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$10,150,000
Est. payment /mo
24,785 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 24,785 sqft
Price per Sqft $409
MLS Listing ID ML82015448
HOA Y/N No
Year Built 1965
Lot Size 0.532 Acres
Acres 0.53
Property Sub-Type Other
Property Description
Why Settle on $20,000/Month in Rental Income on a High-End Rental Home (From 1 Tenant) When You Can Receive $57,000/Month in Rental Income from a Diversified 23-Tenant, High-End Apartment? What a Great Way to Retire and Travel and Hire a Property Manager to Address Tenant Issues on a Stabilized Property. Rarely Available 23-Unit Asset in Highly Desirable Carlmont Village. Iconic, One-of-a-Kind Property w/ Panoramic Views. Coupon-Clipper, Easy to Manage w/ Excellent Tenants and Stable Cashflow. (14) LARGE 1 BR/1 BA Units (+/- 644 to 736 SF) and (9) SPACIOUS 2 BR/1 BA Units (+/- 875 to 883 SF). All 23 Units Feature Dishwashers, w/ Potential to Add In-Unit Washer/Dryers. Covered Carport Parking Spaces, Storage for Tenants and Top-to-Bottom Elevator Access. Convert +/- 2,565 SF of Enclosed Carport w/ 9' Ceilings to (5) 1 BR/1 BA or Studio ADU's. 5 ADU's: Achieve $11,250/Month (or $135,000/Yr) in Additional Gross Rental Income. Over $500,000 Cap. Ex. Invested: Dual-Pane Windows, Roof, Copper Plumbing, 800 AMP Square D Panel. Walk Score: 80, With Walkability to Carlmont Village. Quick Access to Freeways 280 and 101. In-Place CAP Rate: 4.11% / Pro-Forma CAP Rate: 5.0%. In-Place GRM: 15 / Pro-Forma GRM: 13.3. CAP Rate (w/ 5 ADU's): 5.97% / GRM (w/ 5 ADU's): 11. Cost/SF: $410/SF
Location
State CA
County San Mateo
Zoning R400
Interior
Heating Electric
Cooling None
Fireplace No
Appliance Dishwasher, Refrigerator
Exterior
Handicap Access Accessible Elevator Installed
Building
New Construction No
Others
Tax ID 045022230
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Listed by Don Sung • Colliers Parrish International, Inc.
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