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Listed by Monterey Peninsula Home Team • KW Coastal Estates, DRE#70000352
$2,988,000
Est. payment /mo
3,259 SqFt
Active
1157 Forest AVE Pacific Grove, CA 93950
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Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 3,259 sqft
Price per Sqft $916
MLS Listing ID ML82037573
Year Built 1982
Lot Size 0.515 Acres
Property Sub-Type Five or More Units
Property Description
1157 Forest Avenue presents a rare mixed-use investment opportunity in one of the Monterey Peninsula's most desirable commercial corridors. Located directly across from Trader Joe's and within a block of Safeway and Lucky, the property benefits from exceptional visibility and daily traffic counts of approximately 17,663 vehicles. The 8,402 square-foot building sits on a large 22,651 square-foot lot and is currently home to nine tenants, including a popular pizzeria, professional service providers, a hair salon, a window showroom, and two residential one-bedroom apartments. Beyond its current income, the property offers significant upside and redevelopment potential. Under the city's updated zoning framework designed to encourage higher-density housing, the site may support redevelopment of up to 24 market-rate residential units (buyer to verify). Additional income potential exists through tenant improvements or changes in use if a cannabis retail license is secured, or if portions of the warehouse space are converted to additional residential units. This combination of stable existing income, exceptional location, and long-term development potential makes 1157 Forest Avenue a uniquely compelling investment opportunity in Pacific Grove.
Location
State CA
County Monterey
Area Forest Hill
Zoning Comm
Interior
Heating Central Forced Air - Gas
Cooling Central Forced Air - Gas
Exterior
Parking Features Common Parking Area, Off-Street Parking
Garage Spaces 5.0
Utilities Available Public Utilities
Roof Type Tar and Gravel
Building
Foundation Concrete Perimeter and Slab
Sewer Sewer - Public
Water Private / Mutual
Others
Restrictions None
Tax ID 006-713-023-000B
Security Features Fire Alarm ,Security Alarm ,Varies by Unit
Special Listing Condition Not Applicable
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