FOR SALE
Hotel / Commercial Retail Development Opportunity
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THE OPPORTUNITY
Kosmont Realty (“KR”) has been retained by the Successor Agency to the Community Development Agency for the City of King City ("Seller") as the exclusive representative in the sale of an approximately 4.43 acre property located at 1023 Broadway Street in King City (“Property”). The Property offers a unique hotel/commercial retail development opportunity with great visibility and access to the U.S. Highway 101, walkable proximity to
retail/restaurants, state-of-the art hospital, community/transit facilities, and other recreational amenities.
King City is a business-friendly community and hidden gem located in the picturesque southern Salinas Valley of Monterey County, located between Paso Robles and Salinas. The City serves as a gateway and access point for nearby Pinnacles National Park, Monterey County wine region, a thriving agricultural area, U.S. Army Garrison Fort Hunter Liggett, and an area rich in history made famous by the writings of John Steinbeck.
HIGHLIGHTS
- Good visibility and access to the Property from U.S. Hwy 101
- Less than a mile from proposed City Multi-Modal Transit Center, San Lorenzo Park, Mee Memorial Hospital, Del Rey Airport, and King City Golf Course
- Situated near retail center anchored by Safeway, Rite Aid, Dollar Tree, Auto Zone, and Payless ShoeSource
- Broadway Street is a primary road to Pinnacles National Park (Estimated 250,000 annual visitors)
- Close proximity to world class wineries and 30 minutes from Fort Hunter Liggett, the largest U.S. Army Reserve Installation
- Less than 1/2 mile from Salinas Valley Fairgrounds and Annual Salinas Valley Fair (~40,000 attendees in 2017)
- Clean Phase 1 Assessment (2001)
- Estimated 70.3% hotel occupancy (Citywide)
- Est. 2017 Average Daily Traffic at U.S. Hwy 101 and Broadway St.: 32,343
- Zoning: Highway Service Commercial (H-S)
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OFFER DEADLINE
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5:00 p.m. PST on Friday, June 1, 2018
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Mr. Brian Moncrief
Senior Managing Director
(805) 469-7364
CA BRE License # 01932052
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Mr. Larry J. Kosmont, CRE
®
President & Broker
(424) 297-1077
CA BRE License # 01182660
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Kosmont Realty*
License # 02058445
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*
Kosmont Real Estate Services, dba “Kosmont Realty”
DISCLAIMER: Seller in its sole and absolute discretion may consider and select any offer received up until the deadline established herein (Friday, June 1, 2018 @ 5:00PM PST). It should be noted that Seller and Kosmont Realty reserve the right to alter the aforementioned terms and deadlines as contained herein in their sole and absolute discretion. The Property will be sold “As-Is, Where is” with no express representations or warranties, and any development entitlements will require City/Public Agency approval. The value of this transaction depends on multiple factors, which should be evaluated by your tax, financial and legal advisors. No express or implied representations have been made regarding subsurface compaction and/or the existence or non-existence of toxic waste, hazardous materials and/or undesirable substances in or on the Property. Seller has received all approvals necessary from the State Department of Finance (DOF) and is authorized to market the Property for sale pursuant to requirements contained in the California legislation known as ABx1 26, AB 1484, and SB 107. Final sale of the subject Property will require approval of the Oversight Board to the Successor Agency to the Community Development Agency for the City of King.
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