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Garrapata Coast LLC Purchases 6-Acre Compound On Highway One In Monterey County For $24.5M

Property Image
SOLD
$24,500,000
Steve Beutel
Michael Gilson

California

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Single Family3,677 SF
Sold 05/26/2023
the dealplayerscompscontact
Property Image
SOLD

Garrapata Coast LLC Purchases 6-Acre Compound On Highway One In Monterey County For $24.5M

35678 Highway ONE, Monterey, CA 93940

See Similar Deals
Single Family3,677 SF
Sold 05/26/2023
Steve Beutel
Michael Gilson
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Single Family
Price Per Square Foot:$6,663
Total Square Footage:3,677 SF
Transaction Type:Sale

A compound spanning over 6 acres on Highway One between Carmel and Big Sur has sold for $24.5 million, making it Monterey County's biggest deal this year. The property, owned by impact investors Karl and Lisa Kleissner, includes a main home, guest home, garage, and potential for a third home.

Summary of transaction details:

  • Property Type: Single Family
  • Transaction Amount: $24,500,000
  • Address: 35678 Highway One
  • Market: Monterey
  • Asset Type: Single Family
  • Acres: 6

The buyer, Garrapata Coast LLC, was represented by Steve Beutel of Sotheby's International Realty. The seller, Karl and Lisa Kleissner, were represented by Michael Gilson of Coldwell Banker.

Players

Steve Beutel
Sotheby's International Realty
Steve Beutel
1 deal$24.5M volume(831) 277-1169
BROKER
Michael Gilson
Coldwell Banker
Michael Gilson
1 deal$24.5M volume(831) 915-0903
BROKER

Details

SOLD
IMAGE: Steve Beutel & Michael Gilson DATE: 05/26/2023 ADDRESS: 35678 Highway One MARKET: Monterey ASSET TYPE: Single Family ~ ACRES: 6 BUYER: Garrapata Coast LLC SELLER: Karl & Lisa Kleissner BUYER'S REP: Steve Beutel @SteveBeutelRealEstate) - Sotheby’s International Realty (@SothebysRealty) SELLER'S REP: Michael Gilson - Coldwell Banker (@ColdwellBanker) SALE PRICE: $24,500,000 SF: 3,677 ~ PPSF: $6,663 NOTE: A compound spanning over 6 acres on Highway One between Carmel and Big Sur has sold for $24.5 million, making it Monterey County's biggest deal this year. The property, owned by impact investors Karl and Lisa Kleissner, includes a main home, guest home, garage, and potential for a third home.

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$87,043.32
Cash-on-Cash Return-1.27%
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