Mixed-Use Building Across From Trader
1157 Forest Avenue Pacific Grove, CA 93950
For Sale
$2,988,000
Multi-tenant mixed-use building with retail and service space plus two one-bedroom apartments.
Property Size8,402 SF
Lot Size0.52 Acres
Price / SF$355.63
Days on Market189
Property Features for 1157 Forest Avenue
General Information
Standard status
Active
Size
8,402 SF
Lot size
0.52 Acres
Property subtype
Commercial
Building Details
Year Built
1982
Listing Agency:
KW Coastal Estates
Listed By:
Monterey Peninsul...
(714) 497-3550
Source:
Sevengables
Added: Jan 21
Changed: Jul 27
Last Checked: Jul 29 at 12:48AM
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
Investment Insights
Based on property information with market context.
1157 Forest Avenue is an 8,402-square-foot mixed-use building on a 22,651-square-foot lot, currently configured with nine tenants. Tenant mix includes a popular pizzeria, professional service providers, a hair salon, a window showroom, and two residential one-bedroom apartments.
The property is located directly across from Trader Joe’s, with Safeway and Lucky within a block. Public remarks also cite approximately 17,663 vehicles per day, supporting strong day-to-day visibility.
As an investment, the property provides existing income along with potential for additional value creation. The public remarks note the site may support redevelopment of up to 24 market-rate residential units under the city’s updated zoning framework (buyer to verify). Additional income potential is described as possible through tenant improvements or changes in use if a cannabis retail license is secured, as well as by converting portions of the warehouse space into additional residential units (both subject to approval and verification).
The property is located directly across from Trader Joe’s, with Safeway and Lucky within a block. Public remarks also cite approximately 17,663 vehicles per day, supporting strong day-to-day visibility.
As an investment, the property provides existing income along with potential for additional value creation. The public remarks note the site may support redevelopment of up to 24 market-rate residential units under the city’s updated zoning framework (buyer to verify). Additional income potential is described as possible through tenant improvements or changes in use if a cannabis retail license is secured, as well as by converting portions of the warehouse space into additional residential units (both subject to approval and verification).
Key Highlights
- 8,402 SF mixed‑use building on a 22,651 SF lot, built in 1982
- Nine tenants total, including a pizzeria, professional service providers, and a hair salon
- Tenant mix also includes a window showroom plus two residential 1‑bedroom apartments
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
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,167 @ 7.0% cap · market cap 4.52%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant mixed-use building with retail and service space plus two one-bedroom apartments.
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 $2,988,000.
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; Nine tenants total, including a pizzeria, professional service providers, and a hair salon; Tenant mix also includes a window showroom plus two residential 1‑bedroom apartments
