$198.26 Per Sq Foot $5,878 est/mo Sourced by Back At You

176 Central Avenue,Pacific Grove, CA 93950

Pacific Grove CA, 93950

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Description

Attention investors...Check out this amazing redevelopment opportunity in Pacific Grove near Cannery Row and the Monterey Aquarium. Formerly a church, this approximately 5400 square foot building on a 6755 square foot lot is located on one of the 3 main streets leading into Pacific Grove. The sellers acquired this property approximately 3 years ago and have spent nearly $500,000 in costs and fees to get the zoning changed to allow a motel to be built on the site. The plans for the motel and vestige retail commercial space consist of a newly to be constructed back wing/section of the building that would have 3 motel units possibly 4 depending upon the size of the rooms are part of the disclosure packet. This project is ideally located just steps away from the major hotel planned at the American Tin Cannery and would boast good views of the Monterey Bay. A buyer can purchase this property and move forward with the plans including water as approved, or consider other opportunities.

Details

MLS#ML81942469
Listing TypeFor Sale
Sub-TypeResale
StatusActive Under Contract
Year1950
Days On Site245
Listing Provided ByKW Coastal Estates (831) 622-6200 | Monterey Peninsul...

Features

SQ Feet5,523
Story(s)2
ZoningVC
Acreage0.16

Market Activity 93950

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

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Listings Checked: 39 seconds ago
StateCA
CountyMonterey
CityPacific Grove
Zip Code93950
Area699 Not Defined
Listing VS Median (in 93950)
Price:
$1,095,000
low | high
Med:
$1,675,000
2.96803652968% of Average
SqFt:
5,523
low | high
Med:
1,773
100% of Average
$ / SqFt:
$198
low | high
Med:
$1,096
100% of Average
On Site:
245
low | high
Med:
190.500000
100% of Average
Sourced by Back At You
Listing Updated: May 7, 2024 at 12:27:48 AM PDT