2260 Fremont St
Monterey, CA 93940
Oak Knoll Center · Retail Property For Sale

Mahoney & Associates is pleased to present for sale the Oak Knoll Center, a multi-tenant strip center located at 2260 N. Fremont St. in Monterey, CA for $799,000 (10.04% cap rate). The purchase is for the leasehold interest in the building only. The subject property is a four tenant strip center located along the major arterial of North Fremont St, one of the few main access points between the Cities of Monterey and Seaside. Located a block away from the Monterey County Fairgrounds, the building benefits from approximately 27,000 VPD traffic counts along N. Fremont St. There are four commercial tenants occupying the building, each of which is service oriented and resistant to eCommerce. The commercial leases are full NNN, allowing the ground lessee to pass along all associated costs of ownership, maintenance & repair, and CAMs. There are 42 on-site parking spaces. Major nearby retail and service businesses include Safeway, Big Five, 7-Eleven, Dollar Tree, Denny’s, Best Western, In-Shape Fitness, Starbucks, Black Bear Diner, Walgreens, Burger King and more. California Highways 1 and 218 provide additional access. *Updated cap rate and financials The building is comprised of +/-14,212 square feet situated on +/-42,000 of land and has a long-term ground lease with approximately 47 years left on the initial term and three, 10-year renewal options. The initial term began March 1, 2016. The ground rent is $11,000 NNN per month for the first 5 years of the initial term, with 3% annual increases for the next 5 years. After the first 10 years of the initial term and upon the completion of each 10 year anniversary of rent commencement, the rental rate shall be renegotiated at Fair Market Value with annual CPI increases. The ground lessee has a first right of refusal to purchase the land in the event of a sale.