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
Five Or More Units
Square Ft.
3,259
Lot Size
0.52 Acres
Year Built
1982
MLS Number
ML82037573
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: 22440.00, Max Area Units: Square Feet, Lot is 0.51515151515152 acres
Accessibility Features
Other
Building
3,259 structure square feet, Age: 44, Built in 1982, 1 building, 9 minimum units in complex
Cooling
Central Forced Air - Gas
Foundation
Concrete Perimeter and Slab
Garage
5 garage spaces, Common Parking Area, Off-Street Parking
Water Features
Private / Mutual
Heating
Central Forced Air - Gas
Tenant Pays
All Expenses
Miscellaneous
Total expenses: 73000
Parking
20 parking spaces
Property
Zoning: Comm
Roof
Tar and Gravel
Security Features
Fire Alarm, Security Alarm, Varies by Unit
Taxes
Annual tax amount: $0
Sewer
Sewer - Public
Utilities
Separate Electric, Separate Gas, Separate Water, Public Utilities
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