947 W Franklin Street, Monterey, California 93940, Monterey, 93940 - 6 bed, 5 bath
Loading property details...
Monterey, California 93940
This property presents a High-Potential Investment Opportunity with a List Price of $1,750,000—positioned well above the $1,451,698 Fair Market Value by -20%. Featuring a Fair Condition Rating of 5, this Queen Anne Victorian requires a full-scale rehab to restore its historic grandeur. The asset offers significant versatility with separate utility meters, two additional units, and a 935 SF attic studio. This is a complex, value-add project ideal for Buy-and-Hold Investors or Contractors seeking to capitalize on the spectacular Monterey Bay views.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 947 W Franklin Street Subject | $1,750,000* List Price | 6 | 5 | 2,063 | $704 | - |
A 981 Monterey Circle Sold | $1,600,000 | 4 | 3 | 2,340 | $684 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1928 and held by the same family for over 50 years, the property is in mostly original, unrestored condition. The kitchen and bathrooms are severely outdated (30-50+ years) with peeling wallpaper, worn cabinetry, and aged fixtures. Interior surfaces show significant wear, including stained/damaged hardwood floors and dated drop ceilings, necessitating a full-scale rehab to meet modern standards.
The property includes two separate one-bedroom units and separate utility meters, providing significant versatility for rental income, guest housing, or multi-generational living.
Situated in the desirable 'Old Town Monterey Heights,' the home offers spectacular views of Monterey Bay and sits on a generous lot with rare parking for up to seven cars.
This ornate Queen Anne Victorian features timeless woodwork, a rustic stone fireplace, and a unique 935 SF third-floor attic studio that adds immense creative value and charm.
The property is marketed as a restoration opportunity, implying that substantial capital and effort are required to update the home to modern standards and original grandeur.
With a construction date potentially as early as 1907, the property likely faces challenges associated with century-old systems and structural maintenance typical of historic residences.
This ornate Queen Anne Victorian with spectacular views of Monterey Bay from high, in "Old Town Monterey Heights" is perfect for inspiration and creativity. With separate water and PG&E meters for 2 buildings on one property, the main residence offers 4 beds, 2.5 baths, and just over 2,000 SF of living space. Showcasing timeless architectural details, beautiful woodwork, and a rustic stone fireplace, this house has class. While public records list the construction date as 1928, there is speculation it may date back to 1907. Cherished by the same family for more than 50 years, the property presents a rare opportunity to restore a Victorian home to its original grandeur. Adding to its appeal is a lavish 935 SF potential art studio 3rd floor attic with an adjoining sun deck. Further enhancing the propertys versatility are two one-bed, one-bath units, ideal for extended family, rental income, or creative use. Another advantage is ample driveway parking for up to 7 cars and a garage/shop.
No exterior & parking available.
Grades K-5 • 0.9 mi
Grades 6-8 • 0.8 mi
Grades 9-12 • 0.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 6.0 | 3.0 | 98% |
| Baths | 5.0 | 2.0 | 95% |
| Square foot | 2,063 | 2,004 | 53% |
| Lot Size | 6,860 | 6,922.5 | 48% |
| Price | $1.75M | $1.19M | 67% |
| Price per sq ft | $848 | $664 | 79% |
| Built year | 1928 | 1963 | 10% |
| HOA | $0 | $0 | 50% |
| Days on market | 22 | 177 | 2% |
May 15, 2026
$1,750,000
Initial Listing