883 Lighthouse Avenue, Monterey, California 93940, Monterey, 93940 - 0 bed, 0 bath
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883 Lighthouse Avenue
Monterey, California 93940
ACTIVE UNDER CONTRACT
CONDITION: FAIR
0Beds
0Baths
2,633Sq Ft
4,800Lot Size
Property Price
LIST PRICE$1,500,000
EST. MARKET VALUE
$1,500,000
SUMMARY
This 4-unit mixed-use property represents a High-Potential Investment Opportunity, currently listed at a List Price of $1,500,000, which aligns with the $1,500,000 Fair Market Value. Featuring a Fair Condition Rating, the asset offers significant value-add potential through cosmetic updates to its residential and commercial spaces. With a 2BD/1BA unit with deck and a detached 1BD/1BA apartment, the property provides diversified revenue streams in a high-traffic location near Top-Rated Schools like Pacific Grove High. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a versatile Monterey asset.
Estimated Market Value
$1,500,000
Based on Realkey algorithm analyzing recent comparable sales in Monterey.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 883 Lighthouse Avenue Subject | $1,500,000* List Price | 0 | 0 | 2,633 | $570 | - |
A 700 David Avenue Sold | $1,550,000 | 0 | 0 | 2,235 | $694 | 0.2 mi |
B 1113 Mcclellan Avenue Sold | $1,400,000 | 0 | 0 | 2,204 | $635 | 0.6 mi |
C 830 Parcel Street Sold | $1,580,000 | 0 | 0 | 3,436 | $460 | 0.7 mi |
D 291 Watson Street Sold | $1,737,000 | 0 | 0 | 3,346 | $519 | 1.0 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1966, this mixed-use property is over 50 years old and shows significant signs of age. While functional and currently occupied, the residential units feature dated interiors with paneled walls, older kitchenettes, and aging carpet/flooring. Exterior images reveal deferred maintenance including peeling paint on window frames and cracked asphalt in the parking area. It fits the 'Fair' criteria as it is move-in ready but requires cosmetic updates and likely system overhauls to meet modern standards.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
High School: Pacific Grove High School (9/10).
- Prime Mixed-Use Location
Situated on the high-traffic Lighthouse Avenue near Cannery Row and the Monterey Bay Aquarium, this property offers exceptional visibility for commercial tenants and high desirability for residential renters.
- Diversified Revenue Potential
With two commercial storefronts and two separate residential units, including a detached apartment, the property provides a versatile income stream that mitigates vacancy risk and appeals to a broad range of investors.
CONSRISKS & DEFICIENCIES
- Extended Market Time
With over 240 days on the market, the property may face perception challenges regarding its initial pricing strategy or potential underlying issues that have deterred previous buyers.
- Vintage Infrastructure
Built in 1966, the property likely requires modern capital improvements to meet current ADA standards for commercial units and general infrastructure updates common in older mixed-use buildings.
About 883 Lighthouse Avenue
Rare opportunity to own a 4-unit mixed-use commercial and residential property in the heart of Monterey, just blocks from the Monterey Bay Aquarium, Cannery Row, and the waterfront. Two street-facing commercial units front busy Lighthouse Avenue, offering excellent visibility and foot traffic. The property also includes two residential units: a 2BD/1BA apartment above the commercial spaces with deck and off-street parking, and a detached 1BD/1BA apartment at the rear of the lot. Ideal for investors or owner-users seeking diversified income in a premier Monterey location.
Property Details
Public Facts
- Property Type
- Duplex
- Year Built
- 1966
- Lot Size
- 4,800 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Monterey Unified Schools
Forest Grove Elementary School
Grades K-5 • 1.4 mi
6/10
Monte Vista
Grades K-5 • 1.9 mi
5/10
Pacific Grove Middle School
Grades 6-8 • 0.9 mi
8/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,633 | 2,835.5 |
| Lot Size | 4,800 | 5,549 |
| Price | $1.50M | $1.58M |
| Price per sq ft | $570 | $609 |
| Built year | 1966 | 1978 |
| HOA | $0 | $0 |
| Days on market | 225 | 96 |
Pricing History
Listed for Sale
Jan 27, 2026
$1,500,000
Initial Listing