Mixed-Use Income
1157 Forest Avenue, Pacific Grove, CA 93950
Mixed retail and residential income with strong nearby grocery anchors and measured traffic counts.
Type:Commercial
Property size:
8,402 SFPrice / SF:
$355/SF- Added:
- Dec 7, 2025
- Days on Market:
- 180
- Last Refresh:
- Jun 5 at 2:43 am
Property Features for 1157 Forest Avenue
General Information
- Standard status
- Active
- Size
- 8,402 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1982
Listing office KW Coastal Estates
Listing date Dec 7, 2025
Source Sevengables
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of KW Coastal Estates
HighLights
- 8,402 SF mixed‑use building on a 22,651 SF lot, built in 1982
- Currently leased to nine tenants, including a pizzeria, professional services, hair salon, and window showroom
- Includes two residential 1‑bedroom apartments
- Located across from Trader Joe’s and within a block of Safeway and Lucky
- Approx. 17,663 vehicles per day traffic count
- Under the city’s updated zoning framework, potential redevelopment up to 24 market‑rate residential units (buyer to verify)
Overview
1157 Forest Avenue is a mixed-use income property featuring an 8,402 square-foot building on a 22,651 square-foot lot. The property is currently configured with nine tenants, including a pizzeria, professional service providers, a hair salon, a window showroom, and two residential one-bedroom apartments. The remaining space includes a warehouse component, supporting flexible use as part of the existing setup.
The site is located directly across from Trader Joe’s and within a block of Safeway and Lucky. Public remarks also cite daily traffic counts of approximately 17,663 vehicles, highlighting the property’s visibility along this commercial corridor in Pacific Grove.
For tenants and operators, the current tenant mix includes both retail and professional uses alongside residential units, which may appeal to businesses looking for established foot traffic and a built-in customer base. For buyers, the property offers existing income from the current nine-tenant occupancy, with additional avenues described in the public remarks. Those possibilities include tenant improvements or changes in use, including the potential for higher-density residential redevelopment under the city’s updated zoning framework, which the remarks indicate may support up to 24 market-rate units (buyer to verify). The remarks also note the possibility of additional income if a cannabis retail license is secured, or if portions of the warehouse space are converted to additional residential units (buyer to verify).
The site is located directly across from Trader Joe’s and within a block of Safeway and Lucky. Public remarks also cite daily traffic counts of approximately 17,663 vehicles, highlighting the property’s visibility along this commercial corridor in Pacific Grove.
For tenants and operators, the current tenant mix includes both retail and professional uses alongside residential units, which may appeal to businesses looking for established foot traffic and a built-in customer base. For buyers, the property offers existing income from the current nine-tenant occupancy, with additional avenues described in the public remarks. Those possibilities include tenant improvements or changes in use, including the potential for higher-density residential redevelopment under the city’s updated zoning framework, which the remarks indicate may support up to 24 market-rate units (buyer to verify). The remarks also note the possibility of additional income if a cannabis retail license is secured, or if portions of the warehouse space are converted to additional residential units (buyer to verify).
Local Financial Insights For Specialty Retail
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 | $312.6k | $37.20 |
| − Vacancy | −$13.1k | −$1.56 |
| EGI | $299.4k | $35.64 |
| − OpEx | −$74.9k | −$8.91 |
| NOI | $224.6k | $26.73 |
8,402 SF · lease $37.20/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$3.21M
$2.81M – $3.74M
NOI $224,570 @ 7.0% cap · market cap 7.52%
Second Best
Multifamily LT 5
$2.10M
$1.83M – $2.45M
NOI $146,751 @ 7.0% cap · market cap 4.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Pacific Grove
- County
- Monterey
- State
- California
- Longitude
- -121.9209688
- Latitude
- 36.6057325
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - Mixed retail and residential income with strong nearby grocery anchors and measured traffic counts.
Where is this retail space located?
The property is located at 1157 Forest Avenue 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 leased to nine tenants, including a pizzeria, professional services, hair salon, and window showroom; Includes two residential 1‑bedroom apartments
