457 Spencer Street

Monterey, CA 93940

$3,500,000
Price
Beds
4,539 Sq. Ft.
$771 / Sq. Ft.
4,539
Sq. Ft.
$771
per Sq. Ft.

Description

Attention 1031 exchangers, investors or even second home searchers! Here is a rare opportunity to own a unique New Monterey 4 unit apartment complex with a spacious apx 1934 SF penthouse on top featuring expansive views of Monterey Bay and city lights. Also rare is the fact that all 4 units have been remodeled with updated flooring, countertops, stainless steel appliances, new windows, sliding glass doors, and paint inside and out. The penthouse boasts 3 bedrooms and 2.5 baths including a primary...Attention 1031 exchangers, investors or even second home searchers! Here is a rare opportunity to own a unique New Monterey 4 unit apartment complex with a spacious apx 1934 SF penthouse on top featuring expansive views of Monterey Bay and city lights. Also rare is the fact that all 4 units have been remodeled with updated flooring, countertops, stainless steel appliances, new windows, sliding glass doors, and paint inside and out. The penthouse boasts 3 bedrooms and 2.5 baths including a primary suite, open beam ceilings and a wall of windows facing the Monterey Bay. There is a fireplace in the roomy living room, plus a dedicated dining room, ample kitchen, a dedicated laundry room and an apx. 151 SF deck. Below is a roughly 913 SF 2 bed, 1 bath unit and an approximately 714 SF 1 bed, 1 bath unit, both with bay views. Lastly, is an apx 978 SF 2 bedroom, 1.5 bath, townhouse style unit with the living space below and the bedrooms above w/ a private backyard. In total there is over 4500 SF of living space! Other amenities include 4 car garage, a community laundry room, a large storage area, several decks and new insulated top of the line garage doors. What a great opportunity to keep one for yourself and rent the rest out!
  1. Listed by Monterey Peninsula Home Team • DRE #70000352 • Brokerage DRE #01527814 • KW Coastal Estates • 831-601-3284

Property Details for 457 Spencer Street

MLS City Name
MONTEREY
Building Type
FOURPLEX
Style
Contemporary
Garage Spaces
4
Parking Spaces
0
View
Bay, City Lights, Hills, Ocean, Water
Cross Street
Drake Ave
LISTING UPDATED: 10/22/2024 11:19 AM

Property Details for 457 Spencer Street

StatusActive
MLS #ML81962259
Days on Compass211
Taxes$30,875 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeRESIDENTIAL INCOME / Fourplex
Year Built1975
Lot Size0.13 AC / 5,850 SF
CountyMonterey County

