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Key Details
Sold Price $1,050,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 5,523 sqft
Price per Sqft $190
MLS Listing ID ML81942469
Sold Date 07/05/24
HOA Y/N No
Year Built 1950
Lot Size 6,756 Sqft
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.
Location
State CA
County Monterey
Area 699 - Not Defined
Zoning VC
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Roof Type Composition
Building
Story 2
Others
Tax ID 006234010000
Financing Conventional
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Bought with Joe Rombi • Coldwell Banker Realty