Mixed-Use Property with Retail and
For Sale
Contact for pricing
1157 Forest Avenue, Pacific Grove, CA 93950
100% occupied building combining retail, industrial-flex suites, and residential units along a major corridor.
Property Size8,402 SF
Price / SF$345.16
Days on Market58
Property Features for 1157 Forest Avenue
General Information
Standard status
Active
Size
8,402 SF
Property subtype
Mixed Use, Retail, Industrial, Multifamily
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Year Built
1982
Tenancy
Multi
Listing Agency:
A.G. Davi Property Management
(831) 622-6200
Listed By:
Anthony Davi · License #01527814
Source:
Crexi
Added: Jun 12
Changed: Jul 10
Last Checked: Aug 6 at 4:16AM
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 A.G. Davi Property Management
Investment Insights
Based on property information with market context.
1157 Forest Avenue is a fully leased mixed-use property featuring a diverse tenant mix that includes retail space, industrial-flex suites, and residential units. The asset is presented as 100% occupied, providing in-place income across multiple commercial and residential uses. In addition to the current configuration, the property is described as offering future development potential for up to 23 apartment units, subject to approvals.
The property is located along the Forest Hill commercial corridor in Pacific Grove. Public remarks indicate the corridor connects Highway 68 to Monterey, Pebble Beach, and Carmel, positioning the building within an area intended to capture consistent daytime and visitor activity.
For buyers or operators seeking a multi-use holding, this structure offers a blend of retail, flexible industrial-oriented space, and residential tenancy within a single address. The combination of existing diversified occupancy and the stated potential to add residential units, subject to approvals, may appeal to investors looking for operational variety while exploring options for long-term redevelopment.
The property is located along the Forest Hill commercial corridor in Pacific Grove. Public remarks indicate the corridor connects Highway 68 to Monterey, Pebble Beach, and Carmel, positioning the building within an area intended to capture consistent daytime and visitor activity.
For buyers or operators seeking a multi-use holding, this structure offers a blend of retail, flexible industrial-oriented space, and residential tenancy within a single address. The combination of existing diversified occupancy and the stated potential to add residential units, subject to approvals, may appeal to investors looking for operational variety while exploring options for long-term redevelopment.
Key Highlights
- 100% occupied mixed‑use building built in 1982
- Diverse tenant mix includes retail, industrial‑flex suites, and residential units
- Located on Pacific Grove’s Forest Hill commercial corridor along a major high‑traffic route connecting Highway 68 to Monterey, Pebble Beach, and Carmel
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$121,703
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,434,060
$2.4M
Cap Rate 7%
$1,738,614
$1.7M
Cap Rate 9%
$1,352,256
$1.4M
Market Conditions
NOI Build-Up for 8,402 SF
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.
Gross rent
$181.5K $21.60/SF
− Vacancy
−$7.6K −$0.91/SF
EGI
$173.9K $20.69/SF
− OpEx
−$52.2K −$6.21/SF
NOI
$121.7K $14.48/SF
Area
Monterey County, CA
Vacancy
4.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,434,060
Cap Rate 7%
$1,738,614
Cap Rate 9%
$1,352,256
Alternative Uses
Best Use
Retail
$1.74M
$1.52M – $2.03M
NOI $121,703 @ 7.0% cap · market cap 4.20%
Second Best
Mixed Use
$1.66M
$1.45M – $1.93M
NOI $115,948 @ 7.0% cap · market cap 4.00%
Theoretical Best
Specialty Retail
$3.21M
$2.81M – $3.74M
NOI $224,570 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 93950, CA
15,082
Population
8,315
Households
1.8
Avg Household Size
49
Median Age
58%
College-Educated
96%
High-School Grad
2.8 sq mi
ZIP Area
5,386
Density / Sq Mi
$105,568
Median Household Income
$62,185
Median Earnings
$2,384
Median Rent
$1,129,400
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 100% occupied building combining retail, industrial-flex suites, and residential units along a major corridor.
Where is this mixed-use property located?
The property is located at 1157 Forest Avenue Pacific Grove, CA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 100% occupied mixed‑use building built in 1982; Diverse tenant mix includes retail, industrial‑flex suites, and residential units; Located on Pacific Grove’s Forest Hill commercial corridor along a major high‑traffic route connecting Highway 68 to Monterey, Pebble Beach, and Carmel
