Building Details

Building Size 4,111 SF

Year Built 1960

Listing Agency: Compass

Listed By: Nate Gustavson · License #01898316 Show Phone

Source: Johnpaye

Added: Aug 21 Changed: Oct 13 Last Checked: Oct 15 at 7:07AM

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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.

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 / Yr

$111,889

Cap Rate

5.89%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,237,780 $2.2M

Cap Rate 7%

$1,598,414 $1.6M

Cap Rate 9%

$1,243,211 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,111 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $228,579 @ 7.0% cap · market cap 12.03%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Parking Lot & Garage Real Estate Agency Grocery & Convenience Store Food Market HVAC Service Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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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