NOT LISTED FOR SALE
8 Beds
4 Baths
3,360 Sq Ft
3,951 Sq Ft Lot

Sale Details

Date Sold: July 6, 2018

Last sale price $1,540,000 $458 Per Sq Ft

10 Days on Market

Highlights

  • Ocean View
  • Balcony
  • Storage Room
  • Deck
  • Laundry Room
  • Tile Flooring

About This Home

As of July 2018

Downtown Pacific Grove 4-unit complex located 4 blocks to the Pacific Ocean. The complex features 4 two bedroom / one bathroom units averaging 800+ sq. ft. Top story units have some ocean views and all units have neighborhood views. The rents have significant potential upside - $500 to $600 per month. Two tenants have given notice to move in the next 60 days enabling the buyer to remodel units and bring rents to market within months of the close of escrow. The kitchens have formica counters, oven/stove, and a dishwasher. The living rooms are spacious with a gas freestanding fire place. Each unit has a large master bedroom with lots of closet space. Bathrooms have ceramic tile counters and tub showers. Each unit has a 33 sq. ft. storage area with high ceilings. The laundry equipment is owned by the complex and the fees can be increase to generate more income. Tenants pay their own PG&E and gas for hot water - 5 water heaters on site. Large storage area for equipment and supplies.

Last Agent to Sell the Property

Hap Albers

Albers Real Estate Investment Company License #01006595 Listed on: 05/03/2018

Last Buyer's Agent

Anthony Cosentino

Cosentino Realty Company License #01271400

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Property Details

Home Type

  • Multi-Family

Year Built

  • 1973

Lot Details

  • 3,951 Sq Ft Lot
  • Gentle Sloping Lot
  • Grass Covered Lot

Property Views

  • Ocean
  • City Lights

Home Design

  • Quadruplex
  • Wood Frame Construction
  • Composition Roof
  • Concrete Perimeter Foundation

Interior Spaces

  • 3,360 Sq Ft Home
  • 3-Story Property
  • Storage Room

Kitchen

  • Electric Oven
  • Dishwasher
  • Formica Countertops

Flooring

  • Carpet
  • Tile
  • Vinyl

Bedrooms and Bathrooms

  • Low Flow Toliet
  • Low Flow Shower

Laundry

  • Laundry Room
  • Washer and Dryer

Parking

  • 4 Carport Spaces
  • Off-Street Parking

Outdoor Features

  • Balcony
  • Deck

Utilities

  • Forced Air Heating System
  • Vented Exhaust Fan
  • Heating System Uses Gas
  • Separate Meters
  • Individual Gas Meter

Listing and Financial Details

  • Total Actual Rent $67,680

Community Details

Overview

Amenities

  • Coin Laundry

Building Details

  • 4 Leased Units
  • Gardener Expense $500
  • Insurance Expense $1,800
  • Maintenance Expense $3,200
  • Other Expense $1,500
  • Utility Expense $4,373
  • Trash Expense $1,131
  • Operating Expense $31,325
  • Gross Income $66,348

Property Details

Home Type

Multi-Family

Year Built

1973

Lot Details

3,951 Sq Ft Lot

Listing Details

  • Zoning: r-3
  • Subclass: Fourplex
  • Listing Class: Residential Income (2-4 Units)
  • Structure Sq Ft: 3360
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1973

Interior Features

  • Kitchen: Countertop - Formica, Dishwasher, Exhaust Fan, Oven Range - Electric, Refrigerator
  • Living Sq Ft: 3360
  • Stories: 3
  • Laundry: Coin Operated, Washer / Dryer
  • Flooring: Carpet, Tile, Vinyl / Linoleum
  • Additional Rooms: Laundry Room, Storage

Exterior Features

  • Foundation: Concrete Perimeter
  • Roof: Composition
  • View: City, City Lights, Ocean, Water
  • Yard/Grounds: Balcony / Patio, Deck, Low Maintenance
  • Construction Type: Wood Frame

