3143 Marina Drive,  Outside Area (Inside Ca) CA, 93933 (Land Lot)

Status: Active
MLS#: ML81626161
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Last Updated: 12/11/2016 2:57 AM
Description for 3143 Marina Drive Outside Area (Inside Ca), CA 93933
Just Reduced! Three homes, One Duplex, and a 871 sq.ft. separate workshop with a 4100 lot/storage space to it all on .927 acres in the heart of Marina and very close to ocean. 6 Units total/all individual metered for gas/water/elec. Tenant pays all. Upside is tremendous yet its priced right at 4,76% CAP for its CURRENT income NOW despite that being approx. 20% below market rents which if raised would provide a 6.05% CAP! The real upside is that it is ZONED R-4 where NEW PROJECT can receive 15-35 UNITS. MARINA HAS NO WATER RESTRICTIONS ON DEVELOPMENT AT THIS TIME. Please respect the homes tenants and kindly DO NOT DISTURB them.
Price
$1,725,000
Monterey
ML81626161
Active
Description
Just Reduced! Three homes, One Duplex, and a 871 sq.ft. separate workshop with a 4100 lot/storage space to it all on .927 acres in the heart of Marina and very close to ocean. 6 Units total/all individual metered for gas/water/elec. Tenant pays all. Upside is tremendous yet its priced right at 4,76% CAP for its CURRENT income NOW despite that being approx. 20% below market rents which if raised would provide a 6.05% CAP! The real upside is that it is ZONED R-4 where NEW PROJECT can receive 15-35 UNITS. MARINA HAS NO WATER RESTRICTIONS ON DEVELOPMENT AT THIS TIME. Please respect the homes tenants and kindly DO NOT DISTURB them.
Listing Information
Property Type: Land
Neighborhood
Room Information
Exterior / Lot Features
R-4
No Fence
Raw La
Driving Directions
Del Monte Blvd/West on Palm Ave/ North on Marina to Debbie - property on NW corner
Financial Considerations
033-141-019
Listing Price History

Outside Area (Inside Ca) Real Estate

Outside Area (Inside Ca) is located in California.

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Courtesy: Montgomery Company Julie Kavanaugh
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