1157 Forest Avenue, Pacific Grove, CA 93950
List Price: $2.99M
Listing Status: Active
0Days on Market: 96
0 Bedrooms · 0 Bathrooms
Property Type: CommercialSale
Year Built: 1982
Lot Size: 22,440 sq ft
MLS Number: ML82037573
About This Property
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.
Listing provided by: Monterey Peninsul... DRE #70000352 (831) 622-6200 mark.bruno@mphtre.com, KW Coastal Estates
Source: CRMLS, MLS #: ML82037573
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.