Posted more than 180 days ago

11241 Merritt St, Castroville CA 95012

Income/Investment
$1,100,000
 
Price reduced by $75,000
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Description provided by Realty Trac.
Known as the Artichoke Center of the World, Castroville is home to a sculpture commissioned in 1963 for the Giant Artichoke roadside stand and restaurant that was founded and run for years by local farmer, entrepreneur and businessman Ray Bei. Bei built this landmark on the busiest corner in Castroville, at the intersection of Routes 153 & 186. Also known as Merritt Street, Route 186 comprises the town???s main thoroughfare, and has a little bit of everything, from mobile homes, to houses, churches, restaurants, and grocery stores. The roadside is also dotted with historic buildings and wall murals of local history and heritage, but the centerpiece of the town is unquestionably the signature Giant Artichoke Sculpture. Built from concrete and rebar, this giant creation stands 20 feet tall… Show more and 12 feet across and is billed as the World's Largest Artichoke. It still stands proudly in front of The Giant Artichoke Restaurant and Fruit Stand as a landmark piece of Americana that brings back fond memories for many long-time residents and visitors, who know it as the best place to dine on farm fresh produce, including some of the biggest artichokes available anywhere. The Restaurant half of the building, along with one parcel of land was sold along with the business years ago, while the second half of the building and the parcel it sits on was retained by the Beis. This part of the building is home to a thriving fruit stand, a delicatessen, wine and cheese bar and coffee shop. The family later sold these businesses to their current operators in 2004, keeping the building with long-term leases in place. And now the family is offering the property for sale, ready for the next investors looking for a solid Net Leased Investment. Don???t miss this rare opportunity to own a piece of one of the area???s most beloved landmarks, while also acquiring a solid property that is leased through 2015 with additional options in place to extend. At the offered price, it will pay out a solid Capitalization Rate of 5.5% and reflects a value of $179 per square foot, both indicating a strong return on investment.
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Home facts for 11241 Merritt St

Listing Details

Status For Sale
Listing Type Resale
Lot size 6,550 sqft
Total views
(as of 12/25/09)		 28

 

Days on Trulia 180+
ZIP code 95012
Price History
Date Event Price Source
11/06/2009 Price change $1,100,000 postlets.com
07/03/2009 Price change $1,175,000 postlets.com
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Contact info

Datta Khalsa
Provided by: postlets.com
Broker:

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Additional information about 11241 Merritt St

Schools near 11241 Merritt St, Castroville

Elementary
Middle
High
SCHOOL NAME SCHOOL TYPE PARENT RATING DISTANCE (mi)
Castroville Elementary School
North Monterey County Unified Sd 		Public
0.15
My son is in the two way immersion program. He only spoke english and within one year his spanish is better than my three years of hs/college spanish.…
Elkhorn Elementary School
North Monterey County Unified Sd 		Public
3.07
Elkhorn Elementary is a wonderful school for students and staff!
Prunedale Elementary School
North Monterey County Unified Sd 		Public
4.92
My daughter attended Kindergarten and just completed first grade. She is doing temendously well, the teachers are wonderful, and the students are friendly.…
Ione Olson Elementary School
Monterey Peninsula Unified Sd 		Public
5.33
the curriculum is awesom and the PTA is really active
Graves Elementary School
Graves Elementary School District 		Public
5.38
After observing many kindergarten classes in Monterey County I was fortunate to come across this little school. Little it is in structure, but it is all…
View all schools in:   North Monterey County Unified Sd , Monterey Peninsula Unified Sd , Graves Elementary School District
Proximity to this address does not guarantee enrollment eligibility. Please contact a local real estate pro for more info
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This Income/Investment located at 11241 Merritt St, Castroville CA, 95012 is currently for sale and has been listed on Trulia for 240 days. This property is listed by postlets.com for $1,100,000. The property has a lot size of 6,550 square feet. 11241 Merritt St is in Castroville and in ZIP Code 95012. The list price of $1,100,000 is 390% higher than the average list price of $224,382 for 95012 real estate and 390% higher than the average list price of $224,382 for Castroville, CA real estate. The price for this property is 348% higher than the average sales price of $245,439 for 95012 and 348% higher than the average sales price of $245,439 for Castroville.
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