🏡 OPEN HOUSES THIS WEEKEND🏡
ON THE MONTEREY PENINSULA
📊 MONTEREY COUNTY REAL ESTATE STATISTICS 📊
May 26- June 2, 2017
- NEW LISTINGS 70
- CONTINGENT 52
- PENDING 49
- CLOSED TRANSACTIONS 67
🏦 DELUCA TOP 5 Deals OF THE WEEK 🏦
Magical custom home in Seaside. Completely remodeled with a touch of flare and magnificenc...
Beautifully remodeled Marina home on the edge of town. Private and tranquil setting border...
Wonderful views from this over 2600 sqft home! 4 large bedrooms and 3 full baths and fresh...
A must see remodeled charming cottage with an open concept living space. Wide plank floori...
MONTEREY PENINSULA'S BEST KEPT SECRET, Carmel Highlands dramatic Lobos Ridge. Imagine 40 a...
📍LESLIE DELUCA'S TIP OF THE WEEK📍
Great opportunity in Seaside for development
Mixed Use Commercial Property
Located in the Seaside Redevelopment District.
Zoned CMX (commercial mix use). There are two properties available. The other property is ...
Current use is parking lot water available with approved project. Adjacent property is al...
I met with The City of Seaside to gain an understanding of the plans for this area. I wanted to be prudent in in relaying only accurate information. An 8 story hotel is planned for the area from Del Monte Blvd. that also encompasses this property. The hotel will require 3 acres of land to develop.
Gloria Stearns who is the Economic Development Program Manager gathered all of the planners, and managers together to explain the projects and development in the area to me.
The city has really amazing plans for Seaside and is investing $7.5 million to develop Broadway into an area similar to Santana Row. They plan 15 foot sidewalks on Broadway with al-fresco dining, which will be lovely with the weather we enjoy in Seaside.
The city officials will sit with potential developers to go over their concepts for development before they spend money on plans that keep getting kicked back for revisions. Seaside is committed to making the process as seamless as possible.
Also, they have money to help investors with projects if they want to set aside some affordable housing in their projects.
In the area where the subject property is, the proposed use is 2 story minimum and 5 story max buildings.
The city would love to see work/live type units and would welcome SFR units and actually encouraged it. The current owner had permits and plans for a 3 story work live unit with 4 apartments and retail. I discussed this to the city officials and they assured me this would be a welcomed project today. I have documentation from the city, Water Management, as well that I can share.
Currently the property on Palm has been home to Acme Coffee for 13 years $2,000 per month rent + utilities. The current owner has been using the rest of the property for his personal use. Being a mixed use property, there is a full kitchen and a bath and there are many rental possibilities for the property while holding. Cap rate will depend upon how much you pay for the property and your imagination in rental use while working on development. I do have some scenarios I have worked up and I am happy to sit down and review them with you.
MONTEREY COUNTY WEEKLY E-EDITION
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