311 Lighthouse, Pacific Grove, California 93950, Pacific Grove, 93950 - 4 bed, 2 bath
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Pacific Grove, California 93950
This Prime Development Asset represents a High-Potential Investment Opportunity listed at $1,845,000. The asking price reflects the strategic inclusion of rare Water Rights and approved 3,658 SF Modern Plans, which justifies the premium over the $1,628,698 Fair Market Value of the existing 1957 structure. Currently featuring a Condition Rating of 5, the property is marketed for its land value and shovel-ready potential to capture Spectacular Monterey Bay Views. Located near 9/10 Rated Schools, this project is an elite acquisition for Developers and Visionary Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 311 Lighthouse Subject | $1,845,000* List Price | 4 | 2 | 1,836 | $887 | - |
A Cedar Street Sold | $1,360,000 | 4 | 2 | 1,584 | $859 | 0.9 mi |
B 902904 19th Street Active | $1,399,000 List Price | 4 | 2 | 1,928 | $726 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
The property is a 1957 original structure being marketed primarily for its development potential and land value. The listing and property analysis explicitly state that realizing the property's potential requires a complete rebuild, and the value is tied to the included custom plans and water rights rather than the existing residence. The current structure is significantly outdated, likely featuring original mid-century systems, kitchen, and bathrooms that require substantial rehabilitation.
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
Situated in Pacific Grove's desirable sun belt, the property offers spectacular Monterey Bay views and is less than a mile from Lovers Point, Cannery Row, and downtown.
The sale includes custom plans for a 3,658 SF modern residence and ADU, crucially including water rights, which significantly accelerates the building process in this highly restricted area.
Realizing the property's full potential requires a complete rebuild or extensive construction, involving significant additional capital, time, and project management.
The list price heavily reflects the future development value and location rather than the existing 1957 structure, which may be outdated for buyers seeking immediate occupancy.
Spectacular ocean views from a prime location, re-imagined for the ultimate in indoor/outdoor living and entertaining. This property comes with custom plans WITH WATER for a 2 story modern home with attached ADU boasting 3,658 square feet of combined living space. The planned main residence has 4 bedrooms, 3.5 bathrooms, laundry rooms on both floors, and an attached 2 car garage. The 2nd floor great room has a living area with fireplace and bar, gourmet kitchen with 10 island, separate dining area, and half bath. Expansive 24 glass doors connect the great room to a 1,300 SF deck with stunning views of Monterey Bay. The primary bedroom shares those views, with its own door onto the deck. The 1 bedroom,1.5 bath ADU provides an income opportunity or living quarters for extended family or a caretaker. Located in Pacific Groves desirable sun belt, the property is less than a mile from downtown Pacific Grove, Cannery Row, and Lovers Point.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades K-5 • 1.1 mi
Grades K-5 • 2.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 86% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,836 | 1,352 | 78% |
| Lot Size | 6,800 | 4,650 | 78% |
| Price | $1.84M | $1.32M | 78% |
| Price per sq ft | $1.0K | $1.0K | 49% |
| Built year | 1957 | 1950 | 65% |
| HOA | $0 | $0 | 50% |
| Days on market | 54 | 153 | 10% |
Feb 27, 2026
$1,845,000
Initial Listing
Jan 3, 2022
$975,000
Public Record