Mahoney & Associates, as exclusive Broker, is pleased to present the opportunity to acquire 176 Central Avenue (“the Property”) in Pacific Grove California. This rare and unique offering sits on a corner lot of approximately 6,775 SF of prime real estate minutes from the downtown of both Pacific Grove and Monterey. Only a block away from Lighthouse Avenue, this street is the city’s main arterial between Pacific Grove and Monterey. The highest concentration of commercial properties in the city is located along Lighthouse Avenue in downtown. The property is also located 1 1/2 blocks from the ocean. Existing improvements are well suited for use as a religious assembly facility, the property’s most recent use. This 2-level building of 5,400 SF of gross building area contains a sanctuary, dining room, kitchen, classrooms, and office. The subject property is zoned “C-1” Light Commercial by the authority and is intended to be applied to light commercial uses. permitted uses include but are not limited to retail shops, beauty salons, art galleries, bookstores, photo copy, clothing stores, florists, and offices. Public meeting facilities such as houses of worship are also permitted. The upstairs space on the North side of the building boasts ocean views to Monterey Bay. This property is an ideal candidate for adaptive reuse into retail, office, or mixed use.
The city of Pacific Grove has an unusual setting of scenic beauty, with distinctive and picturesque charm. The city is situated on the pine and oak wooded slopes rising up from the Monterey Bay. The beach areas have been kept free from the commercial enterprises. There are zoning restrictions against most industrial uses. The small shops in the downtown have varied architectures; many are Victorian, Spanish and Edwardian, creating the quaint character that the city is world renown for. Most businesses in the downtown are primarily neighborhood commercial oriented, with several offering luxury goods, handicraft and art merchandise. Pacific Grove is located at the center of a Monterey Bay regional economy strong.
Pacific Grove is situated in the westerly bend of the Monterey Peninsula. It is one of several suburban, bedroom communities that surround the Monterey Bay. Primary access to the city is via the Holman Highway (Hwy. 68), which is a major commuter route to the employment centers of the Monterey Peninsula. There is little remaining vacant land in the city limits. New residential development and commercial development is limited to razing existing buildings. In addition, there is a water shortage, further restricting development.
Pacific Grove is one of the most desirable residential locations on the Monterey Peninsula. As such, it has some of the most expensive housing stock on the Peninsula (primarily those with ocean frontage locations). Although the majority of the city’s 7,916 dwelling units are non-historic, many of the original historic structures constructed in the late 1800’s and early 1900’s remain in excellent condition. The even, year- round mild climate and character of the city has made Pacific Grove one of the Northern California’s most well known tourist destinations and vacation spots, as well as a choice retirement area.