Flexible Mixed-Use
For Sale
Contact for pricing
645 Kelly Avenue, Half Moon Bay, CA 94019
Commercial zoning, extensive on-site parking, and Highway 1 access support varied business configurations.
Property Size5,296 SF
Price / SF$368.20
Days on Market64
Property Features for 645 Kelly Avenue
General Information
Standard status
Active
Size
5,296 SF
Property subtype
Office, Retail, Mixed Use, Special Purpose
Zoning
Commercial, Downtown
Additional Details
Highway Access
Yes
Building Details
Year Built
1905
Buildings
1
Stories
1
Listing Agency:
SC Properties
(650) 342-3030
Listed By:
Kevin Phillips · License #CA
Source:
Crexi
Added: Jun 29
Changed: Aug 30
Last Checked: Aug 30 at 12:16PM
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 SC Properties
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.
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 = 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
$171,080
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
8.77%
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%
$3,421,600
$3.4M
Cap Rate 7%
$2,444,000
$2.4M
Cap Rate 9%
$1,900,889
$1.9M
Market Conditions
NOI Build-Up for 5,296 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
$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 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%
$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
NOI $171,080 @ 7.0% cap · market cap 8.77%
Second Best
Office B
$2.42M
$2.12M – $2.83M
NOI $169,620 @ 7.0% cap · market cap 8.70%
Theoretical Best
Warehouse
$4.21M
$3.68M – $4.91M
NOI $294,467 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
