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$ 13,999,000
Est. payment | /mo
1.03 Acres Lot
$ 13,999,000
Est. payment | /mo
1.03 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82024593
HOA Y/N No
Year Built 1964
Annual Tax Amount $151,189
Lot Size 1.030 Acres
Property Description
Pacific Grove apartment complexes rarely become available. This property is the first 13+ unit complex to be offered for sale since 2017. The complex features all 748 sq. ft two-bedroom / one bathroom units. 87% of the units have been remodeled. Important point for real estate investors: A new IRS regulation passed in 2025 allows for accelerated depreciation, which can result in substantial depreciation for buildings purchased after January 1st, 2025. Potentially, an investor is eligible for Bonus Depreciation. Please investigate or talk to your CPA. Other positives include a property-owned laundry facility, a RUBS billing system in place, new electric panels in 2024, and minimal landscaping. The complex benefits from Pacific Grove schools and an amazing location - the Pacific Ocean, downtown PG, the Asilomar beaches, Monterey Bay Aquarium, Pebble Beach, CHOMP, and Carmel are all very close. Starbucks is 30 yards. Other amenities include Trader Joe's, Safeway, InShape Fitness gym, multiple banks, and multiple restaurants.
Location
State CA
County Monterey
Area 699 - Not Defined
Zoning High Density Residential
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Roof Type Composition
Total Parking Spaces 47
Schools
Middle Schools Pacific Grove
High Schools Pacific Grove
School District Other
Others
Tax ID 007101003000
Special Listing Condition Standard
Listed by Hap Albers Albers Real Estate Investment Company