
Pacific Grove, California 93950
This property presents a High-Potential Investment Opportunity with a List Price of $1,995,000—positioned well below the $2,022,178 Fair Market Value by 1%. This valuation gap offers $27,178 in Instant Equity. Featuring a Condition Rating of 6, the asset is a prime redevelopment project in the coveted Beach Tract. With seller-secured entitlements for a 2,500 sq. ft. luxury residence and Bay/Water views, this is an ideal acquisition for Real Estate Developers or Owner-Occupants seeking a custom coastal build near top-rated schools.
Property is land value only, full reconstruction required.
The property is an 84-year-old structure (built 1940) with no recorded renovations. It is explicitly marketed as a 'redevelopment opportunity' with architectural plans for a new residence, indicating the value lies in the land and entitlements rather than the existing dwelling.
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
Situated in the highly coveted Beach Tract of Pacific Grove, 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 the new 2,500 sq. ft. luxury home plans, significantly reducing the buyer's risk, cost, and development timeline.
As a redevelopment opportunity rather than a move-in ready residence, the property requires a complete build-out, making it unsuitable for buyers seeking immediate occupancy.
With a list price near $2M plus the substantial additional costs of luxury new construction, the total capital requirement may limit the pool of potential buyers.
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 | 2.5 |
| Baths | 3.0 | 2.0 |
| Square foot | 1,772 | 1,320.625 |
| Lot Size | 5,000 | 4,311 |
| Price | $2.00M | $1.44M |
| Price per sq ft | $1.1K | $1.2K |
| Built year | 1940 | 1928 |
| HOA | $0 | $0 |
| Days on market | 47 | 50 |
Jul 24, 2026
$1,995,000
Initial Listing
Jul 21, 2021
$1,280,000
Public Record