Restaurant Property In Monterey County For Sale

Business description

This property is conveniently located on Merritt Street in Castroville,CA near the “Welcome to Castroville” sign that flanks this old fashioned main street where most of the commerce and the post office are located. This small town lies in the heart of California's Central Coast farm country in Monterey County, less than 100 miles from San Francisco and less than three miles from the Pacific Ocean and public beaches. Castroville is located along the coast beside Monterey Bay, a short 15-minute drive to Salinas or the Monterey Peninsula. .

This corner lot with 20 parking places has 100 feet of frontage on Merritt Street and is approximately 150 feet deep. The building was built specifically to house a restaurant and is approximately 3200 square feet.

Zoned Light Commercial the property is currently used as a restaurant that seats 88 diners for lunch or dinner. The current building was built in 1993 and could easily be converted to a steak house or another commercial use. All restaurant equipment with hood, freezer, walk in refrigerator, etc. is included in sale. The name and menu are not included in the sale.
Property is offered at $595,000. A market rate lease on this vacant building would yield a cap rate between 8 and 9%.

Property information

Real Estate:

Real Property Included

Location:

CASTROVILLE GROWS 75% OF THE U.S. SUPPLY OF ARTICHOKES

The most notable event in Castroville is the Castroville Artichoke Festival, which first took place in 1948 in Castroville and celebrates the area's primary crop. The event features an annual artichoke parade; the coronation of the Artichoke King and Queen; the Agro Art competition, in which competitors make sculptures from artichokes and other vegetables; a classic car show; tours of the artichoke fields; cooking demonstrations; arts, crafts, food and produce vendors; and the California Wine Exposition.

Founded in 1863, Castroville is the second oldest town in Monterey County. Agriculture sprang up with crops of sugar, hay, beets, grain and dairy farms. The artichoke, for which it is now known, began appearing in fields around 1920.

Size in square feet:

15,075

Business Operation

Expansion potential:

Easy to have outdoor dining in the back and create a patio. Already fenced.

Reasons for selling:

Retirement

Years established:

1994