311 Lighthouse, Pacific Grove, California 93950, Pacific Grove, 93950 - 4 bed, 2 bath
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Pacific Grove, California 93950
This Coastal Development Asset represents a Strong Value Opportunity listed at $1,700,000—positioned well below the $1,803,758 Fair Market Value by 5%. This valuation gap offers $103,758 in Instant Equity for a property with a Condition Rating of 6, where the value lies in its unobstructed panoramic views and rare secured water rights. The acquisition includes custom plans for a 3,658 SF modern residence and ADU near 9/10 rated schools. This high-upside project is ideal for Developers or Luxury Custom Home Builders.
Property is land value only, full reconstruction required.
The property was built in 1957 (67 years old) with no evidence of recent renovations. The listing is marketed primarily for its land value, ocean views, and approved custom plans for a new 3,658 sq ft modern residence. The presence of story poles in the photos and the focus on conceptual renderings indicate the existing structure is obsolete for the site's highest and best use.
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
A rare and valuable feature in the Monterey Peninsula, this property includes custom plans for a 3,658 SF modern home and ADU with secured water rights, significantly streamlining the building process.
Situated in Pacific Grove’s desirable 'sun belt,' the property offers spectacular Monterey Bay views and is less than a mile from iconic destinations like Lovers Point, Cannery Row, and downtown.
The list price primarily covers the land and plans; buyers will need significant additional capital to execute the 3,658 square foot build-out of the main residence and ADU.
A price reduction from the original $1.845M suggests the market is sensitive to the total cost of acquisition plus construction in the current economic climate.
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 |
|---|---|---|
| Beds | 4.0 | 2.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,836 | 1,534 |
| Lot Size | 6,800 | 5,311 |
| Price | $1.70M | $1.45M |
| Price per sq ft | $926 | $1.1K |
| Built year | 1957 | 1920 |
| HOA | $0 | $0 |
| Days on market | 145 | 44 |
Apr 24, 2026
$1,700,000
$1,845,000
-8% Price Drop
Initial Listing
Feb 27, 2026
$1,845,000
Initial Listing
Jan 3, 2022
$975,000
Public Record