N/A
Bldg 1
1 Lower Ragsdale Dr, Monterey, CA
Office 51,044 1990 N/A
Show More > < Show Less

Highlights

  • Close to Monterey Salinas Hwy
  • Current project occupancy 90%
  • Upgraded common areas and landscaping
  • Security and controls systems infrastructure

Links

Sale Notes

Situated on the northern end of the Ryan Ranch Business Park, the approximately 1.85 acre property consists of one two-story office building and two single-story office/industrial flex/R&D buildings.

High class, multi-tenant office building (Bldg 1) offers double story lobby, high end upgraded interior finishes, turn key tenants suites, security and building controls infrastructure, elevator, shower and locker rooms. Recent capital investments include roof, boiler, rooftop fencing and package unit upgrades as well as parking lot/ADA improvements and landscaping. 2019 average rates exceed $2.40 psf.

Single tenant, single-story walk-up office/flex R&D building (Bldg 2) underwent complete mechanical systems rebuild and equipment replacement in 2019 and boasts robust infrastructure including 3 phase power with additional panel capacity, and extensive duplicate backup generators and complete roofing overlay in 2015.

Multi-tenant, single-story walk-up office/flex R&D building (Bldg 3) includes generous storefronts and 6 roll up doors. All phase 3 , 120/208 with 2 @ 1200 panels and room for additional capacity. Highest rates of this type in the market with 2019 average of $1.79 psf.

All buildings fully sprinklered and conditioned, framing (wood/metal concrete tilt), foundations (slab on grade) , roofs (single play top and built up with cap) Bldgs 2 & 3 offer +/-16' clear heights

Additionally, this beautifully maintained property provides ample parking ratios, exceptionally well maintained landscaping and common walkways, and sweeping views of the surrounding hills. It is ideally located within close proximity to MRA and Highways 68 and 1.

Built circa 1998
Approximately 1.85 acres and 104,000 sf
3 buildings on a 4 building site
2 single-story industrial flex buildings
1 two-story office building
Zoned 1-R/Industrial Research and Admin
Highway 68 between Monterey and Salinas (less than 3 miles to MRA)
Exceptionally well maintained
Upgraded common areas and landscaping
Ample parking (+/- 4/1000 sf)
Current occupancy: 90%
Owners association maintains common areas
Building 4 separately owned and not a part of sale

Taxes & Operating Expenses (Pro forma - 2019)

Annual
Gross Rental Income $2,303,238
Other Income -
Vacancy Loss -
Effective Gross Income $2,303,238
Taxes -
Operating Expenses -
Total Expenses $850,961
Net Operating Income $1,452,277

Major Tenant Information

Tenant SF Occupied Lease End Date
Apria Health Care 7,981 July 2025
Brandvia 4,375 June 2022
Cengage 23,735 January 2020
Cushman & Wakefield 1,954 August 2019
First Alarm 4,937 April 2023
Language Line 28,020 December 2027
Monterey Peninsula Foundation 6,759 February 2025
Secured Mobility 2,126 December 2020
Shop.com 10,900 September 2022
State of CA 3,093 January 2025
Walk Score ®
19
Car-Dependent
Transit Score ®
18
Minimal Transit
What is a Walk Score®, Transit Score® & BikeScore®?
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.®

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

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