Mixed-Use Building with Retail &
1157 Forest AVE Pacific Grove, CA 93950
For Sale
$2,988,000
COMMERCIAL - PACIFIC GROVE, CA
Property Size8,402 SF
Lot Size0.51 Acres
Price / SF$355.63
Days on Market49
Property Features for 1157 Forest AVE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Parking
20
Parking features
Off Street
Security features
Security Alarm
Interior features
Floor Drain, High Ceiling
Standard status
Active
Lot size
0.51 Acres
Utilities
Heating system
Forced Air, Natural Gas, Central
Cooling system
Central Air, Gas (Cooling)
Water source
Private
Building Details
Year built
1982
Flooring type
Concrete, Carpet
Roof type
Tar/Gravel
Listing Agency:
KW Coastal Estates
(831) 622-6200
Listed By:
Monterey Peninsula Home Team · License #70000352
(831) 601-3284
Added: Jun 11
Changed: Jul 28
Last Checked: Jul 29 at 4:06PM
MLS# ML82037512
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property at 1157 Forest Avenue is an approximately 8,402-square-foot mixed-use building on a 22,651-square-foot lot. It is currently occupied by nine tenants, including a pizzeria, professional service providers, a hair salon, and a window showroom, along with two residential one-bedroom apartments.
The site is positioned in a commercial corridor in Pacific Grove, directly across from Trader Joe’s. The property is also stated to be within a block of Safeway and Lucky, and the remarks cite daily traffic counts of approximately 17,663 vehicles.
For buyers and operators, the current mix of retail and residential income may appeal to those seeking an established, multi-tenant setup with on-site apartments. The seller’s remarks further indicate the site may support higher-density redevelopment under an updated city zoning framework, potentially up to 24 market-rate residential units, and note that buyer should verify. Additional income considerations discussed in the remarks include possible tenant improvements or changes in use, including redevelopment scenarios that could incorporate additional residential units, and a reference to cannabis retail licensing if secured (subject to applicable requirements and verification).
The site is positioned in a commercial corridor in Pacific Grove, directly across from Trader Joe’s. The property is also stated to be within a block of Safeway and Lucky, and the remarks cite daily traffic counts of approximately 17,663 vehicles.
For buyers and operators, the current mix of retail and residential income may appeal to those seeking an established, multi-tenant setup with on-site apartments. The seller’s remarks further indicate the site may support higher-density redevelopment under an updated city zoning framework, potentially up to 24 market-rate residential units, and note that buyer should verify. Additional income considerations discussed in the remarks include possible tenant improvements or changes in use, including redevelopment scenarios that could incorporate additional residential units, and a reference to cannabis retail licensing if secured (subject to applicable requirements and verification).
Key Highlights
- 8,402 SF mixed‑use building on a 22,651 SF lot, built in 1982
- Currently occupied by nine tenants, including a pizzeria, professional service providers, a hair salon, and a window showroom
- Includes two residential 1‑bedroom apartments
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $214.8k | $25.56 |
| − Vacancy | −$5.1k | −$0.61 |
| EGI | $209.6k | $24.95 |
| − OpEx | −$62.9k | −$7.49 |
| NOI | $146.8k | $17.47 |
8,402 SF · lease $25.56/SF/yr · vacancy 2.38% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$2.10M
$1.83M – $2.45M
NOI $146,751 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,167 @ 7.0% cap · market cap 4.52%
Theoretical Best
Specialty Retail
$3.21M
$2.81M – $3.74M
NOI $224,570 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant building combining neighborhood retail, professional services, and two 1-bedroom apartments.
Where is this mixed-use property located?
The property is located at 1157 Forest AVE Pacific Grove, CA.
What is the asking price?
The asking price for this property is $2,988,000.
What are key features of this property?
This property features: 8,402 SF mixed‑use building on a 22,651 SF lot, built in 1982; Currently occupied by nine tenants, including a pizzeria, professional service providers, a hair salon, and a window showroom; Includes two residential 1‑bedroom apartments
