116 16th Street, Pacific Grove, California 93950, Pacific Grove, 93950 - 0 bed, 0 bath
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Pacific Grove, California 93950
This Quadruplex Residential Income Asset is a High-Potential Investment Opportunity, listed at $2,639,000—positioned slightly above the $2,539,706 Fair Market Value. While requiring modernization due to its Fair Condition Rating, the property offers significant value-add potential through cosmetic updates. Located in a prime coastal area near Top-Rated Schools like Robert Down Elementary and Pacific Grove High, it features a 3-bedroom penthouse with ocean views and private garages for all units. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to offset mortgage costs through rental income.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 116 16th Street Subject | $2,639,000* List Price | 0 | 0 | 4,120 | $616 | - |
A 618 Forest Avenue Active | $2,299,000 List Price | 0 | 0 | 3,737 | $615 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1973, this 51-year-old property is functional but significantly dated. The kitchens and bathrooms feature older tile countertops, dated cabinetry, and 1970s-style fixtures. Visible popcorn ceilings and older carpet suggest the units have not undergone a major renovation in over 20 years, placing it firmly in the 'Fair' category requiring modernization.
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
Situated in the heart of Pacific Grove, the property is just blocks from Lovers Point Beach and downtown amenities, offering an unbeatable lifestyle for tenants or an owner-occupant.
This rare quadruplex features a premium 3-bedroom penthouse with ocean views, allowing an owner to live on-site while three additional units generate significant rental income to offset the mortgage.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 4120, other record living area = 4026.
Built in 1973, the building may require capital improvements or modernization of major systems to maintain its value and compete with newer luxury rentals.
With a list price of over $2.6M, the substantial initial investment may result in a lower immediate capitalization rate for pure investors compared to other regional markets.
In the heart of Pacific Grove sits a rare multi-unit opportunity. With just a short distance to Lovers Point Beach and blocks to restaurants, you are arguably in the perfect spot for all the best things PG has to offer. This four-unit property includes a penthouse with 3 bedrooms, 2 bathrooms, a private laundry, and a lovely deck with ocean views. The remaining three units each offer 2 bedrooms, 1 bathroom, and shared laundry area, along with peeks of bay from inside the units. Each unit also enjoys its own private garage. So come, live in your penthouse while generating income from the additional units and get your mortgage paid for, or jump on this amazing investment opportunity in Butterflytown USA.
No exterior & parking available.
Grades K-5 • 0.4 mi
Grades K-5 • 1.1 mi
Grades K-5 • 2.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 4,120 | 3,000 | 67% |
| Lot Size | 4,200 | 4,200 | 50% |
| Price | $2.64M | $1.50M | 67% |
| Price per sq ft | $641 | $641 | 50% |
| Built year | 1973 | 1959 | 67% |
| HOA | $0 | $0 | 50% |
| Days on market | 26 | 179 | 33% |
May 11, 2026
$2,639,000
Initial Listing