427 Central Avenue, Pacific Grove, California 93950, Pacific Grove, 93950 - 2 bed, 1 bath
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427 Central Avenue
Pacific Grove, California 93950
ACTIVE
CONDITION: TEAR DOWN
2Beds
1Baths
1,012Sq Ft
3,485Lot Size
Property Price
LIST PRICE$1,390,000
EST. MARKET VALUE
$1,080,557
28% AboveMARKET VALUE
SUMMARY
This property represents a High-Potential Investment Opportunity, listed at $1,390,000—positioned well above the $1,087,345 Fair Market Value by -27%. With a Condition Rating of 6, this 1925-built residence requires extensive renovation, offering a blank canvas for structural restoration. Located just 1.5 blocks from the ocean and within the top-tier Pacific Grove School District (including 9/10 rated schools), the location provides significant long-term value. This asset is best suited for Fix-and-Flip Investors or Contractors capable of executing a comprehensive value-add project.
Estimated Market Value
$1,080,557
Based on Realkey algorithm analyzing recent comparable sales in Pacific Grove.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 427 Central Avenue Subject 2 bd · 1 ba · 1,012 sqft · $1,068 | $1,390,000* List Price | 2 | 1 | 1,012 | $1,068 | - |
A 851 Laurel Avenue Sold 3 bd · 1 ba · 1,144 sqft · $979 · 0.7 mi | $1,120,000 | 3 | 1 | 1,144 | $979 | 0.7 mi |
B 306 9th Street Active 2 bd · 1 ba · 780 sqft · $1,281 · 0.2 mi | $999,000 List Price | 2 | 1 | 780 | $1,281 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Tear down
TeardownExcellent
Property is land value only, full reconstruction required.
Built in 1925 (99 years old) with no mention of renovations. The property is described as 'quite overgrown' and an 'opportunity,' while the image shows extreme neglect and dense vegetation obscuring the structure, indicating it is likely unlivable and priced for land value.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
- Prime Coastal Location
Situated just 1.5 blocks from Ocean View Avenue and the coastline, the property offers immediate access to scenic parks and picturesque ocean views with breaking waves.
- Exceptional School District
The home is located within a top-tier educational zone, served by highly-rated institutions including Robert Down Elementary and Pacific Grove High School, both rated 9/10.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =3485, other record lot size in square feet = 3783.
- Extensive Deferred Maintenance
The description of the lot as 'quite overgrown' and the property as an 'opportunity' suggests the need for significant capital investment in landscaping and structural repairs.
- Limited Square Footage and Layout
At just 1,012 square feet with a 2-bedroom, 1-bathroom configuration, the living space is relatively small and may require an addition to meet modern buyer expectations at this price point.
About 427 Central Avenue
Great location. 1.5 blocks to Ocean View Avenue, Berwick Park and the ocean with breaking waves making picturesque views so close to home. Short walk to Lovers Point and beach. Walk or bike along the trail to the aquarium and Cannery Row, or south along the ocean to Asilomar. Close to downtown Pacific Grove, with many shops and re restaurants. The lot quite overgrown, and there is an old garage which is not accessible at this time. An opportunity for the next homeowner.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1925
- Lot Size
- 3,485 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Pacific Grove Unified Schools
Robert Down Elementary School
Grades K-5 • 0.3 mi
9/10
Forest Grove Elementary School
Grades K-5 • 1.1 mi
6/10
Monte Vista
Grades K-5 • 2.2 mi
5/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.6 |
| Baths | 1.0 | 2.0 |
| Square foot | 1,012 | 1,342.844 |
| Lot Size | 3,485 | 4,470.75 |
| Price | $1.39M | $1.42M |
| Price per sq ft | $1.4K | $1.2K |
| Built year | 1925 | 1932 |
| HOA | $0 | $0 |
| Days on market | 39 | 62 |
Pricing History
Listed for Sale
Sep 15, 2026
$1,390,000
Initial Listing