100106 N Bayshore Boulevard,San Mateo, CA 94401
San Mateo, CA 94401
Description
PRICE REDUCTION of $550,000! -- The Knights Inn Apartments, located at 100-106 N. Bayshore Boulevard in San Mateo, presents a rare 38-unit multifamily investment opportunity in San Mateo. The property offers a unit mix of thirty-four (34) studios (~381 sqft) and four (4) 1-Bedroom/1-Bath units (~570 sqft). Constructed in 1960 and situated on a 24,944 sqft lot, with approximately 24,592 sqft of gross building area across two (2) buildings. SB-721 COMPLIANT, BALCONY REBUILD COMPLETED, eliminating a significant capital expenditure and providing investors with a clean compliance profile at close. The property further features a secured fenced-in pool, on-site coin-operated laundry, and 36 covered carports + 4 uncovered assigned spaces. Gas and electric utilities are master metered for each building, presenting a direct value-add opportunity through implementation of a Ratio Utility Billing System (RUBS). The pro forma reflects an estimated $45,600 in additional RUBS income upon implementation.Current rents averaging approximately $1,610/month for studios and $2,085/month for 1-Bed/1-Bath units reflect meaningful upside to market rents of $2,100 and $2,395 respectively, as validated by the nearby Country Club Apts at 420 N. Bayshore Boulevard.
Details
| MLS # | ML82050464 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1960 |
| Days On Site | 92 |
| Listing Provided By | Compass | Nate Gustavson |
Features
| SQ Feet | 24,592 |
|---|---|
| Car Port | Yes |
| Units | 38 |
| Building(s) | 2 |
| Zoning | Commercial Multifamily |
| Acreage | 0.57 |
Interior
| Heating | Wall Furnace |
|---|---|
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
Exterior
| Roof | Flat, Tar Gravel |
|---|
Taxes
| Property | 99689 |
|---|
Area Information
| State | CA |
|---|---|
| County | San Mateo |
| City | San Mateo |
| Zip Code | 94401 |
| Area | 699 Not Defined |
| Listing VS Median (in 94401) | |
Price: $8,900,000 low | high Med: $2,495,000 sqft: 24,592 low | high Med: 3,607 $ / sqft: $362 low | high Med: $692 On site: 92 low | high Med: 73 | |
Market Activity 94401
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Learn More About This Property
| State | CA |
|---|---|
| County | San Mateo |
| City | San Mateo |
| Zip Code | 94401 |
| Area | 699 Not Defined |
| Listing VS Median (in 94401) | |
Price: $8,900,000 low | high Med: $2,495,000 sqft: 24,592 low | high Med: 3,607 $ / sqft: $362 low | high Med: $692 On site: 92 low | high Med: 73 | |