307 Monroe Street, Monterey, California 93940, Monterey, 93940 - 2 bed, 2 bath
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307 Monroe Street
Monterey, California 93940
ACTIVE UNDER CONTRACT
CONDITION: EXCELLENT
2Beds
2Baths
1,475Sq Ft
6,200Lot Size
Property Price
LIST PRICE$1,275,000
EST. MARKET VALUE
$1,220,707
4% AboveMARKET VALUE
SUMMARY
This Turnkey Single Family Residence represents a Strong Value Opportunity, listed at $1,275,000—positioned slightly above the $1,224,597 Fair Market Value. While priced at market, the property features a Mint Condition Rating with high-end kitchen renovations and updated systems. The rare 2.25% assumable VA loan provides a significant financial advantage, while the oversized 6,199 sq ft lot offers immense ADU potential. Located in a highly walkable Old Monterey neighborhood, this home is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking long-term stability and lifestyle.
Estimated Market Value
$1,220,707
Based on Realkey algorithm analyzing recent comparable sales in Monterey.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 307 Monroe Street Subject 2 bd · 2 ba · 1,475 sqft · $828 | $1,275,000* List Price | 2 | 2 | 1,475 | $828 | - |
A 640 Alice Street Sold 3 bd · 2 ba · 1,294 sqft · $850 · 0.8 mi | $1,100,000 | 3 | 2 | 1,294 | $850 | 0.8 mi |
B 814 Parcel Street Sold 3 bd · 2 ba · 1,477 sqft · $694 · 0.9 mi | $1,025,000 | 3 | 2 | 1,477 | $694 | 0.9 mi |
C 668 Alice Street Sold 4 bd · 3 ba · 1,500 sqft · $883 · 0.9 mi | $1,325,000 | 4 | 3 | 1,500 | $883 | 0.9 mi |
D 777 Parcel Street Sold 3 bd · 2 ba · 1,542 sqft · $778 · 0.9 mi | $1,200,000 | 3 | 2 | 1,542 | $778 | 0.9 mi |
E 677 Taylor Street Sold 2 bd · 2 ba · 1,118 sqft · $866 · 0.9 mi | $968,000 | 2 | 2 | 1,118 | $866 | 0.9 mi |
F 721 Oak Street Sold 4 bd · 3 ba · 1,758 sqft · $768 · 0.8 mi | $1,350,000 | 4 | 3 | 1,758 | $768 | 0.8 mi |
G 1321 Hoffman Avenue Active 3 bd · 2 ba · 1,512 sqft · $1,055 · 0.7 mi | $1,595,000 List Price | 3 | 2 | 1,512 | $1,055 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Excellent
TeardownExcellent
Property is new construction or fully renovated.
Despite the 1947 build date, the property features a high-end modern kitchen renovation with stainless steel Bosch appliances and shaker cabinets, updated systems as per the description, and mint overall condition consistent with a renovation under 5 years old.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Walkable Location
Situated in the heart of Old Monterey, this property offers rare walkability to Alvarado Street dining, the Wharf, and local parks, providing a highly coveted urban-coastal lifestyle.
- Exceptional Financial Incentive
The 2.25% assumable VA loan presents a significant financial advantage, offering qualified buyers a monthly payment far below current market interest rates.
- ADU and Expansion Potential
The oversized 6,199 sq ft lot and detached garage provide excellent flexibility for an ADU conversion, studio, or future expansion, which is uncommon for this historic neighborhood.
CONSRISKS & DEFICIENCIES
- Modest School Ratings
The assigned elementary and middle schools carry lower ratings (5/10 and 3/10 respectively), which may be a deterrent for families prioritizing top-tier educational districts.
- High Price per Bedroom
At a $1.275M list price for a two-bedroom configuration, the property represents a high entry point that may limit appeal for buyers requiring more sleeping quarters for the investment.
About 307 Monroe Street
Welcome to 307 Monroe Street an exceptional Old Monterey home offering rare walkability, a larger than typical 1,475 sq ft footprint, and a beautifully maintained 2BD/2BA layout on a generous 6,199 sq ft lot. This property delivers the charm of a classic Monterey neighborhood with the space, function, and lifestyle buyers struggle to find in this price band. The home features a bright, open living area, updated systems, and a detached garage ideal for ADU potential, studio use, or secure storage. The oversized lot provides privacy, expansion flexibility, and outdoor enjoyment uncommon for the area. Located just moments from Alvarado Street dining, the Wharf, the Library, and neighborhood parks, this address offers one of Monterey's most coveted walkable lifestyles. Additional advantages include a 2.25% assumable VA loan, expanding the buyer pool and enhancing affordability for qualified purchasers. With clean presentation, strong systems, and a location known for long term desirability, 307 Monroe stands out as a rare opportunity in one of Monterey's most stable micro-markets. Don't miss the chance to secure a home that blends charm, space, and walkability perfectly positioned for todays Monterey buyer.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1947
- Lot Size
- 6,200 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Monterey Unified Schools
Monte Vista
Grades K-5 • 1.0 mi
5/10
Walter Colton
Grades 6-8 • 1.0 mi
3/10
Monterey High School
Grades 9-12 • 0.4 mi
6/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 2.0 | 2.4 |
| Square foot | 1,475 | 1,795.679 |
| Lot Size | 6,200 | 8,154.071 |
| Price | $1.27M | $1.25M |
| Price per sq ft | $864 | $732 |
| Built year | 1947 | 1961 |
| HOA | $0 | $461 |
| Days on market | 36 | 61 |
Pricing History
Listed for Sale
Sep 18, 2026
$1,275,000
Initial Listing
Sold
Sep 24, 2018
$805,500
Public Record