419 Forest Ave
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419 Forest Ave
12 Unit Apartment Building $7,065,839 CAD ($588,820 CAD/Unit) 4.69% Cap Rate Pacific Grove, CA 93950
Investment Highlights
- Unit amenities include hardwood floors, high ceilings, spacious floor plans, and large windows allowing plenty of natural light
- This trophy property provides investors with the rare opportunity to acquire an asset with tremendous presence and character
- Located in walking distance to downtown Pacific Grove, Lover's Point Beach, recreational trails, and local restaurants
Executive Summary
A rare opportunity to own a 12-unit complex located in the iconic waterfront city of Pacific Grove. This trophy property provides investors an asset with tremendous presence, character, and scale in the city's most dynamic location.
Strategically located in a popular coastal town known for its vibrant tourism and strong rental market, this property offers an opportunity for investors seeking both immediate returns and long-term growth. Luxury coastal living with a highly walkable and accessible location close to beaches, recreation trails, everyday shopping, casual restaurants, and world class attractions
Unit amenities include hardwood floors, high ceilings, and spacious floor plans. Unique architectural design, provides large windows allowing plenty of natural light, spacious closets, and efficient layouts. Attractive to long-term tenants, residents can enjoy incredible access to neighborhood amenities and transportation.
The building is within walking distance to the Pacific Grove Unified School District (Pacific Grove High School, Pacific Grove Middle School, Robert Down Elementary School, and Forest Grove Elementary School).
Investors seeking a product and location that is irreplaceable, with value-add potential, will strongly consider this once in a lifetime investment.
Strategically located in a popular coastal town known for its vibrant tourism and strong rental market, this property offers an opportunity for investors seeking both immediate returns and long-term growth. Luxury coastal living with a highly walkable and accessible location close to beaches, recreation trails, everyday shopping, casual restaurants, and world class attractions
Unit amenities include hardwood floors, high ceilings, and spacious floor plans. Unique architectural design, provides large windows allowing plenty of natural light, spacious closets, and efficient layouts. Attractive to long-term tenants, residents can enjoy incredible access to neighborhood amenities and transportation.
The building is within walking distance to the Pacific Grove Unified School District (Pacific Grove High School, Pacific Grove Middle School, Robert Down Elementary School, and Forest Grove Elementary School).
Investors seeking a product and location that is irreplaceable, with value-add potential, will strongly consider this once in a lifetime investment.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $7,065,839 CAD | Apartment Style | Low Rise |
| Price Per Unit | $588,820 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 4.69% | Building Size | 7,234 SF |
| Gross Rent Multiplier | 14.71 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1941/1950 |
| Property Subtype | Apartment | Parking Ratio | 0.83/1,000 SF |
| Price | $7,065,839 CAD |
| Price Per Unit | $588,820 CAD |
| Sale Type | Investment |
| Cap Rate | 4.69% |
| Gross Rent Multiplier | 14.71 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 7,234 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1941/1950 |
| Parking Ratio | 0.83/1,000 SF |
Unit Amenities
- Cable Ready
- Tile Floors
- Kitchen
- Hardwood Floors
- Tub/Shower
- Walk-In Closets
- Double Pane Windows
- Vinyl Flooring
Site Amenities
- Storage Space
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $3,253 CAD | - |
| 2+1 | 2 | $3,823 CAD | - |
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Walk Score ®
Walker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 006-482-004-000 | Total Assessment | $2,500,866 CAD |
| Land Assessment | $1,000,344 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,500,522 CAD | Tax Year | 2023 Payable 2023 |
PROPERTY TAXES
Parcel Number
006-482-004-000
Land Assessment
$1,000,344 CAD
Improvements Assessment
$1,500,522 CAD
Total Assessment
$2,500,866 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023 Payable 2023
zoning
| Zoning Code | R-4 (R-4 zoning is a residential zoning district that allows for multiple-family residential units:) |
| R-4 (R-4 zoning is a residential zoning district that allows for multiple-family residential units:) |
-
Marielena Carriglio - Coast Realty and Property Management
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419 Forest Ave
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