724 Cypress Street, Monterey, California 93940, Monterey, 93940 - 2 bed, 1 bath
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Monterey, California 93940
This Historic Storybook Cottage is a Prime Investment Opportunity listed at $848,000—positioned below the $867,556 Fair Market Value by 2%. This valuation provides $19,556 in Instant Equity for a property with a Condition Rating of 5 requiring a full interior rehab. The true value lies in the 7,500 sqft lot comprising three parcels with R-1 Zoning and Panoramic Monterey Bay Views, offering significant ADU or expansion potential. Located near 9/10 rated Pacific Grove High School, it is ideal for Value-Add Investors or Owner-Builders.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 724 Cypress Street Subject | $848,000* List Price | 2 | 1 | 1,085 | $800 | - |
A 650 Grace Street Sold | $1,075,000 | 3 | 2 | 1,465 | $734 | 0.1 mi |
B 662 Oak Street Active | $925,000 List Price | 3 | 1 | 1,125 | $822 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1938, the property features a highly outdated kitchen with metal countertops and cabinetry that appear to be over 40 years old. While the living areas have received cosmetic updates like paint and newer flooring, the primary systems and kitchen/bath areas are well beyond their functional lifespan and require a full rehab.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7500, living area = 1085.
High School: Pacific Grove High School (9/10).
Situated on a generous 7,500 sqft lot comprising three parcels with R-1 zoning, the property offers rare opportunities for expansion, remodeling, or the addition of an ADU in a highly desirable area.
With only 1,085 square feet of living space and a single bathroom, the home's intimate layout may be restrictive for larger families or buyers seeking modern, spacious amenities.
Built in 1938, this historic cottage may require significant capital investment for modernizing systems or addressing maintenance issues inherent in older structures.
Some homes have a story. This one has chapters. Built circa 1938, this storybook cottage at 724 Cypress Street sits on three lots - one parcel - framed by ancient oaks draped in Spanish moss with sweeping views of the Monterey Bay that stop you mid-sentence. At 1,085 square feet, it's intimate without apology, with hardwood floors, a sun-drenched bay window, and a layout that just makes sense: primary bedroom on the ground floor and a room upstairs with panoramic views for a guest room or creative retreat. A quiet office tucks away for focused work, and an enclosed porch, complete with washer/dryer hookups, adds everyday practicality without sacrificing the cottage charm. Outside, the ironwork gate, the creamy stucco facade, the mature tree canopy - it all feels like Monterey. But here's what makes this property truly rare: the land. Three lots with R-1 zoning and ocean views in a conveniently located neighborhood perched above Cannery Row and the Monterey Bay Aquarium. Whether you dream of remodeling and/or building an ADU or simply living in something out of a storybook, this property holds both possibilities. Opportunities like this rarely come twice on the same street. How will this chapter end?
No exterior & parking available.
Grades K-5 • 1.0 mi
Grades K-5 • 1.5 mi
Grades 6-8 • 0.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 15% |
| Baths | 1.0 | 2.0 | 12% |
| Square foot | 1,085 | 1,982 | 10% |
| Lot Size | 7,500 | 6,800 | 58% |
| Price | $848.0K | $1.19M | 8% |
| Price per sq ft | $782 | $674 | 68% |
| Built year | 1938 | 1960 | 19% |
| HOA | $0 | $0 | 50% |
| Days on market | 4 | 173 | 2% |
Apr 18, 2026
$848,000
Initial Listing