513 Monterey Avenue, Pacific Grove, California 93950, Pacific Grove, 93950 - 2 bed, 2 bath
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513 Monterey Avenue
Pacific Grove, California 93950
ACTIVE
CONDITION: POOR
2Beds
2Baths
897Sq Ft
3,600Lot Size
Property Price
LIST PRICE$875,000
EST. MARKET VALUE
$905,251
3% BelowMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $875,000—positioned well below the $905,252 Fair Market Value by 3%. This valuation gap offers $30,252 in Instant Equity for buyers. Featuring a Fair Condition Rating, the home requires a full rehab, yet the 3,600 sqft lot and detached garage offer significant ADU development potential. Located in a top-tier school district, this is a high-reward acquisition ideal for Fix-and-Flip Investors or Contractors seeking a value-add project.
Estimated Market Value
$905,251+$30,251 Equity Potential
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 |
|---|---|---|---|---|---|---|
★ 513 Monterey Avenue Subject 2 bd · 2 ba · 897 sqft · $1,009 | $875,000* List Price | 2 | 2 | 897 | $1,009 | - |
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 605607 2nd Street Pending 2 bd · 2 ba · 972 sqft · $1,080 · 0.3 mi | $1,050,000 List Price | 2 | 2 | 972 | $1,080 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
Originally built in 1918, this home features a dated kitchen and bathrooms that appear to be 25-30+ years old. The listing description explicitly states the property is in need of work and invites buyers to 'roll up your sleeves,' indicating the need for a full rehab rather than minor repairs.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
- Prime Coastal Location
The property is situated in a highly coveted neighborhood with exceptional proximity to the Monterey Bay Aquarium, Cannery Row, coastal trails, and downtown Pacific Grove.
- Development Potential
Featuring a detached garage and a 3,600 sqft lot, this property is a prime candidate for an Accessory Dwelling Unit (ADU), offering significant opportunity to add value or rental income.
CONSRISKS & DEFICIENCIES
- Extensive Renovation Required
As a century-old 'analog' home in need of work, the property requires a substantial investment in repairs and modernization to realize its full potential.
- Compact Living Space
With only 897 square feet of living area, the home's small footprint may be a limiting factor for buyers seeking more spacious interior accommodations.
About 513 Monterey Avenue
I did not use AI to write this description because I am an analog home. I was built in 1918. Some things have changed but not much. I am just as charming as I was the day I was built, but I have to admit that professionals visiting recently keep saying that I'm in need of some work. I think I look pretty good for being over 100 years old. I have a detached garage and may be a good candidate for one of those new-fangled ADUs everyone is talking about. Looking for a charming home with potential in one of the most charming towns in the U.S.? You cannot beat the neighborhood, the town, the school district, and the nearby proximity to the coastal trails, Monterey Bay Aquarium, downtown Pacific Grove, and Cannery Row. Roll up your sleeves and let's see what you have in store for my second act. With risk comes reward.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1918
- Lot Size
- 3,600 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 2 (2 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 • 0.2 mi
9/10
Forest Grove Elementary School
Grades K-5 • 0.9 mi
6/10
Monte Vista
Grades K-5 • 1.9 mi
5/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.6 |
| Baths | 2.0 | 2.0 |
| Square foot | 897 | 1,342.844 |
| Lot Size | 3,600 | 4,470.75 |
| Price | $875.0K | $1.42M |
| Price per sq ft | $975 | $1.2K |
| Built year | 1918 | 1932 |
| HOA | $0 | $0 |
| Days on market | 5 | 62 |
Pricing History
Listed for Sale
Oct 20, 2026
$875,000
Initial Listing