
Monterey, California 93940
This Charming Coastal Cottage represents a High-Potential Investment Opportunity, listed at $849,000—positioned well below the $866,985 Fair Market Value by 2%. This valuation gap offers $17,985 in Instant Equity. With a Condition Rating of 3, the home features significant infrastructure upgrades, including a new roof and updated electrical. Located near Pacific Grove High School (9/10) and the Monterey Bay, this property is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a move-in ready coastal residence.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 642 Cypress Street Subject 2 bd · 1 ba · 1,114 sqft · $778 | $849,000* List Price | 2 | 1 | 1,114 | $778 | - |
A 1201 David Avenue Sold 2 bd · 1 ba · 883 sqft · $951 · 0.3 mi | $840,000 | 2 | 1 | 883 | $951 | 0.3 mi |
B 1394 David Avenue Sold 2 bd · 1 ba · 1,116 sqft · $797 · 0.3 mi | $889,000 | 2 | 1 | 1,116 | $797 | 0.3 mi |
C 677 Taylor Street Sold 2 bd · 2 ba · 1,118 sqft · $866 · 0.4 mi | $968,000 | 2 | 2 | 1,118 | $866 | 0.4 mi |
D 1201 Hoffman Avenue Sold 3 bd · 2 ba · 1,250 sqft · $816 · 0.1 mi | $1,020,000 | 3 | 2 | 1,250 | $816 | 0.1 mi |
E 779 Alice Street Sold 3 bd · 2 ba · 1,343 sqft · $782 · 0.3 mi | $1,050,000 | 3 | 2 | 1,343 | $782 | 0.3 mi |
F 2363 Irving Avenue Sold 3 bd · 2 ba · 1,540 sqft · $708 · 0.5 mi | $1,090,000 | 3 | 2 | 1,540 | $708 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Although originally built in 1929, this cottage is well-maintained, functional, and move-in ready. Key structural and systemic upgrades have been completed, including a new roof, updated electrical panel, and updated plumbing. The interior features fresh paint and hardwood floors, and while the bathroom tile and vanity are somewhat dated, the overall condition is highly livable without immediate major repair needs.
High School: Pacific Grove High School (9/10).
Situated directly across from Cypress Street Park and within walking distance to Cannery Row and the Monterey Bay, this home offers exceptional coastal convenience and high walkability.
The property features a new roof, updated electrical panel, and completed sewer lateral, addressing major maintenance items and providing peace of mind for a home of this vintage.
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 = 3700.
With only one bathroom serving two bedrooms, the layout may be a constraint for families or those who frequently host guests.
The private carport is accessed via a shared driveway from Lily Street, which may impact privacy and ease of entry compared to a dedicated private drive.
Tucked directly across from Cypress Street Park in the heart of New Monterey, this charming cottage offers the rare combination of character, comfort, and coastal convenience. With two bedrooms and one bath, hardwood floors, fresh paint, updated plumbing and appliances, and a layout that feels wonderfully uncomplicated, its the kind of home that invites you to slow down and stay awhile. And then theres the location. Step outside and the park is right across the street. Wander a few blocks farther and youre strolling along the Monterey Bay, with Cannery Row, the Aquarium, and Pacific Grove all within easy reach. Here, the best of Monterey isnt something you drive toits something you walk to. The important work has already been done: a new roof, updated electrical panel, and completed sewer lateral provide a solid foundation for the next chapter. A private carport, accessed from Lily Street via a shared driveway, adds another layer of everyday convenience. Whether imagined as a full-time home, a weekend retreat, or a place to create something uniquely your own, this is an opportunity to own a piece of New Monterey in one of its most beloved neighborhoods. A cottage. A park across the street. The Monterey Bay just beyond.
No exterior & parking available.
Grades K-5 • 1.1 mi
Grades K-5 • 1.4 mi
Grades 6-8 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 1.0 | 2.4 |
| Square foot | 1,114 | 1,795.679 |
| Lot Size | 3,485 | 8,154.071 |
| Price | $849.0K | $1.25M |
| Price per sq ft | $762 | $732 |
| Built year | 1929 | 1961 |
| HOA | $0 | $461 |
| Days on market | 53 | 61 |
Sep 1, 2026
$849,000
Initial Listing
Apr 28, 1999
$287,000
Public Record