529 Wave Street, Monterey, California 93940, Monterey, 93940 - 3 bed, 2 bath
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Monterey, California 93940
This Coastal Redevelopment Asset is listed at $1,486,500, carrying a location-based premium over the $1,302,784 Fair Market Value. With a Condition Rating of 5, the 1924 structure requires a comprehensive overhaul to realize the full potential of its 4,400 sq ft lot and Ocean Views. Situated steps from Cannery Row and within the elite Pacific Grove Unified School District—featuring Pacific Grove High School (9/10)—the property offers immense long-term value. This project represents a high-upside opportunity for Fix-and-Flip Investors or Developers seeking a footprint in a world-class coastal destination.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 529 Wave Street Subject | $1,486,500* List Price | 3 | 2 | 1,050 | $1,241 | - |
A 1028 West Franklin Street Sold | $1,425,000 | 2 | 2 | 1,242 | $1,147 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1924, this 100-year-old home is explicitly marketed as a renovation or redevelopment project. The kitchen and bathrooms are significantly outdated, featuring older white appliances, dated cabinetry, and vintage fixtures. While the interior is currently functional, the listing's emphasis on 'outstanding potential' and 'redevelopment' indicates that major systems and finishes require substantial rehabilitation to meet modern living standards.
High School: Pacific Grove High School (9/10).
Situated just steps from the iconic Cannery Row and the Monterey Bay Coastal Trail, this property offers unparalleled access to world-class dining, shopping, and waterfront recreation in a highly coveted neighborhood.
The 4,400 sq ft lot provides a rare opportunity for a significant renovation or complete redevelopment, making it an ideal canvas for investors or buyers looking to build a custom residence in a premium location.
With a list price of nearly $1.5 million for only 1,050 square feet of living space, the property represents a high cost of entry that may be difficult to justify without significant further investment.
Marketed as a renovation project and featuring virtual staging, the 100-year-old structure likely requires extensive updates to its systems and finishes to meet modern living standards.
Ocean Views on Cannery Row: Charming Coastal Opportunity. Nestled on a 4,400 sq ft lot in one of the peninsulas most coveted coastal villages, this property presents an exceptional opportunity to acquire a piece of Monterey real estate in a prime location perfect for renovation, redevelopment, or creating your dream home just steps from the water. Built in 1924, this single-family residence combines historical character with outstanding potential. Just steps from the scenic Monterey Bay Coastal Trail, world-class dining, boutique shopping, and the iconic Cannery Row entertainment district. Key Highlights: Desirable New Monterey location with close proximity to coastal amenities, recreation, and cultural attractions. Ideal for those seeking a personal residence, investment property, or renovation project in an enviable Monterey setting. Whether you're drawn to coastal living, historic charm, or investment potential. Brokers and agents cannot guarantee the accuracy of square footage, permits, lot size, or condition. Buyers should verify all information with licensed professionals. Some pictures are digitally altered to reflect virtual staging.
No exterior & parking available.
Grades K-5 • 1.6 mi
Grades K-5 • 1.7 mi
Grades 6-8 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,050 | 1,982 | 10% |
| Lot Size | 4,400 | 6,250 | 12% |
| Price | $1.49M | $1.19M | 61% |
| Price per sq ft | $1.4K | $674 | 98% |
| Built year | 1924 | 1960 | 10% |
| HOA | $0 | $0 | 50% |
| Days on market | 49 | 173 | 7% |
Mar 4, 2026
$1,486,500
Initial Listing
May 6, 2005
$400,000
Public Record