FOR SALE OR EXCHANGE- Coastside Residential 4-Plex

$2,300,000

122 Madrid Avenue, El Granada, CA 94018

For Sale

Multifamily Duplex / Triplex / Fourplex

Active

Last Updated: 05/15/2025

Details:

Cap Rate: 3.5%

NOI: $80,600

Building Size: 3,746 sqft

Lot Area: 6,250 sqft

Occupancy: 100%

Class: B

Units: 1

Year Built: 1965

Price Per Unit: $575,000

: 8

Offered by

Dave Worden

Owner

Windward Commercial Real Estate Services

#00622628

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Highlights:

100% leased
Four large 1-bedroom units
Shared garage with 4 covered spaces
Individual lockable storage rooms
Coin-op washer & dryer adds to income
Large, shared back yard
Short walking distance to Princeton Harbor & Surfers Beach

Description:

Just a short jaunt to Surfer’s Beach and Princeton Harbor on Half Moon Bay! Convenient to multiple (really good!) restaurants, the famous Mavericks Big Surf venue, the Half Moon Bay Yacht Club and Half Moon Bay General Aviation Airport. And oh, BTW, a terrific community in which to raisekids! Low crime rate and good schools…

This fully leased residential 4-plex includes four large 1 bedroom, 1-bath units of identical floorplans. Each unit has its own covered parking and storage closet in the shared garage. The upstairs units have private decks, and the rear downstairs unit has a private patio. The large, shared back yard has potential for an ADU. The coin-op washer and dryer provide additional cash income for the property owner.

This very well-located property has great owner-occupancy potential – rent out 3 of the units and live virtually free in the 4th unit! An apartment building of 4 or fewer units, with the owner occupying one of the units, qualifies for a single-family owner-occupied loan, generally at lower than apartment rates!

Location Overview
El Granada is opposite Princeton Harbor on Half Moon Bay. 30 minutes south of San Francisco, 25 minutes from San Francisco International Airport, 55 minutes north of Santa Cruz and 45 minutes northwest of San Jose.