10 Harris Court
Monterey
,
CA
California
Call for Details
$
11,922,000
.svg)
Call for Details
6.25
%
CAP Rate
100% Leased Buildings in Premier Office Park
Diverse Tenant Mix with Scheduled Rent Growth
High Quality Construction with Award-Winning Architecture
in Exclusive, Supply-Constrained Market on the Monterey Peninsula
Convenient Access to Highway 1 & CA-68
as well as Local Transit (MST) and Monterey Regional Airport
Property details
- 100% Leased Mixed-Use Office & Warehouse Buildings in Prestigious Monterey Business Park
- Highly Desirable Location Near the Airport
- Award-Winning Architecture & High Quality Construction
- Meticulously Managed with No Deferred Maintenance – New HVAC Units in Both Buildings in 2023
- New Long-Term U.S. Government Lease to DEA with 15 Years Firm Term
- Secure Investment with Benefit of Government Lease Providing Stability in Changing Economy
- Favorable Lease Structure with High Operating Expense Reimbursement Baseline& Ongoing Ability to Adjust for Real Estate Tax Increase Over Base Year
- Tenant Spent Over $2M for Secure-Space Renovations - High Probability of Renewal Given their Investment in the Space
- Supply-Constrained Market with Strong Tenant Demand
- Tight Office Market in Monterey with Tenants Willing to Make Concessions for Newly Renovated Spaces
- Very Few Class A Buildings in the Market
- Little Downtime When Tenants Roll Due to Minimal Competition
- Priced Below Replacement Cost at $425.38/SF
- No New Construction Due to Water Constraints
- Situated within Ryan Ranch Business Park
- Ample Parking and Open Space Views
- Convenient Access Just Off Monterey Salinas Highway (Highway 68) - 25,700 ADT
- 3 Miles from Highway 1 - 84,600 ADT
- Adjacent to Monterey Regional Airport, Supporting Regional Connectivity
- Provides Convenient Commercial Service with Direct Flights to Major West Coast Hubs
- Surrounded by Amenities including Golf Courses, Parks, Stone Creek Village Shopping Center, and More
- Proximate to Multiple Colleges & Universities
- 5 Miles from Monterey Peninsula College -7,000+ Students
- 5 Miles from Naval Postgraduate School -1,400+ Students
- 7 Miles from California State University Monterey Bay - 7,500+ Students
- Broad Economic Base in Agriculture, Tourism, Research, and Education
Listing leads
Putnam Daily
Managing Partner
CA RE Lic #01750064
Lindsey Snider
Senior Partner
CA RE Lic #01443387