Five-Unit Apartment Building Near
For Sale
$1,900,000
15 Santa Maria AVE, Pacifica, CA 94044
Pacifica multifamily property with separate utility metering, garage parking, and recent permitted system upgrades.
Property Size4,111 SF
Lot Size0.17 Acres
Price / SF$462.17
Days on Market10
Property Features for 15 Santa Maria AVE
General Information
Standard status
Active
Size
4,111 SF
Total Parking Spaces
5
Lot size
0.17 Acres
Property subtype
FiveOrMoreUnits
Occupancy
100%
Financials
Cap Rate
5.16%
Gross Income
$146,664
Gross Rent Multiplier
12.95
Units
Unit Mix
1 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Building Details
Building Size
4,111 SF
Year Built
1960
Listing Agency:
Compass
(415) 786-9410
Listed By:
Nate Gustavson · License #01898316
(415) 786-9410
Source:
Johnpaye
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 23 at 6:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
This 1960 apartment property at 15 Santa Maria Avenue in Pacifica includes five units within approximately 4,111 square feet of gross livable space. The unit mix comprises one 2-bedroom/1-bath residence of approximately 700 square feet and four 1-bedroom/1-bath residences of approximately 525 square feet each. A five-car garage and additional driveway parking serve the property, while each unit has separate gas and electric metering.
The building occupies a 4,500-square-foot lot near the Pacific Ocean and includes an adjacent 2,700-square-foot parcel. Recent permitted work includes a new electrical main service in 2025, a modified bitumen cap sheet roof installed in 2025, new electrical sub-panels in all units in 2026, and a new sewer lateral in 2026. The property is currently 100% occupied and carries a 5.16% cap rate and 12.95 GRM.
The building occupies a 4,500-square-foot lot near the Pacific Ocean and includes an adjacent 2,700-square-foot parcel. Recent permitted work includes a new electrical main service in 2025, a modified bitumen cap sheet roof installed in 2025, new electrical sub-panels in all units in 2026, and a new sewer lateral in 2026. The property is currently 100% occupied and carries a 5.16% cap rate and 12.95 GRM.
Key Highlights
- Five‑unit apartment property with one 2‑bedroom/1‑bath unit and four 1‑bedroom/1‑bath units
- Approximately 4,111 square feet of gross livable space on a 4,500‑square‑foot lot
- Adjacent 2,700‑square‑foot parcel included with the offering
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$111,889
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,237,780
$2.2M
Cap Rate 7%
$1,598,414
$1.6M
Cap Rate 9%
$1,243,211
$1.2M
Market Conditions
NOI Build-Up for 4,111 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$214.6K $52.20/SF
− Vacancy
−$11.2K −$2.71/SF
EGI
$203.4K $49.49/SF
− OpEx
−$91.5K −$22.27/SF
NOI
$111.9K $27.22/SF
Area
San Mateo County, CA
Vacancy
5.20%
Lease Rate
$52.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,237,780
Cap Rate 7%
$1,598,414
Cap Rate 9%
$1,243,211
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.86M
NOI $111,889 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.27M
$2.86M – $3.81M
NOI $228,579 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
512
Businesses Nearby
Explore this area
Business Placement
Demographics for 94044, CA
38,675
Population
14,609
Households
2.6
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
15.1 sq mi
ZIP Area
2,561
Density / Sq Mi
$156,658
Median Household Income
$75,296
Median Earnings
$3,075
Median Rent
$1,211,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Pacifica multifamily property with separate utility metering, garage parking, and recent permitted system upgrades.
Where is this apartment building located?
The property is located at 15 Santa Maria AVE Pacifica, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Five‑unit apartment property with one 2‑bedroom/1‑bath unit and four 1‑bedroom/1‑bath units; Approximately 4,111 square feet of gross livable space on a 4,500‑square‑foot lot; Adjacent 2,700‑square‑foot parcel included with the offering
