618 Forest Avenue, Pacific Grove, California 93950, Pacific Grove, 93950 - 0 bed, 0 bath
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Pacific Grove, California 93950
This Prime Residential Income Quadruplex is listed at $2,299,000, positioned as a high-performing asset near its $2,200,063 Fair Market Value. The property generates a robust $12,280 monthly gross income from four units featuring Refreshed Interiors and a Condition Rating of 3. Investors gain immediate upside through City-approved plans for a 788 sq ft ADU with water credits already secured. Situated within the elite Pacific Grove Unified School District near Robert Down Elementary (9/10), this turnkey offering balances strong rental fundamentals with long-term appreciation. It is ideal for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 618 Forest Avenue Subject | $2,299,000* List Price | 0 | 0 | 3,737 | $589 | - |
A 160 Monterey Avenue Active | $1,750,000 List Price | 0 | 0 | 3,321 | $527 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Although built in 1972, the property is well-maintained and move-in ready. Interior photos show significant updates including modern laminate flooring, renovated bathrooms with contemporary vanities and stone countertops, and updated kitchen appliances. The units are refreshed with in-unit laundry and modern light fixtures, though some elements like the kitchen cabinetry reflect a slightly older style.
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
This fully occupied fourplex generates a robust $12,280 monthly gross income and is situated within the prestigious Pacific Grove Unified School District, ensuring high tenant demand and long-term appreciation.
The property includes City-approved plans for a 788 sq ft ADU with water credits already purchased, providing a rare and immediate opportunity to increase density and rental yield in a restrictive market.
Built in 1972, the property may require ongoing maintenance or future upgrades to major systems like plumbing and electrical that are typical for buildings of this vintage.
With only four covered carports currently available, the addition of the planned ADU on the 5,200 sq ft lot may lead to parking constraints and reduced outdoor space for existing tenants.
Rare offering in prime Pacific Grove within the highly regarded Pacific Grove Unified School District.* Fully occupied fourplex with $12,280 in monthly gross income and strong rental fundamentals. Ideal for an owner-occupant to live in one unit and rent three, or hold as a pure income asset. All units are refreshed with in-unit washer-dryer combos and kitchen appliances, and most kitchens and baths are renovated. On-site parking includes four covered carports. Clear value-add: approx. 788 sq ft ADU plan already City-approved and Water Credits purchased. Walkable to shops, dining, parks, beach, and transit. Please do not disturb occupants.
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades K-5 • 0.6 mi
Grades K-5 • 2.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 3,737 | 3,000 | 67% |
| Lot Size | 5,200 | 5,200 | 50% |
| Price | $2.30M | $1.50M | 67% |
| Price per sq ft | $615 | $615 | 50% |
| Built year | 1972 | 1959 | 67% |
| HOA | $0 | $0 | 50% |
| Days on market | 210 | 210 | 67% |
Mar 10, 2026
$2,299,000
Initial Listing
Sep 24, 2025
$2,480,000
Initial Listing
Jun 14, 2022
$2,100,000
Public Record