419 Forest Avenue

Pacific Grove, CA 93950

$4,985,000
Price
Beds
7,234 Sq. Ft.
$689 / Sq. Ft.
7,234
Sq. Ft.
$689
per Sq. Ft.

Description

A rare opportunity to own a 12-unit complex located in the iconic waterfront city of Pacific Grove. This trophy property provides investors an asset with tremendous presence, character, and scale in the city's most dynamic location. Strategically located in a popular coastal town known for its vibrant tourism and strong rental market, this property is an attractive opportunity for investors seeking both immediate returns and long-term growth. Luxury coastal living with a highly walkable and accessible...A rare opportunity to own a 12-unit complex located in the iconic waterfront city of Pacific Grove. This trophy property provides investors an asset with tremendous presence, character, and scale in the city's most dynamic location. Strategically located in a popular coastal town known for its vibrant tourism and strong rental market, this property is an attractive opportunity for investors seeking both immediate returns and long-term growth. Luxury coastal living with a highly walkable and accessible location close to beaches, recreation trails, everyday shopping, casual restaurants, and world class attractions Unit amenities include hardwood floors, high ceilings, and spacious floor plans. Unique architectural design, provides large windows allowing plenty of natural light, spacious closets, and efficient layouts. Attractive to long-term tenants, residents can enjoy incredible access to neighborhood amenities and transportation. Property within walking distance to the Pacific Grove Unified School District (Pacific Grove High School, Pacific Grove Middle School, Robert Down Elementary School, and Forest Grove Elementary School). Investors seeking a product and location that is irreplaceable, with value-add potential, will strongly consider this once in a lifetime investment.
  1. Listed by Marielena Carriglio • DRE #01745757 • Brokerage DRE #01745757 • Coast Realty and Property Management • 831-915-4675

Property Details for 419 Forest Avenue

MLS City Name
PACIFIC GROVE
Building Type
Other
Garage Spaces
0
Parking Spaces
0
View
City Lights, Ocean
Cross Street
Spruce
LISTING UPDATED: 11/13/2024 08:35 PM

Property Details for 419 Forest Avenue

StatusActive
MLS #ML81978779
Days on Compass75
Taxes$50,000 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family 5+
MLS Type5+ Units / Five or More Units
Year Built1941
Lot Size0.18 AC / 7,680 SF
CountyMonterey County

Building Information for 419 Forest Avenue

Stories-Residences-Year Built1941Building Size-Lot Size0.18 AC / 7,680 SF

Property Information for 419 Forest Avenue

Features
Room Information
  • Kitchen: Cooktop - Gas, Countertop - Formica, Oven - Gas, Refrigerator
Features
  • Amenities: High Ceiling, Walk-in Closet
  • Fireplace: No
  • Flooring: Hardwood, Laminate, Tile, Unfinished, Vinyl / Linoleum
  • Laundry: Coin Operated
  • Living SqFt: 7234
  • Pool: No
  • Security Features: None
  • Special Features: None
Utilities
  • Cooling: None
  • Heating: Wall Furnace
  • Meters: Master Electric, Master Gas, Master Water
  • Sewer Septic: Sewer - Public
  • Utilities: Public Utilities
  • Water: Public
Carport and Parking
  • Carport Min: 6
Garage
  • Garage and Parking: Carport, Covered Parking
Property Details
Homeowners Association
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Min Num Of Units in Complex: 12
  • Area Text: Forest Ave/Pine Ave
  • Restrictions: None
  • Roof: Tar and Gravel
  • Subclass: Five or More Units
  • Year Built Source: Assessor
  • Street Number: 419
  • Street Name: Forest
  • Street Suffix: Avenue
  • Area ID: 130
Lot / Property Details
Building Information
  • Number of Buildings: 2
  • Structure SqFt: 7234
  • Structure SqFt Source: Assessor
  • Age: 83
Development Information
  • Ownership Type: Trust
  • Zoning Detail: R-4
Location Information
  • City Limits: Yes
  • Parcel Number: 006-482-004-000
  • County Name: Monterey
  • City Name: PACIFIC GROVE
  • City Postal ID: 44
  • Postal Code: 93950
  • Elementary School: 563
  • Elementary School District: 440
  • Middle School Text: Pacific Grove Middle
  • High School District Text: Pacific Grove Unified
  • High School Text: Pacific Grove High
Lot Information
  • Foundation: Concrete Perimeter
  • Lot Acres: .18
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Assessor
  • Yard Grounds: Drought Tolerant Plants, Low Maintenance, Sprinklers - Auto, Storage Shed / Structure
Multi Family Information
Building Information
  • No Of Leased: 12
General Information
  • Annual Tax Amount: $50,000
  • Capitalization Rate: 4.68
  • Tenant Expenses: Rent Only, Services - Trash Removal
  • Income Includes: Laundry
  • Vacancy Factor: 1
Income / Expense Details
  • Expense Insurance: $12,700
  • Expense Landscape: $1,440
  • Expense Maintenance: $6,950
  • Expense Management: $18,651
  • Expense Trash: $2,200
  • Expenses Other: $10,564
  • Expenses Utility: $3,000
  • Expenses Total: $105,505
  • Operating Expenses Include: Fee - Property Management, Maintenance, Services - Gardener, Services - Sewer, Services - Trash Removal, Utilities - Electric, Utilities - Water
  • Gross Rent Multiplier: 14.57
  • Income Annual Gross: $338,818
  • Income Annual Rental: $341,040
  • Income Gross Scheduled: $342,240
  • Income Other: $1,200
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
  • Unit 1 Number of Bedrooms: 1
  • Unit 1 Rent: $2,100
Unit 2 Information
  • Unit 2 Full Bathrooms: 1
  • Unit 2 Number of Bedrooms: 2
  • Unit 2 Rent: $2,400

Property History for 419 Forest Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 419 Forest Avenue

Taxable ValueLand$721,091Additions$1,084,240Total$1,805,331
Tax Record2023$19,883 ($1,657 / month)
Home Facts
Baths12Total Finished SqFt7,234 SqFtAbove Grade Finished SqFt7,234 SqFtStories2Lot Size7,680 SqFtStyleMulti-Family Res (5+ Units)Year Built1941CountyMONTEREYAPN006-482-004-000Fireplace TypeHas Fireplace

Schools near 419 Forest Avenue

This home is within Pacific Grove Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Robert Down Elementary School
PublicK to 5

Pacific Grove Middle School
Public6 to 8

Pacific Grove High School
Public9 to 12

Community High (Continuation) School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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419 Forest Avenue is for sale in Pacific Grove, CA 93950. This property was listed for sale on September 3, 2024 by Coast Realty and Property Management, it's currently listed at $4,985,000. It has been on the market for a total of 75 days and was last sold on October 30, 2013. This listing's school district is Pacific Grove Unified School District. Nearby schools include Robert Down Elementary School, Pacific Grove Middle School and Pacific Grove High School. 419 Forest Avenue is a 0-bed, 0-bath, 7,234 sqft built in 1941.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Coast Realty and Property Management, Marielena Carriglio, DRE #01745757

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.