176 Central AVE, Pacific Grove, CA 93950

$1,095,000
List Price
$1,095,000
Price Change
▼ $55,000 1710808961
MLS#
ML81942469
Status
ACTIVE
Property Type
com
Lot Size
6,755
Listing Area
Central Ave/Downtown
Year Built
1950

Property Description

Attention investors...Check out this amazing redevelopment opportunity in Pacific Grove near Cannery Row and the Monterey Aquarium. Formerly a church, this approximately 5400 square foot building on a 6755 square foot lot is located on one of the 3 main streets leading into Pacific Grove. The sellers acquired this property approximately 3 years ago and have spent nearly $500,000 in costs and fees to get the zoning changed to allow a motel to be built on the site. The plans for the motel and vestige retail commercial space consist of a newly to be constructed back wing/section of the building that would have 3 motel units possibly 4 depending upon the size of the rooms are part of the disclosure packet. This project is ideally located just steps away from the major hotel planned at the American Tin Cannery and would boast good views of the Monterey Bay. A buyer can purchase this property and move forward with the plans including water as approved, or consider other opportunities.

Additional Information

Acres
0.16
Age
73
Cooling System
None
Foundation
Concrete Slab, Wood Frame
Garage Parking
On Street
Heating System
Forced Air
Lot Size
6,755
Neighborhood
Central Ave/Downtown
Other Utilities
Propane On Site, Public Utilities
Present Use
Vacant
Roof
Composition
Sewer
Sewer - Public
Special Features
None
Unincorporated Yn
Yes
Zoning
VC

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Monterey Peninsula Home Team from KW Coastal Estates. 831-594-3290

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