Triplex with Three-Car
For Sale
$1,390,000
470 Willow AVE, Half Moon Bay, CA 94019
Fully occupied three-unit property west of Highway 1 with on-site laundry and coastal amenities within walking distance.
Property Size3,065 SF
Lot Size0.11 Acres
Price / SF$453.51
Days on Market153
Property Features for 470 Willow AVE
General Information
Standard status
Active
Size
3,065 SF
Total Parking Spaces
3
Lot size
0.11 Acres
Property subtype
Triplex
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$20,472
Amenities
laundry facility
Building Details
Building Size
3,065 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:
Johnpaye
Added: Mar 31
Changed: Aug 29
Last Checked: Aug 29 at 8:42PM
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.
Built in 1964, this triplex contains 3,065 square feet with 7 bedrooms and 4 baths on a 5,000-square-foot lot. The property is fully occupied and includes a three-car garage along with a laundry facility for residents.
The address is west of Highway 1 in Half Moon Bay, with beaches, the coastal trail, and downtown amenities described as minutes away on foot. Its three-unit configuration, garage capacity, and existing occupancy provide a clearly defined residential income property profile.
The address is west of Highway 1 in Half Moon Bay, with beaches, the coastal trail, and downtown amenities described as minutes away on foot. Its three-unit configuration, garage capacity, and existing occupancy provide a clearly defined residential income property profile.
Key Highlights
- Triplex at 470 Willow AVE, Half Moon Bay, CA 94019
- 3,065 sqft building with 7 bedrooms and 4 baths
- Situated on a 5,000 sqft 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
$89,068
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
6.41%
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%
$1,781,360
$1.8M
Cap Rate 7%
$1,272,400
$1.3M
Cap Rate 9%
$989,644
$989.6K
Market Conditions
NOI Build-Up for 3,065 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
$136.1K $44.40/SF
− Vacancy
−$8.8K −$2.89/SF
EGI
$127.2K $41.51/SF
− OpEx
−$38.2K −$12.45/SF
NOI
$89.1K $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%
$1,781,360
Cap Rate 7%
$1,272,400
Cap Rate 9%
$989,644
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $89,068 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,420 @ 7.0% cap · market cap 6.00%
Theoretical Best
Warehouse
$2.43M
$2.13M – $2.84M
NOI $170,420 @ 7.0% cap · market cap 12.26%
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
1,168
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 - Fully occupied three-unit property west of Highway 1 with on-site laundry and coastal amenities within walking distance.
Where is this triplex located?
The property is located at 470 Willow AVE 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: Triplex at 470 Willow AVE, Half Moon Bay, CA 94019; 3,065 sqft building with 7 bedrooms and 4 baths; Situated on a 5,000 sqft lot
