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2 Moreland Ave
Pacific Grove, CA 93950
Monarch Apartments · Multifamily Property For Sale
·
12 Units
PROPERTY FACTS
| No. Units | 12 | Building Size | 6,281 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1963 |
| Building Class | C | Parking Ratio | 1.75/1,000 SF |
| Lot Size | 0.26 AC | ||
| Zoning | R-1 - Single Family Residential | ||
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 6,281 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.75/1,000 SF |
| Zoning | R-1 - Single Family Residential |
AMENITIES
UNIT AMENITIES
- Yard
SITE AMENITIES
- Laundry Facilities
ABOUT 2 MORELAND AVE , PACIFIC GROVE, CA 93950
Marcus & Millichap is pleased to offer this rare opportunity to acquire a turn-key, fully renovated gem of a multifamily asset located on the highly desirable Monterey Peninsula. The property sits in beautiful Pacific Grove, CA, located just minutes away from world-renowned golf and travel destinations-Asilomar State Beach, Spanish Bay, Pebble Beach, 17-Mile-Drive, Carmel Valley, the Monarch Sanctuary, and much more. The property has been tastefully renovated, boasting full occupancy with premium interior finishes (stainless steel appliances, new kitchens, new bathrooms, vinyl-plank flooring, etc.) in all 12 units, complimented by a gorgeous exterior renovation (dual pane windows, new decking, new landscaping, new driveway, new electrical, etc.). The unit mix consists of (8) 1 bed/1 bath units and (4) 2 bed/1 bath units. 4 units have large private backyards. Tenants pay gas and electric, and landlord pays for garbage, sewer and water expenses, as well as common area maintenance. Owners have the opportunity to increase net operating income by implementing a R.U.B.S. program.There is also upside potential in rents. Units rent very quickly due to limited apartment inventory and extremely high tenant demand. Local employers are plentiful, providing a steady tenant demographic and high demand for units. 2 Moreland is located within superior Pacific Grove Unified School District. Elementary, middle and high school public school students regularly rank among the highest API scores in Monterey County. Schools, restaurants, shopping, parks, beaches and public transportation are all conveniently located in close proximity to the subject property.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,775 | 500 - 550 |
| 2+1 | 4 | $2,125 | 650 - 750 |
PROPERTY TAXES
| Parcel Number | 007-634-013-000 | Improvements Assessment | $1,566,788 |
| Land Assessment | $1,334,671 | Total Assessment | $2,901,459 |
PROPERTY TAXES
