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    1157 Forest Ave Pacific Grove, CA 93950

    View on Map
    Sponsored
    For Sale
    $2,988,000

    Five or More Units - PACIFIC GROVE, CA

    Property size:
    3,259 SF
    Lot size:
    0.52 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 7 at 12:06 am

    Property Features for 1157 Forest Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Alarm, Security Alarm
    Zoning
    Comm
    Parking
    20
    Interior features
    Other, Fire Alarm, Security Alarm, Varies By Unit
    Size
    3,259 SF
    Lot size
    0.52 Acres

    Utilities

    Heating system
    Central, Forced Air, Natural Gas
    Cooling system
    Central Air, Gas (Cooling)

    Building Details

    Year built
    1982
    Roof type
    Tar/Gravel
    Architectural style
    Other

    We can help!

    Listing Contact
    Monterey Peninsula Home Team

    Keller Williams Coastal Estates (831) 622-6200

    Listing agent Monterey Peninsula Home Team (831) 622-6200 License #70000352

    Listing date Mar 6, 2026

    MLS# ML82037573 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Mixed-Use Investment Opportunity, Pacific Grove

    Located on Forest Avenue in Pacific Grove, CA, this mixed-use property presents an investment opportunity in a desirable commercial corridor. The 8,402 square-foot building is situated on a 22,651 square-foot lot and currently houses nine tenants, including a pizzeria, professional service providers, a hair salon, a window showroom, and two residential one-bedroom apartments. The property benefits from visibility and daily traffic, located across from Trader Joe's and near Safeway and Lucky. The property offers redevelopment potential, with the possibility of up to 24 market-rate residential units under the city's updated zoning framework (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. The property is zoned Comm. The property size is 3,259 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pacific Grove
    County
    Monterey
    State
    California
    Longitude
    -121.9209688
    Latitude
    36.6057325

    Nearby Similar for Sale

    • New
      $2,988,000
      3,259 SF

      Mixed-Use Investment Opportunity

      Mixed-use property with redevelopment potential in a desirable location.
      1157 Forest Ave, Pacific Grove, CA 93950
      View Details
    • $1,295,000
      1,680 SF

      Coastal Duplex with Ocean Views

      Rare Pacific Grove duplex near the shoreline with ocean views.
      301 7Th St, Pacific Grove, CA 93950
      View Details
    • $2,299,000
      3,737 SF

      Pacific Grove Fourplex with ADU Potential

      Rare, fully occupied fourplex in Pacific Grove with value-add potential.
      618 Forest Ave, Pacific Grove, CA 93950
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with redevelopment potential in a desirable location.
    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: - Prime location across from Trader Joe's and near Safeway/Lucky, ensuring high visibility and traffic.; - Significant redevelopment potential for up to 24 market-rate residential units (buyer to verify).; - Stable existing income from nine diverse tenants, including a pizzeria and residential apartments.
    (831) 917-8190
    Request Owner's contact information
    1157 Forest Ave Pacific Grove, CA 93950
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    Pacific Grove, CA 93950
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1157 Forest Ave Pacific Grove, CA 93950
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    We can help!
    Listing Contact
    Monterey Peninsula Home Team
    Real Estate License ID: 70000352
    (831) 917-8190 (831) 622-6200 (831) 313-2289
    Learn more
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