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Matt Cossell

matt@mattcossellteam.com +1(408) 761-3271

Listed by Monterey Peninsula Home Team • KW Coastal Estates, DRE#70000352

$2,988,000

Est. payment - /mo

8,402 SqFt

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UPDATED:

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 8,402 sqft

Price per Sqft $355

MLS Listing ID ML82037573

Year Built 1982

Lot Size 0.515 Acres

Property Sub-Type Five or More Units

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 Forest Hill

Zoning Comm

Interior

Heating Central Forced Air - Gas

Cooling Central Forced Air - Gas

Exterior

Parking Features Common Parking Area, Off-Street Parking

Garage Spaces 5.0

Utilities Available Public Utilities

Roof Type Tar and Gravel

Building

Foundation Concrete Perimeter and Slab

Sewer Sewer - Public

Water Private / Mutual

Others

Restrictions None

Tax ID 006-713-023-000B

Security Features Fire Alarm ,Security Alarm ,Varies by Unit

Special Listing Condition Not Applicable

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Matt Cossell

+1(408) 761-3271

Top 1% Realtor | License ID: 01382971

Top 1% Realtor License ID: 01382971

1157 Forest AVE Pacific Grove, CA 93950

Matt Cossell

Key Details

Location

Interior

Exterior

Building

Others