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510 Avenue Alhambra 9 Unit Apartment Building $5,113,725 CAD ($568,192 CAD/Unit) 5.13% Cap Rate Half Moon Bay, CA 94019
Investment Highlights
- SB 721 Inspections Completed!
- Penthouse Units with In-Unit Washer/Dryers (1,000 sqft)
- All Electric Appliances in Units | Individually Metered
- All Residents Enjoy Ocean Views
- 10-Minute Walk to Beach Promenade
- Bike Storage Room On-site
Executive Summary
Welcome to the Beach Surf View Apartments located at 510 Avenue Alhambra in El Granada; a rare coastal nine (9) unit multifamily investment opportunity in the highly desirable Pillar Point neighborhood of El Granada. This well-maintained property offers stunning ocean views from every unit and an exceptional unit mix of three (3) spacious 2-Bedroom/1-Bath Penthouse units (~1,000 sqft) and six (6) classic 2-Bedroom/1-Bath units (~675 sqft).
Originally constructed in 1973 and situated on a 14,490 sqft lot, the property features approximately 9,756 sqft of improvements with 7,479 sqft of rentable space. Each unit is individually metered with all-electric appliances, and the penthouse units include in-unit washer/dryers.
Property amenities include nine (9) carports plus two (2) open spaces, on-site laundry for units without in-unit laundry, bike storage, resident storage lockers, and an owner’s storage room with bathroom and sink. SB-721 inspection has been completed, offering added peace of mind for investors.
Ideally located just a short 10-minute walk to the beach and coastal promenade, this asset combines strong in-place income (5.13% cap rate & 13.01 GRM) with long-term upside in one of the Peninsula’s most supply-constrained coastal communities.
Originally constructed in 1973 and situated on a 14,490 sqft lot, the property features approximately 9,756 sqft of improvements with 7,479 sqft of rentable space. Each unit is individually metered with all-electric appliances, and the penthouse units include in-unit washer/dryers.
Property amenities include nine (9) carports plus two (2) open spaces, on-site laundry for units without in-unit laundry, bike storage, resident storage lockers, and an owner’s storage room with bathroom and sink. SB-721 inspection has been completed, offering added peace of mind for investors.
Ideally located just a short 10-minute walk to the beach and coastal promenade, this asset combines strong in-place income (5.13% cap rate & 13.01 GRM) with long-term upside in one of the Peninsula’s most supply-constrained coastal communities.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$391,916
|
$40.17
|
| Other Income |
$1,227
|
$0.13
|
| Vacancy Loss |
$11,794
|
$1.21
|
| Effective Gross Income |
$381,349
|
$39.09
|
| Taxes |
$56,532
|
$5.79
|
| Operating Expenses |
$62,608
|
$6.42
|
| Total Expenses |
$119,140
|
$12.21
|
| Net Operating Income |
$262,209
|
$26.88
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $391,916 |
| Annual Per SF | $40.17 |
| Other Income (CAD) | |
|---|---|
| Annual | $1,227 |
| Annual Per SF | $0.13 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $11,794 |
| Annual Per SF | $1.21 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $381,349 |
| Annual Per SF | $39.09 |
| Taxes (CAD) | |
|---|---|
| Annual | $56,532 |
| Annual Per SF | $5.79 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $62,608 |
| Annual Per SF | $6.42 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $119,140 |
| Annual Per SF | $12.21 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $262,209 |
| Annual Per SF | $26.88 |
Property Facts
| Price | $5,113,725 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $568,192 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 5.13% | Building Size | 9,756 SF |
| Gross Rent Multiplier | 13.01 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 1.13/1,000 SF |
| Zoning | C-1/S-3/DR,SM County - Unincorporated San Mateo County. | ||
| Price | $5,113,725 CAD |
| Price Per Unit | $568,192 CAD |
| Sale Type | Investment |
| Cap Rate | 5.13% |
| Gross Rent Multiplier | 13.01 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 9,756 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1973 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | C-1/S-3/DR,SM County - Unincorporated San Mateo County. |
Amenities
- Smoke Detector
Unit Amenities
- Dishwasher
- Disposal
- Storage Space
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Deck
- Den
- Double Pane Windows
- Freezer
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Waterfront
- Trash Pickup - Curbside
- Bicycle Storage
- Online Services
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $3,989 CAD | 1,000 |
| 2+1 | 6 | $3,443 CAD | 675 |
1 1
Somewhat walkable
20/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 047-204-110 | Total Assessment | $3,447,562 CAD |
| Land Assessment | $1,397,657 CAD | Annual Taxes | $56,532 CAD ($5.79 CAD/SF) |
| Improvements Assessment | $2,049,904 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
047-204-110
Land Assessment
$1,397,657 CAD
Improvements Assessment
$2,049,904 CAD
Total Assessment
$3,447,562 CAD
Annual Taxes
$56,532 CAD ($5.79 CAD/SF)
Tax Year
2025
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510 Avenue Alhambra
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