REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your advisor will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by KW Coastal Estates
$ 2,988,000
Est. payment | /mo
8,402 SqFt
$ 2,988,000
Est. payment | /mo
8,402 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 8,402 sqft
Price per Sqft $355
MLS Listing ID ML82037573
HOA Y/N No
Year Built 1982
Lot Size 0.515 Acres
Property Sub-Type Other
Source Datashare MLSListings
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
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Exterior
Handicap Access Other
"We would love to put our experience and successful track record to work for you. Top 1% in California" Kevin & Naomi Kieffer Compass Homes@EastBayPro.com or M. 925-300-8000"