114 Carmel Avenue, Pacific Grove, California 93950, Pacific Grove, 93950 - 0 bed, 0 bath
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114 Carmel Avenue
Pacific Grove, California 93950
ACTIVE UNDER CONTRACT
CONDITION: FAIR
0Beds
0Baths
2,653Sq Ft
2,700Lot Size
Property Price
LIST PRICE$2,195,000
EST. MARKET VALUE
$2,190,731
SUMMARY
This Triplex Residential Income Asset is a Strong Value Opportunity, listed at $2,195,000—positioned well below the $2,190,732 Fair Market Value by a negligible margin, reflecting a stable, market-aligned price. Featuring a Condition Rating of 4, the property offers significant upside through modernization of its 1930s infrastructure. With Forever Ocean Views and proximity to Top-Rated Schools like Robert Down Elementary and Pacific Grove High, this is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a flexible, historic coastal residence.
Estimated Market Value
$2,190,731
Based on Realkey algorithm analyzing recent comparable sales in Pacific Grove.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1930, this 94-year-old property is well-maintained but dated. While the exterior and visible interior appear functional and move-in ready, the listing's mention of 'restoration' potential and the age of the structure suggest that kitchens, bathrooms, and core systems likely exceed the 20-30 year threshold for modern updates.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
- Prime Coastal Location & Views
The property boasts 'forever' ocean views of Monterey Bay and is situated just steps from the Recreation Trail and Lovers Point, offering an unparalleled coastal lifestyle in a highly walkable neighborhood.
- Flexible Investment Potential
Currently configured as a triplex with a large owner's unit and two additional rentals, the property provides immediate income potential or the rare opportunity to restore it into a grand single-family residence.
CONSRISKS & DEFICIENCIES
- Limited Lot Size
With a lot size of only 2,700 square feet, the property offers very limited outdoor space and yard area, which may be a drawback for buyers seeking privacy or significant garden space.
- Age-Related Maintenance
Built in 1930, the structure may require substantial capital investment for repairs or system upgrades to meet contemporary standards, especially when transitioning between multi-unit and single-family use.
About 114 Carmel Avenue
Forever Ocean Views across Monterey Bay. Currently there are 3 units, 1 offers a large 3 bedroom, 2 bath owners unit with spectacular views, plus 2 additional 1 bedroom units or the possibility of restoration to a lovely single family home. The Admiral Trilley home offers a rare opportunity to own a piece of the rich history of Pacific Grove. Literally steps to the Recreation Trail offering views of some of the most beautiful coastline in the world. Take a stroll to Lovers Point, the Monterey Bay Aquarium, fine and casual dining, weekly local Farmers Market and quaint shops where the owners will know you by name. All the benefits of PG history without the restraints of the Histor ical Registry . Truly a rare find.
Property Details
Public Facts
- Property Type
- Triplex
- Year Built
- 1930
- Lot Size
- 2,700 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Pacific Grove Unified Schools
Robert Down Elementary School
Grades K-5 • 0.3 mi
9/10
Forest Grove Elementary School
Grades K-5 • 1.1 mi
6/10
Monte Vista
Grades K-5 • 2.3 mi
5/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,653 | 3,321 |
| Lot Size | 2,700 | 4,200 |
| Price | $2.19M | $1.65M |
| Price per sq ft | $827 | $641 |
| Built year | 1930 | 1963 |
| HOA | $0 | $0 |
| Days on market | 84 | 139 |
Pricing History
Listed for Sale
Jun 18, 2026
$2,195,000
Initial Listing
Sold
Feb 14, 1997
$467,000
Public Record