Pacifica Medical/Professional Office
For Sale
$3,400,000
667-669 Crespi Dr, Pacifica, CA 94044
Multi-tenant building in Linda Mar district with value-add potential.
Property Size7,184 SF
Lot Size0.42 Acres
Price / SF$473.27
Days on Market152
Property Features for 667-669 Crespi Dr
General Information
Standard status
Active
Size
7,184 SF
Lot size
0.42 Acres
Property subtype
Commercial
Building Details
Year Built
1964
Listing Agency:
Coldwell Banker Realty
(650) 504-2002
Listed By:
Cameron Jeffs · License #01978236
(650) 504-2002
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:03PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This multi-tenant medical and professional office building is located in the heart of Pacifica's Linda Mar district. The property offers 7,184 square feet of gross leasable area on an 18,295 square foot lot. It features 14 suites with 9 established tenants and 3 vacant units, offering immediate upside potential. The tenancy is comprised of medical professionals, dentists, podiatrists, wellness providers, and other professionals, creating a stable and synergistic tenant mix. The property's flexible suite layout and zoning allow for continued multi-tenant operation or conversion to an owner-user headquarters with additional income from surrounding suites. With rents below market and vacancy upside, this asset presents a compelling value-add or owner-user investment along one of the most sought-after stretches of the Northern California coast. Located just off Hwy 1, the property benefits from excellent visibility and accessibility within walking distance to Linda Mar Beach, Safeway Shopping Center, and a vibrant mix of local anchor businesses including McDonald's, Starbucks, Chase Bank, and Ross. This highly desirable corridor along the San Mateo County Coast offers limited supply and consistent demand from professional and medical tenants seeking proximity to both San Francisco and the Mid-Peninsula.
Key Highlights
- Prime location in Pacifica's Linda Mar district, near Linda Mar Beach, Safeway, and other anchor businesses.
- Value‑add investment opportunity with below‑market rents and 3 vacant suites offering immediate upside potential.
- Stable and synergistic tenant mix of medical and professional tenants.
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
$230,089
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
6.77%
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%
$4,601,780
$4.6M
Cap Rate 7%
$3,286,986
$3.3M
Cap Rate 9%
$2,556,544
$2.6M
Market Conditions
NOI Build-Up for 7,184 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
$394.8K $54.96/SF
− Vacancy
−$88.0K −$12.26/SF
EGI
$306.8K $42.70/SF
− OpEx
−$76.7K −$10.68/SF
NOI
$230.1K $32.03/SF
Area
San Mateo County, CA
Vacancy
22.30%
Lease Rate
$54.96 /SF/Yr
Expense Ratio
25.00%
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%
$4,601,780
Cap Rate 7%
$3,286,986
Cap Rate 9%
$2,556,544
Alternative Uses
Best Use
Office B
$3.29M
$2.88M – $3.83M
NOI $230,089 @ 7.0% cap · market cap 6.77%
Second Best
Healthcare Medical
$3.28M
$2.87M – $3.82M
NOI $229,296 @ 7.0% cap · market cap 6.74%
Theoretical Best
Warehouse
$5.71M
$4.99M – $6.66M
NOI $399,444 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Balanced
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Linda Mar Veterinary Hospital — 985 Linda Mar Blvd, Pacifica, CA 94044
- Cucaro Angelique DVM — 985 Linda Mar Blvd, Pacifica, CA 94044
- Donna Tanzella, PhD, DVM — 1290 Danmann Ave, Pacifica, CA 94044
- Claudine Falcis, DVM — 985 Linda Mar Blvd, Pacifica, CA 94044
- Dana Thistlethwaite, DVM — 985 Linda Mar Blvd, Pacifica, CA 94044
Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-tenant building in Linda Mar district with value-add potential.
Where is this medical office space located?
The property is located at 667-669 Crespi Dr Pacifica, CA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Prime location in Pacifica's Linda Mar district, near Linda Mar Beach, Safeway, and other anchor businesses.; Value‑add investment opportunity with below‑market rents and **3 vacant suites offering immediate upside potential**.; Stable and synergistic tenant mix of medical and professional tenants.
