122 Madrid Ave El Granada, CA 94018
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 122 Madrid Ave
- Year built
- 1965
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a well-maintained, four-unit apartment building located at 122 Madrid Ave, El Granada, CA 94018. The property boasts a prime location, just a short distance from Surfer's Beach and Princeton Harbor in Half Moon Bay. Enjoy proximity to acclaimed restaurants, Mavericks Big Surf, the Half Moon Bay Yacht Club, and the Half Moon Bay General Aviation Airport. This 1965-built Class B property features 3,746 square feet of net rentable space situated on a 6,250 square foot lot (APN: 047-045-020). The building comprises four identical one-bedroom, one-bathroom units, each with covered parking and a storage closet in a shared garage. Upstairs units offer private decks, while the downstairs rear unit features a private patio. A large shared backyard presents potential for an accessory dwelling unit (ADU). Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $80,600 and a 3.50% cap rate, this property offers a strong return on investment. The asking price is $2,300,000 ($525,000 per unit). Additional income is generated from a coin-operated washer and dryer. The property is zoned for multi-family residential use and is held in a Family Trust. This presents an excellent owner-occupancy opportunity, allowing for the potential to live rent-free in one unit while renting out the others. The motivated seller is open to all clean offers with a quick and easy close.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- El Granada
- County
- San Mateo
- State
- California
- Longitude
- -122.482
- Latitude
- 37.5064
