8897 Monterey Rd - Hospitality FOR SALE


Gilroy, CA 95020
$3,499,000 USD
8897 Monterey Rd, Gilroy, CA for Sale
$3,499,000 USD
Hospitality - FOR SALE
1/8
null | Request Cap Rate

8897 Monterey Rd
Gilroy, CA 95020


OVERVIEW

A potential high-density development project has emerged, offering a promising opportunity for urban growth and community enhancement. Here are the key details of this exciting venture: Development Site: The site under consideration has the capacity to accommodate up to 50 units, along with commercial spaces. This presents a significant opportunity for creating a vibrant and diverse living environment within the urban landscape. Unit Specifications: The proposed condos are estimated to be around 850 sq. ft each, offering a mix of studio, 1-bedroom, 2- bedroom, and 3-bedroom configurations. This variety aims to cater to the diverse housing needs of potential residents. Expansion Potential: An adjacent neighbor, owning a substantial parcel of over an acre, has shown interest in selling their property. This presents the possibility of an assemblage deal, effectively doubling the available land for development. Such an expansion could transform the project and provide a comprehensive city block for integrated development.

FOR SALE DETAILS

PRICE

$3,499,000 USD

PRICE/SF

$457 USD /SF

# OF ROOMS

15

PRICE/ROOM

$233,267 {currency}

CAP RATE

Request Cap Rate

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Budget Motel

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

1

ROOM ENTRANCE

Exterior

BUILDING CLASS

C

YEAR BUILT

1952

PARKING SPACES

12

LAND DETAILS

LAND ACRES

1.1 AC

LAND SF

47,916 SF

ZONING

R4

APN/PARCEL ID

790-15-041

ASK ABOUT THIS PROPERTY

Mike D'AmbrosioINTERO CommercialMore Info

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Mike D'AmbrosioINTERO CommercialMore Info

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