938 Lighthouse Avenue, Pacific Grove, California 93950, Pacific Grove, 93950 - 4 bed, 3 bath
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Pacific Grove, California 93950
This Single Family Residence represents a High-Potential Investment Opportunity, listed at $2,995,000—positioned above the $2,881,499 Fair Market Value by 3%. While priced at a premium, the property features a Fair Condition Rating and a versatile separate ADU, offering significant value-add potential through modernization. Located just three blocks from the coast and near top-rated schools like Robert Down Elementary and Pacific Grove High, it provides a rare quarter-acre lot in a prime location. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a long-term coastal asset.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 938 Lighthouse Avenue Subject | $2,995,000* List Price | 4 | 3 | 3,000 | $965 | - |
A 835 Seapalm Avenue Sold | $3,475,000 | 3 | 3 | 2,864 | $1,213 | 0.3 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.
Property is moderate renovation needed.
While the 1929 estate is well-maintained and 'move-in ready,' the interior photos reveal a kitchen with dated tile countertops, older cabinetry styles, and linoleum-style flooring consistent with a renovation performed 20+ years ago. Per the criteria, the age of the finishes and likely older systems place it in the Fair category as it requires modern updates.
Elementary School: Robert Down Elementary School (9/10). High School: Pacific Grove High School (9/10).
Situated just three blocks from both the waterfront and downtown Pacific Grove, this property offers exceptional walkability and immediate access to the area's best amenities.
The inclusion of a separate downstairs ADU provides excellent flexibility for multi-generational living, a guest suite, or potential rental income opportunities.
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.
Built in 1929, the property may require ongoing maintenance or significant updates to its aging infrastructure and systems to meet modern standards.
Despite its proximity to the coast and high price point, the property features neighborhood views rather than the premium ocean vistas often expected in this price bracket.
Grandiose Pacific Grove estate a beautiful manicured quarter acre with patio, deck and mature landscaping. Ideal location, short 4 block walk to the water and downtown PG! Restaurants and shops galore. Separate, legal ADU downstairs,with full kitchen. Great for in-laws,guests,teen children or income producing! Total 4 beds 3 baths one bath has 2 showers and 3 vanities. Upstairs have vintage gorgeous oak floors Almost all furnishings go with property.Double pained windows .This is best value in historical Pacific Grove.
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades K-5 • 1.0 mi
Grades 6-8 • 0.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 2.0 |
| Baths | 3.0 | 2.0 |
| Square foot | 3,000 | 1,534 |
| Lot Size | 9,800 | 5,311 |
| Price | $3.00M | $1.45M |
| Price per sq ft | $998 | $1.1K |
| Built year | 1929 | 1920 |
| HOA | $0 | $0 |
| Days on market | 37 | 44 |
Jun 15, 2026
$2,995,000
Initial Listing
Dec 2, 2003
$890,000
Public Record