
Monterey, California 93940
This Turnkey Coastal Cottage represents a Prime Investment Opportunity, listed at $849,000—positioned well below the $875,120 Fair Market Value by 2%. This valuation gap provides $26,120 in Instant Equity. With a Condition Rating of 3, the home features significant infrastructure upgrades, including a new roof and updated electrical. Located across from Cypress Street Park and near Pacific Grove High School (9/10), 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 | $849,000* List Price | 2 | 1 | 1,114 | $786 | - |
A 1201 David Avenue Sold | $840,000 | 2 | 1 | 883 | $951 | 0.3 mi |
B 1394 David Avenue Sold | $889,000 | 2 | 1 | 1,116 | $797 | 0.3 mi |
C 677 Taylor Street Sold | $968,000 | 2 | 2 | 1,118 | $866 | 0.4 mi |
D 1201 Hoffman Avenue Sold | $1,020,000 | 3 | 2 | 1,250 | $816 | 0.1 mi |
E 779 Alice Street Sold | $1,050,000 | 3 | 2 | 1,343 | $782 | 0.3 mi |
F 2363 Irving Avenue Sold | $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.
Despite being built in 1929, the property is well-maintained and move-in ready with significant system upgrades including a new roof, updated electrical panel, plumbing, and sewer lateral. The interior features fresh paint and hardwood floors. While the bathroom tile and fixtures appear dated (likely 10-20 years old), the home is functional and lacks major maintenance 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, offering exceptional lifestyle convenience and high desirability.
The home features a new roof, updated electrical panel, and completed sewer lateral, significantly reducing immediate capital expenditure and maintenance concerns for the buyer.
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 for a two-bedroom residence, the layout may be a constraint for families or those who frequently host guests.
The property relies on a shared driveway for carport access and sits on a modest 3,485 sqft lot, which may limit privacy and outdoor expansion potential.
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 | 2.5 |
| Square foot | 1,114 | 1,869.953 |
| Lot Size | 3,485 | 7,748.977 |
| Price | $849.0K | $1.35M |
| Price per sq ft | $762 | $729 |
| Built year | 1929 | 1962 |
| HOA | $0 | $431 |
| Days on market | 8 | 50 |
Sep 1, 2026
$849,000
Initial Listing
Apr 28, 1999
$287,000
Public Record