419 Frst Ave Pacific Grove, CA 93950-4231

Property Details for 419 Frst Ave

Year built

1941

Construction

WOOD

Lot size

0.18 lot acres

Property size

7,234 SF

Property type

Apartment buildings

APN

006-482-004-000

APU

6482004000

Description

This exceptional 12-unit apartment building presents a compelling investment opportunity in the desirable coastal city of Pacific Grove, California. The property, located at 419 Forest Ave, boasts 7,234 square feet across two, two-story buildings, constructed in 1941. Currently operating as a stabilized investment, the property offers a 4.69% cap rate with a NOI of $233,635, and a pro-forma cap rate of 5.22% and pro-forma NOI of $260,000. The asking price is $4,985,000, translating to $415,416.67 per unit and $689.11 per square foot. Each unit features desirable amenities including hardwood floors, high ceilings, and spacious floor plans, enhanced by large windows allowing ample natural light. The property benefits from a highly walkable location (walk score of 94), with proximity to beaches, recreation trails, shopping, dining, and the Pacific Grove Unified School District. Zoned R-4, this property offers significant potential for long-term growth and value appreciation in a thriving coastal community. The property's strong rental demand, coupled with its prime location and attractive unit features, makes it an ideal investment for those seeking both immediate returns and future capital appreciation. The APN is 006-482-004-000. This is a rare opportunity to acquire a well-maintained, multi-unit property in a highly sought-after location.