
Monterey, California 93940
This Triplex Residential Income property is a Strong Value Opportunity, listed at $1,949,000—positioned slightly above the $1,860,271 Fair Market Value. While not a discount play, the property offers a stable, high-demand asset in a prime Monterey location. Featuring a Condition Rating of 3, the units are move-in ready with modern updates, private parking, and a 13,939 sqft wooded lot. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to leverage rental income to offset mortgage costs in a strategic, high-demand rental market.
Property is move-in ready.
Although built in 1956, the property has undergone significant renovations. The kitchen features updated appliances and clean, functional cabinetry, and the description notes 'crisp and modern' bathrooms. Exterior images show vinyl replacement windows and well-maintained siding, suggesting a renovation within the 5-15 year range that makes the units move-in ready.
As a triplex with three distinct residences under one roof, this property offers multiple income streams for investors or a 'house-hacking' opportunity for owner-occupants to offset their mortgage.
The property is ideally situated near major demand drivers including the Naval Postgraduate School, Defense Language Institute, and Community Hospital, ensuring a consistent pool of high-quality tenants.
A long private drive provides rare off-street parking for all units, complemented by a large 13,939 sqft wooded lot that offers privacy and functional outdoor storage.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =13939, other record lot size in square feet = 13991.
Built in 1956, the property may require significant capital expenditure for long-term maintenance of original structural elements or utility systems common in older Monterey builds.
At a list price of nearly $1.95M for 2,618 square feet, the high price-per-square-foot may result in a lower initial cap rate, requiring aggressive rent management to maximize ROI.
At the base of the pines and oaks of Skyline Forest, this triplex sits on a quiet wooded hillside minutes above downtown Monterey. The opportunities are numerous: three separate residences (244, 246, and 248) under one roofline, each with its own dedicated entrance, privacy, and character. One unit is warm and traditional, with a stone fireplace and hardwood floors. Another is bright and contemporary, with ample cabinetry and French doors to a private patio where you can bask in the beautiful forested setting. Light-filled bedrooms abound in all three units, and bathrooms are crisp and modern. A long private drive ensures plenty of off-street parking for your guests or tenants, and mature trees, a fenced backyard, and a storage shed complete the outdoor space. The neighborhood is private, yet within easy reach of downtown, the wharf, the hospital, the Naval Postgraduate School and DLI, and the Highway 1 Pebble Beach gate. For an investor, this property offers three income streams on a single parcel. For an owner-occupant, it is a chance to live in one and let the other two work for you. Welcome to a rare foothold on the Monterey Peninsula.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,618 | 2,835.5 |
| Lot Size | 13,939 | 5,549 |
| Price | $1.95M | $1.58M |
| Price per sq ft | $744 | $609 |
| Built year | 1956 | 1978 |
| HOA | $0 | $0 |
| Days on market | 34 | 96 |
Aug 6, 2026
$1,949,000
Initial Listing
Jan 22, 2020
$760,000
Public Record