Virtual Tour

Building Information for 457 Spencer Street

Stories3Residences4Year Built1975Building Size-Lot Size0.13 AC / 5,850 SF

Property Information for 457 Spencer Street

Features
Room Information
  • Additional Rooms: Storage
  • Kitchen: 220 Volt Outlet, Cooktop - Electric, Cooktop - Gas, Countertop - Granite, Countertop - Marble, Countertop - Solid Surface / Corian, Dishwasher, Exhaust Fan, Hood Over Range, Hookups - Gas, Microwave, Oven - Built-In, Oven - Double
Features
  • Amenities: High Ceiling, Open Beam Ceiling, Skylight, Vaulted Ceiling, Walk-in Closet, Wet Bar
  • Energy Features: Low Flow Shower, Low Flow Toilet, Skylight
  • Fireplace: No
  • Flooring: Carpet, Concrete, Hardwood, Laminate, Tile
  • Laundry: Coin Operated
  • Living SqFt: 4539
  • Pool: No
  • Security Features: Secured Garage / Parking, Varies by Unit
  • Special Features: None
Utilities
  • Cooling: Ceiling Fan
  • Heating: Central Forced Air
  • Meters: Master Water, Separate Electric
  • Sewer Septic: Sewer - Public
  • Utilities: Public Utilities
  • Water: Private / Mutual
Carport and Parking
  • Carport Min: 0
Garage
  • Garage and Parking: Attached Garage, On Street
Property Details
Homeowners Association
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Area Text: New Monterey
  • Roof: Composition
  • Subclass: Fourplex
  • Year Built Source: Assessor
  • Street Number: 457
  • Street Name: Spencer
  • Street Suffix: Street
  • Area ID: 110
Lot / Property Details
Building Information
  • Number Of Stories: 3
  • Number of Buildings: 1
  • Structure SqFt: 4539
  • Structure SqFt Source: Other
  • Age: 49
Development Information
  • Construction Type: Wood Frame
  • Ownership Type: Corporation
  • Zoning Detail: R3
Location Information
  • City Limits: Yes
  • Incorporated: No
  • Parcel Number: 001-099-005-000
  • County Name: Monterey
  • City Name: MONTEREY
  • City Postal ID: 38
  • Postal Code: 93940
  • Elementary School District: 438
  • High School District Text: Monterey Peninsula Unified
Lot Information
  • Foundation: Concrete Perimeter and Slab
  • Horse Property: No
  • Lot Acres: .13
  • Lot Description: Grade - Sloped Up, Views
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Assessor
  • Yard Grounds: Back Yard, Balcony / Patio, Deck, Dog Run / Kennel, Fenced, Low Maintenance
Multi Family Information
Building Information
  • No Of Leased: 4
General Information
  • Annual Tax Amount: $30,875
  • Building Unit Total: 4
  • Capitalization Rate: 2.82
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Income Includes: Coin Operated Equip, Rents
  • Vacancy Factor: 0
Income / Expense Details
  • Expense Insurance: $4,700
  • Expense Landscape: $1,040
  • Expense Maintenance: $4,000
  • Expense Management: $10,878
  • Expense Trash: $0
  • Expenses Other: $0
  • Expenses Utility: $5,500
  • Expenses Total: $56,993
  • Operating Expenses Include: Accounting/Legal, Fee - Professional Services, Fee - Property Management, Fee - Property Tax
  • Gross Rent Multiplier: 22.46
  • Income Annual Gross: $155,800
  • Income Annual Rental: $155,400
  • Income Gross Scheduled: $155,800
  • Income Other: $400
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
  • Unit 1 Number of Bedrooms: 2
  • Unit 1 Rent: $2,600
Unit 2 Information
  • Unit 2 Approx Square Footage: 714
  • Unit 2 Full Bathrooms: 1
  • Unit 2 Number of Bedrooms: 1
  • Unit 2 Rent: $2,300
Unit 3 Information
  • Unit 3 Approx Square Footage: 978
  • Unit 3 Full Bathrooms: 1
  • Unit 3 Half Bathrooms: 1
  • Unit 3 Number of Bedrooms: 2
  • Unit 3 Rent: $3,000
Unit 4 Information
  • Unit 4 Approx Square Footage: 1934
  • Unit 4 Full Bathrooms: 2
  • Unit 4 Half Bathrooms: 1
  • Unit 4 Number of Bedrooms: 3
  • Unit 4 Rent: $4,650
Unit Type 1
  • Unit Type1 Approx SqFt: 913

Property History for 457 Spencer Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 457 Spencer Street

This home is within Monterey Peninsula Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 8
Public - 9 to 12
Public - 6 to 8
Public - 9 to 12
Rating
School
Distance
Monte Vista
PublicK to 8

Monterey High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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457 Spencer Street is a multi-family home for sale in Monterey, CA 93940. This property was listed for sale on April 19, 2024 by KW Coastal Estates, it's currently listed at $3,500,000. It has been on the market for a total of 211 days and was last sold on April 3, 2017. This listing's school district is Monterey Peninsula Unified School District. Nearby schools include Monte Vista, Monterey High School and Monterey Peninsula Unified School District Community Day Middle. 457 Spencer Street is a 0-bed, 0-bath, 4,539 sqft multi-family home built in 1975.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of KW Coastal Estates, Monterey Peninsula Home Team, DRE #70000352

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.