Building Details

Year Built 1905

Buildings 1

Stories 1

Listing Agency: SC Properties

Listed By: Kevin Phillips · License #CA Show Phone

Source: Crexi

Added: Jun 29 Changed: Oct 11 Last Checked: Oct 14 at 11:20PM

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Investment Insights

Based on property information with market context.

This 5,296-square-foot mixed-use property was built in 1905 and offers a layout that can be adapted for office, creative, light commercial, or specialized service-oriented applications. Commercial, Downtown zoning supports its mixed-use positioning, while the existing configuration provides on-site parking and room for efficient vehicle circulation.

The property is located on Kelly Avenue in Half Moon Bay, with convenient access to Highway 1 and the greater Peninsula. Its physical arrangement can accommodate future reconfiguration based on the selected use, providing flexibility for a range of commercial occupancy concepts.

Key Highlights

• 5,296‑square‑foot mixed‑use property
• Layout adaptable for office, creative, light commercial, or specialized service uses
• Commercial, Downtown zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$171,080

Cap Rate

8.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,421,600 $3.4M

Cap Rate 7%

$2,444,000 $2.4M

Cap Rate 9%

$1,900,889 $1.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,296 SF

Gross rent

$363.5K $68.64/SF

− Vacancy

−$89.8K −$16.95/SF

EGI

$273.7K $51.69/SF

− OpEx

−$102.6K −$19.38/SF

NOI

$171.1K $32.30/SF

Area

San Mateo County, CA

Vacancy

24.70%

Lease Rate

$68.64 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,421,600

Cap Rate 7%

$2,444,000

Cap Rate 9%

$1,900,889

Alternative Uses

Best Use

Mixed Use

$2.44M

$2.14M – $2.85M (±1% cap)

NOI $171,080 @ 7.0% cap · market cap 8.77%

Second Best

Office B

$2.42M

$2.12M – $2.83M (±1% cap)

NOI $169,620 @ 7.0% cap · market cap 8.70%

Theoretical Best

Warehouse

$4.21M

$3.68M – $4.91M (±1% cap)

NOI $294,467 @ 7.0% cap · market cap 15.10%

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

Property Analytics

Current Use

Creative space

Suggested Use

Top Pick Furniture & Home Goods Electrical Service Carpet & Flooring Store (Bike/Boat/Book/etc) Store Pet Grooming Service Florist

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

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 Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Commercial zoning, extensive on-site parking, and Highway 1 access support varied business configurations.

Where is this mixed-use property located?

The property is located at 645 Kelly Avenue Half Moon Bay, CA.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: 5,296‑square‑foot mixed‑use property; Layout adaptable for office, creative, light commercial, or specialized service uses; Commercial, Downtown zoning