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470 Willow Avenue, Half Moon Bay, California 94019, Half Moon Bay, - bed, bath

home-pic
ACTIVE$1,550,000
470 Willow Avenue, Half Moon Bay, California 94019
0Bed
0Bath
3,065Sqft
5,000Lot
Year Built
1964
Close
-
List price
$1.55M
Original List price
$1.79M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML81988721
Home ConditionFair
Features
Good View:
View-

About this home

Exceptionally Well-Maintained Triplex on the Coast. Discover a fantastic investment property with this charming triplex nestled in the beautiful coastal community of Half Moon Bay. Located on the west side of the Cabrillo Highway, this property offers walkability to beaches, the Coastal Trail, Historic Downtown Half Moon Bay, shopping, schools, dining and more. Property Highlights include a Unit Mix of (1) Large Three-Bedroom / Two-Bath Unit & (2) Two-Bedroom / One-Bath Units, 3,065 sqft of living space, and a Lot Size of 5,000 sqft. Amenities include Private covered parking and on-site laundry. The Investment Potential that this triplex presents is an excellent add-value opportunity to increase rents over time with higher-end interior renovations and the potential to convert tuck-under parking to an ADU. Built in 1964, this multi-unit building is perfect for investors seeking reliable rental income. Enjoy all the outdoor activities Half Moon Bay has to offer, including hiking, surfing, golfing, horse-back riding, and more. Prime location with easy access to Hwy 1 and 92, making Bay Area commutes a breeze, and just ~30 minutes from San Francisco, SFO, and Silicon Valley. Seize this exceptional investment opportunity today!

Price History

Date
Event
Price
09/03/25
Price Change
$1,550,000
01/14/25
Listing
$1,790,000
Condition Rating
Fair
The property, built in 1964, is described as 'exceptionally well-maintained' but also presents an 'excellent add-value opportunity to increase rents over time with higher-end interior renovations.' This indicates that while the property is functional and cared for, its interior finishes are largely outdated. Images reveal dated kitchen flooring (linoleum/older tile), basic light fixtures, and bathrooms with older vanities and standard tub/shower combos. While some elements like the laminate flooring in living areas and a newer refrigerator in one unit show occasional updates, the overall style and features suggest renovations, if any, occurred 15-30 years ago. Major systems like heating appear to be older wall-mounted units. The property is livable but requires significant cosmetic and system updates to meet current market expectations for higher rents, aligning with the 'Fair' condition criteria.
Pros & Cons

Pros

Prime Coastal Location: Situated on the west side of Cabrillo Highway in Half Moon Bay, offering exceptional walkability to beaches, the Coastal Trail, Historic Downtown, shopping, and dining.
Strong Investment Potential: Presents an excellent add-value opportunity to significantly increase rents through higher-end interior renovations and the potential to convert tuck-under parking to an ADU.
Income-Generating Triplex: A multi-unit property (triplex) with a desirable unit mix (1x 3BD/2BA, 2x 2BD/1BA), providing reliable and diversified rental income streams.
Excellent Accessibility: Offers prime connectivity with easy access to Hwy 1 and 92, facilitating convenient commutes to the wider Bay Area, San Francisco, SFO, and Silicon Valley.
Desirable Amenities & Maintenance: Includes practical amenities such as private covered parking and on-site laundry, and is described as an 'exceptionally well-maintained' property.

Cons

Age of Property: Built in 1964, the property's age suggests that major systems or structural components may require future updates or significant capital expenditure beyond cosmetic renovations.
Required Capital for Renovation: Achieving the stated 'add-value' potential necessitates substantial capital investment for 'higher-end interior renovations,' which will impact immediate cash flow and ROI.
Recent Price Reduction: The property has undergone a significant price reduction from its original list price ($1.79M to $1.55M), which could indicate an initial overvaluation or a slower market response.

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