
Pacific Grove, California 93950
This property presents a High-Potential Investment Opportunity with a List Price of $1,799,000—positioned slightly above the $1,777,763 Fair Market Value. As a Condition Rating 6 redevelopment project, the asset offers a rare Beach Tract location with pre-approved architectural plans for a 2,500 sq. ft. luxury residence, effectively mitigating entitlement risk. With proximity to Top-Rated Schools like Robert Down Elementary and Pacific Grove High, this is a strategic acquisition for Buy-and-Hold Investors or Custom Home Builders seeking to maximize coastal value.
Property is land value only, full reconstruction required.
Built in 1940 and currently gutted to the studs, this property is marketed strictly as a redevelopment opportunity. It lacks a functional kitchen, bathrooms, or interior walls, making it unlivable and valued for the land and included architectural plans for new construction.
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
Situated in Pacific Grove's highly coveted Beach Tract, the property offers immediate proximity to the coastline, scenic recreation trails, and world-class golf courses.
The seller is securing all City approvals and paying associated fees for a new 2,500 sq. ft. luxury home, significantly reducing the buyer's entitlement risk, cost, and project timeline.
As a redevelopment opportunity, the list price is only the initial investment; buyers must have substantial additional capital to fund the full construction of the proposed residence.
With 80 days on the market and two consecutive price reductions, the property has struggled to gain traction, suggesting the market remains sensitive to the total project cost.
Rare Beach Tract Development Opportunity! An exceptional opportunity to build a luxury custom home in Pacific Groves highly coveted Beach Tract, one of the Monterey Peninsulas most sought-after coastal neighborhoods. The existing 3-bedroom, 2.5-bath home is being offered as a redevelopment opportunity with architectural plans for a beautifully designed approximately 2,500 sq. ft., 3-bedroom, 3.5-bath residence. The proposed home has been thoughtfully designed to maximize ocean views from the primary suite, living room, and kitchen while offering an open-concept floor plan ideal for modern coastal living. A tremendous value-add, the seller will obtain City of Pacific Grove approval for the new construction plans and pay all costs and fees associated with securing those approvals, allowing the buyer to avoid much of the time, expense, and uncertainty of the entitlement process. Located just moments from the coastline, scenic recreation trail, world-class golf, and charming downtown Pacific Grove, this is a rare opportunity to create a one-of-a-kind coastal retreat in one of California's most desirable communities.
No exterior & parking available.
Grades K-5 • 1.1 mi
Grades K-5 • 1.5 mi
Grades 6-8 • 1.3 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 2.6 |
| Baths | 3.0 | 2.0 |
| Square foot | 1,772 | 1,342.844 |
| Lot Size | 5,000 | 4,470.75 |
| Price | $1.80M | $1.42M |
| Price per sq ft | $1.0K | $1.2K |
| Built year | 1940 | 1932 |
| HOA | $0 | $0 |
| Days on market | 92 | 62 |
Oct 12, 2026
$1,799,000
$1,899,000
-5% Price Drop
Initial Listing
Sep 11, 2026
$1,899,000
$1,995,000
-5% Price Drop
Initial Listing
Jul 24, 2026
$1,995,000
Initial Listing
Jul 21, 2021
$1,280,000
Public Record