2 Portola Avenue, Monterey, California 93940, Monterey, 93940 - 3 bed, 2 bath
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Monterey, California 93940
This Strategic Coastal Residence is a Prime Investment Opportunity, listed at $950,000—positioned well below the $980,696 Fair Market Value by 3%. This valuation gap offers $30,696 in Instant Equity for incoming buyers. While maintaining a Functional Condition Rating, the home features Granite Countertops, Hardwood Floors, and significant value-add potential through existing second-story expansion plans. Overlooking a Natural NPS Area and Pond near Monterey High School, this property balances serene lifestyle perks with clear financial upside. It is an ideal acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2 Portola Avenue Subject | $950,000* List Price | 3 | 2 | 1,332 | $736 | - |
A 339 Ramona Avenue Sold | $1,000,000 | 3 | 2 | 1,553 | $644 | 0.4 mi |
B 33 Portola Avenue Active | $975,000 List Price | 4 | 2 | 1,636 | $596 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1962, the property is functional but significantly dated. While the kitchen has granite countertops, the cabinetry, appliances, and flooring appear to be over 20 years old. The home has been used as a rental and requires cosmetic updates and modernization throughout to meet current standards.
The property is ideally situated facing a natural NPS area and pond, offering serene greenbelt views and excellent proximity to the Monterey Bay, bike trails, and local recreation.
With existing plans for a second-story addition and the potential to convert garage space into a primary suite, this home offers substantial opportunities to increase square footage and market value.
The residence features high-quality hardwood flooring and granite kitchen countertops, complemented by practical upgrades like an indoor laundry area and valuable extra water credits.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =3920, other record lot size in square feet = 4312.
The 3,920 square foot lot is relatively compact for the area, which may restrict outdoor living space, gardening, or privacy for some buyers.
Having been utilized as a long-term rental, the property may require cosmetic updates or deferred maintenance repairs to meet the expectations of a modern owner-occupant.
Great Location facing natural area of NPS and pond. Close to Baseball Park and not far from the Bay and Bike Trail. Close to one of the best sandwich shops in the area, especially Calamari Fridays!! Harwood floors, granite counters in the Kitchen with inside laundry and sink for extra water credits, seller had started plans to add a 2nd story but decided to sell. It has always been a rental with 2 separate bathrooms. Could put in slider to a deck on the end bedroom. If you want a Primary suite, you could access bathroom and expand into garage.
No exterior & parking available.
Grades K-5 • 1.6 mi
Grades 6-8 • 2.6 mi
Grades 9-12 • 1.9 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 | 1,332 | 1,982 | 20% |
| Lot Size | 3,920 | 6,250 | 8% |
| Price | $950.0K | $1.19M | 20% |
| Price per sq ft | $713 | $674 | 63% |
| Built year | 1962 | 1962 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 8 | 173 | 2% |
Apr 14, 2026
$950,000
Initial Listing
Jun 11, 2002
$365,000
Public Record