938 Lighthouse Avenue, Pacific Grove, California 93950, Pacific Grove, 93950 - 4 bed, 3 bath
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938 Lighthouse Avenue
Pacific Grove, California 93950
ACTIVE
CONDITION: GOOD
4Beds
3Baths
3,000Sq Ft
9,800Lot Size
Property Price
LIST PRICE$2,680,000
EST. MARKET VALUE
$2,505,921
6% AboveMARKET VALUE
SUMMARY
This Single Family Residence is a Strong Value Opportunity, listed at $2,799,000—positioned well above the $2,546,897 Fair Market Value. While currently priced above market, the property features a Legal ADU and a Condition Rating of 3, offering immediate rental income potential. Situated on a rare quarter-acre lot in a district with Top-Rated Schools (Robert Down Elementary and Pacific Grove High), it provides significant lifestyle value. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a versatile, well-maintained asset in a prime location.
Estimated Market Value
$2,505,921
Based on Realkey algorithm analyzing recent comparable sales in Pacific Grove.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 938 Lighthouse Avenue Subject | $2,680,000* List Price | 4 | 3 | 3,000 | $835 | - |
A 306 Crocker Avenue Sold | $2,045,000 | 3 | 2 | 2,193 | $933 | 0.4 mi |
B 494 Grove Acre Avenue Active | $2,449,000 List Price | 4 | 3 | 2,423 | $1,011 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Good
TeardownExcellent
Property is move-in ready.
Built in 1929 but well-maintained with tasteful upgrades, fitting the 10-20 year renovation profile. The kitchen features functional stainless steel appliances and tile countertops that are dated but in good condition. As a consistent vacation rental for 10 years, the property appears move-in ready with no immediate major repairs visible.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
- Legal ADU & Income Potential
The property features a separate, legal downstairs ADU with a full kitchen, providing excellent versatility for multi-generational living or immediate rental income opportunities.
- Prime Location & Lot Size
Situated on a rare quarter-acre lot in a highly sought-after Pacific Grove location, the property offers significantly more outdoor space and privacy than typical historical homes in the area.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Living area discrepancy between mls listing and other public or private record. mls listing living area = 3000, other record living area = 1621. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
- Market Stagnation
With 73 days on the market and a recent price reduction of nearly $200,000, the property may be facing buyer resistance regarding its current valuation.
- Vintage Infrastructure
Built in 1929, the home's historical nature may require ongoing specialized maintenance and could present limitations for modern structural renovations.
About 938 Lighthouse Avenue
A NICE PRICE REDUCTION AND A MOTIVATED SELLER on this must see unique property located on quarter acre. LOCATION! LOCATION! LOCATION! It has been a vacation rental for the past 10 years, It has been well maintained and offers many vintage amenities and tasteful upgrades. Separate, legal studio down stairs with full kitchen. Most furnishings are included.owner very motivated! Only 4 blocks to historic downtown and 5 blocks to ocean .This is best value in historical Pacific Grove, bring an offer....
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1929
- Lot Size
- 9,800 Sq. Ft.
Interior
- Total Bedrooms
- 4
- Total Bathrooms
- 3 (3 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Pacific Grove Unified Schools
Robert Down Elementary School
Grades K-5 • 0.8 mi
9/10
Forest Grove Elementary School
Grades K-5 • 1.0 mi
6/10
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 | 4.0 | 2.5 |
| Baths | 3.0 | 2.0 |
| Square foot | 3,000 | 1,320.625 |
| Lot Size | 9,800 | 4,311 |
| Price | $2.68M | $1.44M |
| Price per sq ft | $893 | $1.2K |
| Built year | 1929 | 1928 |
| HOA | $0 | $0 |
| Days on market | 86 | 50 |
Pricing History
Listed for Sale
Aug 31, 2026
$2,680,000
$2,799,000
-4% Price Drop
Initial Listing
Price Change
Aug 18, 2026
$2,799,000
$2,995,000
-7% Price Drop
Initial Listing
Price Change
Jun 15, 2026
$2,995,000
Initial Listing
Sold
Dec 2, 2003
$890,000
Public Record