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… Read More 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. Read Less
Courtesy of KW Coastal Estates, Monterey Peninsula Home Team 831-601-3284
Listing Snapshot
Days Online
8
Last Updated
Property Type
Commercial Property
Square Ft.
3,259
Lot Size
0.51 Acres
Year Built
1982
MLS Number
ML82037512
30 Days Snapshot Of 93950
$1.24M
-21%
(avg) sold price
10
+11%
homes sold
57
+67%
(avg) days on market
Snapshot
Area Map
Additional Details
Lot
Max Area: 22400.00, Max Area Units: Square Feet, 200 yard square feet, Lot is 0.51423324150597 acres
Accessibility Features
Other
Amenities
Floor Drain, High Ceiling
Building
3,259 structure square feet, 8,400 net leasable square feet, 300 warehouse square feet, Built in 1982, Age: 44, Loading facility: 12' Roll Up Door,14' Roll Up Door,16' Roll Up Door, Clearance over 12', Off Street
Cooling
Central Forced Air - Gas
Floors
Carpet, Concrete
Foundation
Concrete Perimeter and Slab
Garage
Common Parking Area, Off-Street Parking
Water Features
Private / Mutual
Heating
Central Forced Air - Gas
Interior Features
Minimum ceiling height: 20
Tenant Pays
All Expenses
Miscellaneous
8 tenants, Total expenses: 73000
Parking
20 parking spaces
Property
Zoning: Comm
Roof
Tar and Gravel
Security Features
Fire Alarm, Fire System - Sprinkler, Fire System - Suppression, Security Alarm, Varies by Unit
Taxes
Annual tax amount: $0
Utilities
Public Utilities, Separate Electric, Separate Gas, Separate Water
Sewer
Sewer - Public
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