2 Portola Avenue, Monterey, California 93940, Monterey, 93940 - 3 bed, 2 bath
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Monterey, California 93940
This High-Potential Investment Opportunity is listed at a List Price of $850,000, positioned well below the $847,054 Fair Market Value by -0.35%. While the property is priced at market, its Fair Condition Rating and existing plans for a second-story addition provide significant upside. Featuring Hardwood Floors and a Granite Kitchen, the home offers a solid foundation for value-add renovations. With its proximity to the NPS natural area and Monterey Bay, this is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a project with expansion potential.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2 Portola Avenue Subject | $850,000* List Price | 3 | 2 | 1,332 | $636 | - |
A 339 Ramona Avenue Sold | $1,000,000 | 3 | 2 | 1,553 | $644 | 0.4 mi |
B 33 Portola Avenue Active | $875,000 List Price | 4 | 2 | 1,636 | $535 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1962, this property is well-aged and has primarily served as a rental. While it features desirable hardwood floors and granite kitchen counters, the overall condition is dated with kitchen cabinetry, appliances, and bathrooms appearing to be 20-30+ years old. It is functional and move-in ready for a tenant, but requires cosmetic updates and likely system modernizations to meet current owner-occupant standards.
The property is ideally situated facing a natural NPS area and pond, offering serene greenbelt views while remaining close to the Monterey Bay, bike trails, and local amenities.
With existing plans for a second story and extra water credits already secured, the home offers a rare opportunity to increase square footage and value through a primary suite conversion or vertical addition.
The interior features durable hardwood flooring and granite countertops, providing a high-quality foundation for either an owner-occupant or a turnkey rental investment.
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 property has undergone multiple price reductions from an initial $950,000 to $850,000 and has sat on the market for 48 days, suggesting initial overpricing or buyer hesitation.
At just 3,920 square feet, the lot is relatively small, which restricts outdoor yard space and limits the footprint for any potential ground-level expansions.
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 | 1,996 | 20% |
| Lot Size | 3,920 | 6,970 | 8% |
| Price | $850.0K | $1.19M | 10% |
| Price per sq ft | $638 | $660 | 41% |
| Built year | 1962 | 1963 | 47% |
| HOA | $0 | $0 | 50% |
| Days on market | 61 | 184 | 3% |
May 29, 2026
$850,000
$895,000
-5% Price Drop
Initial Listing
May 6, 2026
$895,000
$950,000
-6% Price Drop
Initial Listing
Apr 14, 2026
$950,000
Initial Listing
Jun 11, 2002
$365,000
Public Record