Occupied Triplex with
For Sale
$1,390,000
466 Willow Avenue, Half Moon Bay, CA 94019
Three-unit residential property with on-site laundry and convenient access to beaches, the coastal trail, and downtown amenities.
Property Size3,145 SF
Lot Size0.11 Acres
Price / SF$441.97
Days on Market152
Property Features for 466 Willow Avenue
General Information
Standard status
Active
Size
3,145 SF
Total Parking Spaces
3
Lot size
0.11 Acres
Property subtype
Multi Family Home
Zoning
R300
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
3
Amenities
laundry facility
Building Details
Building Size
3,145 SF
Year Built
1964
Buildings
1
Listing Agency:
eXp Realty of California Inc
(650) 303-1216
Listed By:
Kristjan Higdon · License #01948080
(650) 303-1216
Source:
Brucebaldwin
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 11:03PM
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 eXp Realty of California Inc
Investment Insights
Based on property information with market context.
This fully occupied triplex contains 3,145 square feet of residential space with 7 bedrooms and 4 baths on a 5,000-square-foot lot. The property includes a three-car garage and a laundry facility serving the occupants. Built in 1964 and zoned R300, it offers an established multifamily configuration for residential income use.
Located west of Highway 1, the property is within walking distance of beaches, the coastal trail, and downtown amenities. Its Half Moon Bay setting places residential units near coastal recreation and everyday services.
Located west of Highway 1, the property is within walking distance of beaches, the coastal trail, and downtown amenities. Its Half Moon Bay setting places residential units near coastal recreation and everyday services.
Key Highlights
- Fully occupied triplex with 3,145 square feet of residential space
- 7 bedrooms and 4 baths
- 5,000‑square‑foot lot
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
$91,393
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
6.58%
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%
$1,827,860
$1.8M
Cap Rate 7%
$1,305,614
$1.3M
Cap Rate 9%
$1,015,478
$1.0M
Market Conditions
NOI Build-Up for 3,145 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
$139.6K $44.40/SF
− Vacancy
−$9.1K −$2.89/SF
EGI
$130.6K $41.51/SF
− OpEx
−$39.2K −$12.45/SF
NOI
$91.4K $29.06/SF
Area
San Mateo County, CA
Vacancy
6.50%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,827,860
Cap Rate 7%
$1,305,614
Cap Rate 9%
$1,015,478
Alternative Uses
Best Use
Multifamily LT 5
$1.31M
$1.14M – $1.52M
NOI $91,393 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,598 @ 7.0% cap · market cap 6.16%
Theoretical Best
Warehouse
$2.50M
$2.19M – $2.91M
NOI $174,868 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,180
Businesses Nearby
Explore this area
Business Placement
Demographics for 94019, CA
15,483
Population
5,849
Households
2.6
Avg Household Size
46
Median Age
54%
College-Educated
91%
High-School Grad
59.7 sq mi
ZIP Area
259
Density / Sq Mi
$153,272
Median Household Income
$72,042
Median Earnings
$1,977
Median Rent
$1,509,300
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?
Triplex - Three-unit residential property with on-site laundry and convenient access to beaches, the coastal trail, and downtown amenities.
Where is this triplex located?
The property is located at 466 Willow Avenue Half Moon Bay, CA.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Fully occupied triplex with 3,145 square feet of residential space; 7 bedrooms and 4 baths; 5,000‑square‑foot lot
