1157 Forest AVE, Pacific Grove, CA 93950
sale
$2,988,000
|
Other
Courtesy Of Keller Williams Coastal Estates
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.
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Property Features
- Age: 41-50 Years Old
- Amenities: Security System
- Architecture Style: Other
- Cooling System: Gas (Cooling)
- Cooling System: Central Air
- Floor Covering: Carpet
- Floor Covering: Concrete
- Heating System: Forced Air
- Heating System: Central
- Heating System: Natural Gas
- MLSID: ML82037512
- Parking Spaces: 20
- Roof Type: Tar/Gravel
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