Garage/Parking

  • Garage Parking Features: Carport, Off-Street Parking
  • Carport Min: 4

Utilities

  • Heating System: Central Forced Air - Gas, Gas
  • Sewer/Septic System: Sewer Connected

Schools

  • High School: 560

Lot Info

  • Lot Description: Grade - Gently Sloped
  • Lot Acres: 0.0907
  • Lot Size Area Minimum Units: Square Feet
  • Minimum Lot Size: 3953.00
  • Lot Size Area Maximum Units: Square Feet
  • Maximum Lot Size: 3953.00

Green Features

  • Energy Features: Low Flow Shower, Low Flow Toilet

Rental Info

  • Existing Lease Term(s): Month To Month
  • Gross Rent Multiplier: 23.32
  • Number Of Leased: 4

Multi Family

  • Utilities: Individual Electric Meters, Individual Gas Meters, Natural Gas
  • Expense Insurance: 1800
  • Expense Landscape: 500
  • Expense Maintenance: 3200
  • Expenses Other: 1500
  • Expenses Total: 31325
  • Expenses Utility: 4373
  • Expense Trash: 1131
  • Income Annual Gross: 66348.00
  • Income Annual Rental: 67680
  • Income Gross Scheduled: 68400
  • Income Includes: Rents
  • Income Other: 720
  • Meters: Master Gas, Master Water, Separate Electric, Separate Gas
  • Number Of Buildings: 1
  • Operating Expenses Include: Fee - Property Tax, Insurance, Maintenance - Exterminator, Maintenance - Laundry, Maintenance - Repair, Services - Gardener, Services - Sewer, Services - Trash Removal, Utilities - Electric, Utilities - Hot Water, Utilities - Water, Vacancy Factor
  • Tenant Expenses: Utilities - Electric, Utilities - Gas, Utilities - Hot Water
  • Vacancy Factor: 3

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Closed on
Jun 17, 2026
Sold by
Bought by

Purchase Details

Listed on
May 3, 2018
Closed on
Jun 18, 2018
Sold by
Bought by
Seller's Agent
Hap Albers
Albers Real Estate Investment Company
Buyer's Agent
Anthony Cosentino
Cosentino Realty Company
List Price
$1,595,000
Sold Price
$1,540,000
Premium/Discount to List
-$55,000
-3.45%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$900,000
Interest Rate
4.6%
Mortgage Type
New Conventional

Purchase Details

Closed on
Oct 11, 2007
Sold by
Bought by
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
-- None Listed On Document
$1,540,000 First American Title Co
-- None Available
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Previous Owner $882,000
Previous Owner $900,000
Previous Owner $252,700
Previous Owner $284,500
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
07/06/2018 07/06/18 Sold $1,540,000 -3.4% $458 / Sq Ft
05/14/2018 05/14/18 Pending -- -- --
05/03/2018 05/03/18 For Sale $1,595,000 -- $475 / Sq Ft
Source: MLSListings

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2026 $18,917 $1,752,751 $796,478 $956,273
2025 $18,917 $1,718,394 $780,861 $937,533
2024 $18,007 $1,684,210 $765,550 $918,660
2023 $18,265 $1,651,188 $750,540 $900,648
2022 $17,895 $1,618,813 $735,824 $882,989
2021 $17,805 $1,587,073 $721,397 $865,676
2020 $17,448 $1,571,300 $714,000 $857,300
2019 $16,894 $1,540,500 $700,000 $840,500
2018 $8,156 $734,462 $317,045 $417,417
2017 $8,025 $720,072 $310,829 $409,243
2016 $8,043 $705,964 $304,735 $401,229
2015 $7,914 $695,368 $300,158 $395,210
2014 $7,751 $681,758 $294,279 $387,479
Source: Public Records

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Map

Source: MLSListings

MLS Number: ML81703743

MLSListings

APN: 006-297-012

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