1298 Prescott Avenue, Monterey, California 93940, Monterey, 93940 - 3 bed, 2 bath
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Monterey, California 93940
This Value-Add Residential Asset is listed at $899,000, representing a stable entry point near its $847,223 Fair Market Value. Currently holding a Condition Rating of 5, the property requires substantial rehabilitation to address deferred maintenance, moisture damage, and outdated 1970s-era interiors. The 1,498 square foot footprint and proximity to Top-Rated Schools, including Pacific Grove High School (9/10) and Pacific Grove Middle School (8/10), provide a strong foundation for forced appreciation through renovation. This is a high-upside acquisition for Fix-and-Flip Investors or Contractors ready to execute a full-scale modernization.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1298 Prescott Avenue Subject | $899,000* List Price | 3 | 2 | 1,498 | $566 | - |
A 650 Grace Street Sold | $1,075,000 | 3 | 2 | 1,465 | $734 | 0.1 mi |
B 748 Alice Street Active | $995,000 List Price | 3 | 2 | 1,414 | $704 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
The property shows significant signs of deferred maintenance and requires substantial rehabilitation. The original hardwood floors are heavily worn, stained, and damaged throughout the home. There is visible evidence of moisture damage or mold on the lower walls of at least one bedroom. Additionally, the kitchen and bathrooms are severely outdated with 1970s/80s-style cabinetry, tile countertops, and aging appliances that likely need full replacement.
High School: Pacific Grove High School (9/10).
The property is located within close proximity to top-rated schools, including Pacific Grove High School (9/10) and Pacific Grove Middle School (8/10), offering significant value for families.
With 1,498 square feet of living space, the home features a separate family room, a breakfast nook, and a mix of stone, tile, and wood flooring, providing a functional and aesthetically pleasing layout.
The property includes only a 1-car garage, which may be insufficient for multi-vehicle households or those requiring significant additional storage space.
The home does not have a cooling system installed, which could be a concern for buyers during unseasonably warm periods despite the coastal location.
Welcome to this charming 2-bedroom, 1.5-bathroom home located in the desirable city of Monterey. With 1,498 square feet of living space, this home offers a blend of comfort and functionality. The kitchen is equipped with a built-in gas oven range and refrigerator, perfect for all your culinary needs. Enjoy meals in the cozy breakfast nook or dining area. The home features a separate family room, providing ample space. The flooring throughout the home includes stone, tile, and wood, adding to its aesthetic appeal. Stay warm during cooler months with the forced air heating and enjoy the ambiance of the fireplace. The laundry area is conveniently located in the utility room with electricity hookup available. This property is part of the Monterey Peninsula Unified School District. Enjoy the convenience of a 1-car garage. Although there is no cooling system, the coastal climate of Monterey provides a naturally temperate environment. With its great features and location, this home is ready for its next owner.
No exterior & parking available.
Grades K-5 • 1.0 mi
Grades K-5 • 1.5 mi
Grades 6-8 • 0.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,498 | 1,982 | 31% |
| Lot Size | 4,000 | 6,250 | 12% |
| Price | $899.0K | $1.19M | 17% |
| Price per sq ft | $600 | $660 | 31% |
| Built year | 1971 | 1962 | 61% |
| HOA | $0 | $0 | 50% |
| Days on market | 63 | 173 | 12% |
Feb 18, 2026
$899,000
Initial Listing