Updated Triplex with Private
For Sale
$2,199,000
410 Pine Ave, Pacific Grove, CA 93950
Three individually metered residences offer separate kitchens, laundry areas, bedrooms, bathrooms, and private access.
Property Size3,528 SF
Days on Market41
Property Features for 410 Pine Ave
General Information
Standard status
Active
Size
3,528 SF
Property subtype
Investment
Additional Details
Gross Income
$132,000
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$21,276
Amenities
outdoor spaces
tesla level 2 charger
laundry
water softener system
Building Details
Building Size
3,528 SF
Year Built
1929
Stories
3
Listing Agency:
eXp Realty of Northern California, Inc.
(831) 713-7254
Listed By:
Jorge Zamora-guerrero · License #02213220
(831) 713-7254
Source:
Elliman
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 2:59PM
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 eXp Realty of Northern California, Inc.
Investment Insights
Based on property information with market context.
This three-unit residential income property includes a private entrance, kitchen, bedrooms, bathroom, and laundry area for each residence. Separate metering supports distinct utility management, while interior access between levels adds flexibility to the configuration. The property was built in 1929 and has received improvements to the sewer lateral, appliances, flooring, lighting, water softener system, water heaters, and a Tesla Level 2 charger.
Outdoor amenities include a deck, lawn, and areas for entertaining. The property is located at 410 Pine Ave in Pacific Grove, with downtown described as being within blocks and Cannery Row and the Monterey Bay Aquarium noted as minutes away. Walk Score is 80, Bike Score is 77, and Transit Score is 34.
Outdoor amenities include a deck, lawn, and areas for entertaining. The property is located at 410 Pine Ave in Pacific Grove, with downtown described as being within blocks and Cannery Row and the Monterey Bay Aquarium noted as minutes away. Walk Score is 80, Bike Score is 77, and Transit Score is 34.
Key Highlights
- Three‑unit triplex with a separate entrance, kitchen, bedrooms, bathroom, and laundry area for each residence
- Individual utility metering for all three units
- Recent improvements include sewer lateral, appliances, flooring, lighting, water heaters, and a Tesla Level 2 charger
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
$61,621
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
2.80%
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%
$1,232,420
$1.2M
Cap Rate 7%
$880,300
$880.3K
Cap Rate 9%
$684,678
$684.7K
Market Conditions
NOI Build-Up for 3,528 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
$90.2K $25.56/SF
− Vacancy
−$2.1K −$0.61/SF
EGI
$88.0K $24.95/SF
− OpEx
−$26.4K −$7.49/SF
NOI
$61.6K $17.47/SF
Area
Monterey County, CA
Vacancy
2.38%
Lease Rate
$25.56 /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%
$1,232,420
Cap Rate 7%
$880,300
Cap Rate 9%
$684,678
Alternative Uses
Best Use
Multifamily LT 5
$880.3K
$770.3K – $1.03M
NOI $61,621 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$810.8K
$709.5K – $946.0K
NOI $56,757 @ 7.0% cap · market cap 2.58%
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,297 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,411
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three individually metered residences offer separate kitchens, laundry areas, bedrooms, bathrooms, and private access.
Where is this triplex located?
The property is located at 410 Pine Ave Pacific Grove, CA.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Three‑unit triplex with a separate entrance, kitchen, bedrooms, bathroom, and laundry area for each residence; Individual utility metering for all three units; Recent improvements include sewer lateral, appliances, flooring, lighting, water heaters, and a Tesla Level 2 charger
