399 Hoffman Avenue, Monterey, California 93940, Monterey, 93940 - 2 bed, 2 bath
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Monterey, California 93940
This property presents a Prime Investment Opportunity with a List Price of $975,000—positioned well below the $996,224 Fair Market Value by 2%. This valuation gap offers $21,224 in Instant Equity for buyers. Featuring a Condition Rating of 4, the home offers significant upside through modernization. Located near Pacific Grove High School (9/10) and the Monterey Bay coastline, this asset provides a versatile lower level and partial bay views. It is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking value-add potential.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 399 Hoffman Avenue Subject | $948,500* List Price | 2 | 2 | 792 | $1,231 | - |
A 1099 David Avenue Sold | $813,500 | 2 | 1 | 636 | $1,279 | 0.5 mi |
B 515 Dickman Avenue Active Under Contract | $929,000 List Price | 2 | 1 | 619 | $1,501 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1974, this 50-year-old home is functional but dated. While it features some updates like bamboo flooring, a newer furnace, and granite countertops, the kitchen cabinets, white appliances, and bathroom fixtures are significantly aged (likely 20+ years) and require modernization. The listing itself notes the opportunity to update and personalize.
High School: Pacific Grove High School (9/10).
Situated just blocks from Monterey Bay and Cannery Row, the property offers unparalleled access to world-class attractions, waterfront dining, and the scenic Recreation Trail.
The home features a flexible lower level with multiple bonus rooms and a half bath, significantly expanding the functional square footage for a home office, studio, or guest space.
At just 792 square feet, the main living area is relatively small, which may pose a challenge for those seeking a more spacious or open-concept residential layout.
The property is marketed as an opportunity to update and personalize, suggesting that the 1970s-era interior may require additional capital investment for contemporary upgrades.
Just blocks from Monterey Bay, 399 Hoffman Avenue offers the opportunity to own a classic New Monterey cottage in one of the Peninsula's most sought-after neighborhoods. Enjoy easy access to the Recreation Trail, Cannery Row, the Monterey Bay Aquarium, beaches, waterfront dining, boutique shopping, and all the attractions that define Monterey's coastal lifestyle. Filled with natural light, this charming 2-bedroom, 1-bath home features bamboo flooring, a dedicated laundry room, and a newer forced-air furnace. The versatile lower level includes a half bath and multiple bonus rooms ideal for a home office, fitness room, art studio, guest space, workshop, or additional storage. An attached single-car garage adds everyday convenience. Rich in character and ready for its next chapter, this home offers the opportunity to update and personalize while building equity in an exceptional location. Whether you're looking for a primary residence, weekend retreat, or long-term investment, 399 Hoffman Avenue combines charm, flexibility, and an unbeatable New Monterey location.
No exterior & parking available.
Grades K-5 • 1.5 mi
Grades K-5 • 1.7 mi
Grades 6-8 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 2.0 | 2.5 |
| Square foot | 792 | 1,829.5 |
| Lot Size | 3,000 | 7,517.5 |
| Price | $948.5K | $1.29M |
| Price per sq ft | $1.2K | $686 |
| Built year | 1974 | 1962 |
| HOA | $0 | $495 |
| Days on market | 22 | 63 |
Jul 15, 2026
$948,500
$975,000
-3% Price Drop
Initial Listing
Jun 30, 2026
$975,000
Initial Listing
Nov 1, 1994
$85,000
Public Record