331 5th Avenue, Carmel, California 93921, Carmel, 93921 - 3 bed, 2 bath
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331 5th Avenue
Carmel, California 93921
ACTIVE
CONDITION: GOOD
3Beds
2Baths
1,557Sq Ft
5,080Lot Size
Property Price
LIST PRICE$4,475,000
EST. MARKET VALUE
$4,583,957
SUMMARY
This Turnkey Coastal Residence is a Prime Investment Opportunity, listed at $4,475,000—positioned well below the $4,583,957 Fair Market Value by 2%. This valuation gap offers $108,957 in Instant Equity for the buyer. Featuring an Excellent Condition Rating (built 2014), the home offers modern amenities like AC, a private deck with ocean views, and a spa-like bathroom. Located in the Carmel Unified district, this property is an ideal sanctuary for Luxury Homeowners or Vacation Property Investors seeking a move-in ready coastal retreat.
Estimated Market Value
$4,583,957
Based on Realkey algorithm analyzing recent comparable sales in Carmel.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 331 5th Avenue Subject 3 bd · 2 ba · 1,557 sqft · $2,944 | $4,475,000* List Price | 3 | 2 | 1,557 | $2,944 | - |
A 0 Monte Verde 4ne 4th St. Sold 3 bd · 2 ba · 1,554 sqft · $2,252 · 0.2 mi | $3,500,000 | 3 | 2 | 1,554 | $2,252 | 0.2 mi |
B 3se Of 4th Avenue Sold 3 bd · 2 ba · 1,248 sqft · $2,925 · 0.2 mi | $3,650,000 | 3 | 2 | 1,248 | $2,925 | 0.2 mi |
C 0 Lincoln 3 Sw Of 10th Avenue Sold 3 bd · 3 ba · 1,687 sqft · $2,664 · 0.3 mi | $4,495,000 | 3 | 3 | 1,687 | $2,664 | 0.3 mi |
D 0 Lincoln 3 Ne Of 5th Street Sold 3 bd · 3 ba · 1,722 sqft · $2,555 · 0.3 mi | $4,400,000 | 3 | 3 | 1,722 | $2,555 | 0.3 mi |
E 0 Santa Fe 3 Sw Of Mountain View Sold 4 bd · 4 ba · 2,000 sqft · $2,825 · 0.3 mi | $5,650,000 | 4 | 4 | 2,000 | $2,825 | 0.3 mi |
F 0 Santa Lucia 2 Ne Of Casanova Street Active Under Contract 2 bd · 2 ba · 1,335 sqft · $2,397 · 0.6 mi | $3,200,000 List Price | 2 | 2 | 1,335 | $2,397 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Good
TeardownExcellent
Property is move-in ready.
Built in 2014 (12 years old), falling into the 10-20 year bracket. The home is perfectly maintained and in turn-key, move-in ready condition with pristine hardwood floors, modern systems including AC, and high-quality finishes throughout.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Walkable Location
Situated on the northwest side of downtown Carmel-by-the-Sea, this property offers an exceptional 'walk-to-everything' lifestyle, providing immediate access to gourmet dining, art galleries, and the white sands of Carmel Beach.
- Modern Turn-Key Construction
Built in 2014 and meticulously maintained, this home offers rare modern amenities for the area, including air conditioning and high-quality millwork, ensuring a move-in-ready experience without the maintenance issues of older cottages.
- Exclusive Primary Retreat
The entire upper level is dedicated to a private primary suite, featuring a spa-like bathroom and a private deck with ocean views, offering a level of seclusion and luxury rarely found in compact coastal floor plans.
CONSRISKS & DEFICIENCIES
- High Price Per Square Foot
At a list price of $4.475 million for 1,557 square feet, the property commands a significant premium that may be difficult to justify for buyers seeking more interior living space.
- Limited Parking and Storage
The inclusion of only a one-car garage may be a drawback for full-time residents with multiple vehicles or those requiring extra space for storage and beach gear.
About 331 5th Avenue
On the northwest side of downtown Carmel-by-the-Sea, this is the ultimate pied-a -terre. Once you arrive at Gem by the Sea, no car will ever be needed. Just moments from the buzz of cafes, wine tasting rooms, gourmet dining and art galleries of the village and a leisurely stroll to the white sands of Carmel Beach. This is truly a vacation home. New construction in 2014, the home has been maintained perfectly, the residence feels fresh, intentional, and timeless. The interior is defined by rich hardwood floors and millwork detailing that echoes the classic Carmel aesthetic while offering the modern comforts of a newer build. The main level is thoughtfully designed with two bedrooms, ideal for guests or a home office, while the primary suite claims the entire upper level. Accessed by a gentle set of stairs, this retreat features a private deck with ocean views and a spa-like bathroom complete with a freestanding tub and separate shower. Turn-key coastal elegance, this cottage offers a level of privacy and craftsmanship that is increasingly hard to find. Features AC, Ocean Views, Exterior Spa and attached 1 Car Garage.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 2014
- Lot Size
- 5,080 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 2.0 | 2.8 |
| Square foot | 1,557 | 2,111.641 |
| Lot Size | 5,080 | 12,541.641 |
| Price | $4.47M | $3.11M |
| Price per sq ft | $2.9K | $1.4K |
| Built year | 2014 | 1972 |
| HOA | $0 | $2.2K |
| Days on market | 29 | 81 |
Pricing History
Listed for Sale
Sep 25, 2026
$4,475,000
Initial Listing
Sold
Jan 31, 2025
$3,710,000
Public Record
Sold
Apr 8, 2020
$2,250,000
Public Record
Sold
Oct 3, 2014
$1,978,000
Public Record