744 Pine Avenue, Pacific Grove, CA


4 Units


744 Pine Avenue Fourplex for Sale in Pacific Grove

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Complex Notes:


  • The complex is estimated at 3,969 sq. ft. by an appraiser, with 2,275 sq. ft. of apartments

and a 1,694 sq. ft. unfinished but very usable basement - “garden apartment” style with multiple
windows and a private entrance.

  • The unit mix consists of 2  one-bedroom / one-bathroom units on the main level and 2 studio units on the second floor.
  • Unit One is a large 850 sq. ft apartment.  In addition to the typical one-bedroom layout, it also

has a den with a fireplace.  The unit features coved high ceilings, Berber carpet, and a private covered rear patio with ocean views from several rooms as well as the patio. The kitchen has hardwood floors, newer cabinets, Corian counters, a stainless-steel refrigerator, stainless-steel gas stove/oven, a built-in microwave above the gas stove, and a dishwasher. The bathroom features hardwood floors, newer cabinets, Corian counters,  and a tub shower.

  • Unit Two is a 617 sq. ft one-bedroom apartment. This unit features coved high ceilings and Berber carpet. The kitchen has hardwood floors, newer cabinets, Corian counters, a stainless-steel refrigerator, stainless steel gas stove/oven, built-in microwave above the stove, and a dishwasher.
  • Unit Four is a 395 sq. ft studio. The unit features newer cabinets, a dishwasher, stainless steel oven gas range, stainless steel refrigerator, and a microwave above the range.  This unit faces north and has ocean views from the living room and the kitchen.
  • Unit Three is a 412 sq. ft studio. The unit finished similarly to Unit Four except the refrigerator is under-the-counter and instead of a gas oven range with over-the-range built-in microwave, there is built-in electric cooktop and a countertop commercial-grade convection over.  This unit has views of the neighborhood.
  • Units Three & Four have expansion potential. These two units have unused attic space on the Northwest and Northeast sides of the upper floor.
  • Basement. The subarea is 1,694 square feet and has a cement slab foundation. The subarea has 2 X 4 framed rooms that are not finished with drywall. The subarea currently has a toilet, shower, utility sink, and washer hookups, though none are connected to the sewer. These water fixtures are on record with the MPWMD. There are an estimated 9.6 water credits.
  • The parcel is 6,570 square feet.
  • The parcel has an open area on the north side of the complex. Potentially, a garage can be constructed on the property subject to appropriate approvals.
  • Another possibility is to construct an Accessory Dwelling Unit subject to appropriate approvals.
  • Another possibility is to separate part of the open area into a separate parcel, subject to appropriate approvals. The 9.6 water credits may be transferrable to said separate parcel.
  • The complex was built in 1905 and is on the Pacific Grove Historic List.
  • The property has copper gutters and downspouts.
  • The electrical main was upgraded and the complex rewired in 2004.
  • The sewer lateral was upgraded in 2005.


744 Pine Avenue Back

Pacific Grove & Monterey County Facts:


  • The estimated 2018 population of Pacific Grove is 155,546 according to the US Census Bureau.
  • The 2020 median sales price of a Salinas single family home is $980,000.   
  • The estimated population of Monterey County is 437,907.
  • According to Great Schools, Robert Down is ranked 9 out of 10, Pacific Grove Middle and Pacific Grove High School are ranked 8 out of 10.
  • Monterey Peninsula major employers include Pebble Beach Company, Monterey Bay Aquarium, Naval Post Graduate School, Defense Language School, and the CSU Monterey Bay.





Listing Price:  $1,700,000  Building Sq. Ft: 2,321  Units 4
Down Payment: $850,000  Lot Square Ft: 6,570  Price/Unit:  $425,000
Loan Amount: $850,000  APN:  006-308-007  Age: 1917
Gross Rent Multiplier: 22.71  Market GRM: 21.30  Roof: Pitched
Cap Rate: 2.56%  Market Cap: 2.77%
Rent Roll: Current: Market:
#1 Two Bedroom / 1.5 Bath $2,000 $2,000
#2 Two Bedroom / 1.5 Bath $1,750 $1,750
#3 Two Bedroom / 1.5 Bath $1,290 $1,450
#4 Two Bedroom / 1.5 Bath $1,390 $1,450
Monthly Scheduled Rents: $6,430 $6,650
Scheduled Gross Annual Income $77,160 $79,800
Less: Vacancy Factor @ 3% $2,315 $2,394
Additional Income Laundry: $90
Effective Gross Income: $74,845 $78,486
Less Expenses:
Property Taxes: 1.084% $18,428 24.62% $18,428 23.48%
Repairs and Maintenance: $800 $3,200 4.28% $3,200 4.08%
Property Insurance: $1,800 2.40% $1,800 2.29%
Garbage: $66 $792 1.06% $792 1.01%
Sewer: $210 $2,520 8.05% $2,520 3.21%
Water: $200 $2,400 3.21% $2,400 3.06%
Gas and Electric: $15 $180 0.24% $180 0.23%
Landscaping: $500 0.67%% $500 0.64%
Miscellaneous: $1,500 2.00% $1,500 1.91%
Total Expenses: $7,830 $31,320 41.85% $31,320 39.91%
Net Operating Income: $43,525 $47,166
Annual Debt Service:: 4.00% $49,156 $49,156
Before Tax Cash Flow: -$5,630 -0.66% -$1,990 -0.23%%




1. Property taxes are based on the 2020/2021 property tax bill and reflect new Proposition 13 rates. 
2. Repairs and Maintenance is based on $800 per unit per year. 
3. Property Insurance is based on Sellers most recent insurance bill. 
4. Building square footage is estimated.
5. Tenant pays their own electric bill. Landlord pays tenant for gas bill.
6. Landlord pays water, sewer and garbage.


Plot Map


744 Pine Avenue Fourplex Plot Map




Area Map


744 Pine Avenue Pacific Grove Area Map



Floor Plan


Floor Plan for 744 Pine Avenue


Download PDF Brochure


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