About 1042 Forest Ave
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.
Features of 1042 Forest Ave
MLS® # | ML82024593 |
---|---|
Price | $13,999,000 |
Square Footage | 29,920 |
Acres | 1.03 |
Year Built | 1964 |
Type | Multi-Residential |
Sub-Type | Five or More Units |
Status | Active |
Community Information
Address | 1042 Forest Ave |
---|---|
Area | Country Club Gate/Forest Grove |
City | PACIFIC GROVE |
County | Monterey |
State | CA |
Zip Code | 93950 |
Amenities
Utilities | Individual Electric Meters, Individual Gas Meters |
---|---|
Parking Spaces | 47 |
View | Ocean View |
Is Waterfront | No |
Interior
Heating | Gas Heat, Wall Furnace |
---|---|
Cooling | No Cooling |
Fireplace | No |
Exterior
Roof | Composition Roof |
---|---|
Construction | Wood Frame |
Foundation | Concrete Slab, Crawl Space |
Additional Information
Zoning | High Density Residential (HDR) |
---|---|
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Hap Albers |
---|---|
Office | Albers Real Estate Investment Company |
Contact Info | 408-893-6002 |