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$ 2,988,000
Est. payment | /mo
0.51 Acres Lot
$ 2,988,000
Est. payment | /mo
0.51 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82037512
HOA Y/N No
Year Built 1982
Lot Size 0.514 Acres
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 699 - Not Defined
Zoning Comm
Interior
Cooling Gas
Fireplace No
Exterior
Roof Type Tar/Gravel
Present Use Commercial
Total Parking Spaces 20
Building
Story 1
Others
Tax ID 006713023000
Security Features Fire Sprinkler System
Listed by Monterey Peninsul... KW Coastal Estates #70000352
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