Oceanfront Apartment
For Sale
$28,250,000
380-360 Esplanade Avenue, Pacifica, CA 94044
Renovated coastal apartment community with varied floor plans, resident amenities, and private parking.
Property Size31,327 SF
Lot Size3.26 Acres
Price / SF$901.78
Days on Market314
Property Features for 380-360 Esplanade Avenue
General Information
Standard status
Active
Size
31,327 SF
Total Parking Spaces
64
Lot size
3.26 Acres
Property subtype
5+ Units / Five or More Units
Additional Details
Multifamily Units
63
Taxes and HOA fees
Annual Taxes
$360,081
Amenities
private parking
EV charging
fitness center
resident lounge
No, No, 31327, None, None
Public, None, None, Wall Furnace, Public Utilities, Sewer - Public
Building Details
Year Built
1965
Buildings
2
Listing Agency:
Marcus & Millichap
(650) 492-0934
Listed By:
Adam S. Levin · License #01462752
(650) 492-0934
Source:
Compass
Added: Oct 21, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:37PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
The Bluffs at Pacifica is a 63-unit oceanfront apartment community on a 3.26-acre parcel at 360 and 380 Esplanade Avenue. Built in 1965, the property includes studio, one-, two-, and three-bedroom residences. Interior improvements include updated kitchens and bathrooms, stainless steel appliances, granite countertops, smart thermostats and locks, in-unit washers and dryers, and wood flooring. Major bluff reinforcement has also been completed.
Resident amenities include private parking, EV charging, a fitness center, and a resident lounge. The coastal setting provides access to Pacific Ocean views, nearby walking and biking trails, beaches, shopping, dining, and employers in the surrounding area, with San Francisco also accessible from the property.
The apartment community combines multiple floor plans with renovated interiors and shared amenities in an oceanfront Pacifica setting.
Resident amenities include private parking, EV charging, a fitness center, and a resident lounge. The coastal setting provides access to Pacific Ocean views, nearby walking and biking trails, beaches, shopping, dining, and employers in the surrounding area, with San Francisco also accessible from the property.
The apartment community combines multiple floor plans with renovated interiors and shared amenities in an oceanfront Pacifica setting.
Key Highlights
- 63‑unit oceanfront apartment community on a 3.26‑acre parcel
- Studio, one-, two-, and three‑bedroom floor plans
- Interior renovations include upgraded kitchens, bathrooms, and stainless steel appliances
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
$852,629
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
3.02%
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%
$17,052,580
$17.1M
Cap Rate 7%
$12,180,414
$12.2M
Cap Rate 9%
$9,473,656
$9.5M
Market Conditions
NOI Build-Up for 31,327 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
$1.64M $52.20/SF
− Vacancy
−$85.0K −$2.71/SF
EGI
$1.55M $49.49/SF
− OpEx
−$697.6K −$22.27/SF
NOI
$852.6K $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%
$17,052,580
Cap Rate 7%
$12,180,414
Cap Rate 9%
$9,473,656
Alternative Uses
Best Use
Apartment 5plus
$12.18M
$10.66M – $14.21M
NOI $852,629 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$24.88M
$21.77M – $29.03M
NOI $1,741,839 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
63
Residential units
Location Intelligence
Trade Area within ½ mile
341
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 - Renovated coastal apartment community with varied floor plans, resident amenities, and private parking.
Where is this apartment building located?
The property is located at 380-360 Esplanade Avenue Pacifica, CA.
What is the asking price?
The asking price for this property is $28,250,000.
What are key features of this property?
This property features: 63‑unit oceanfront apartment community on a 3.26‑acre parcel; Studio, one-, two-, and three‑bedroom floor plans; Interior renovations include upgraded kitchens, bathrooms, and stainless steel appliances
