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$ 1,950,000
Est. payment /mo
New
45 N Ellsworth Avenue San Mateo, CA 94401
4 Beds
3,290 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,290 sqft
Price per Sqft $592
MLS Listing ID ML82014040
Bedrooms 4
HOA Y/N No
Year Built 1936
Lot Size 6,360 Sqft
Acres 0.15
Property Sub-Type Duplex
Property Description
Excellent Opportunity Reposition or Redevelop 2 Transit-Oriented Apartment Home Units (Walk to San Mateo Cal-Train Station / Walk Score: 97). 2 Existing 2 BR/1 Bath Townhouse Units To Be DELIVERED VACANT at COE. 4 Options to Add Value: (1) Build 14 Apartment Units Up to 6-Stories, 19,080 SF (FAR: 3.0 / R-5 Zoning); (2) Build 2 Single Family Homes; (3) Renovate Interior to (2) 3 BR/3 BA Townhomes w/ $6,500/Month Rental Potential; (4) Renovate Existing Interior Units as 2 BR/1 1/4 Bath. Each Unit Offers Spacious Private Yards. Front Yard (45 N. Ellsworth) / Rear Yard (47 N. Ellsworth). Very Easy-to-Rent Units & Desirable Rental Location. Very Low Operating Costs: All Utilities Paid by Tenants (Separate Meters & Services). Easy Access to Major Technology Employers in the Mid-Peninsula: Visa, Genentech, EA, Meta, Google, Stanford, etc. Easy Access to El Camino Real, Highway 101, 92, 280. Current CAP Rate: 3.54% / Current GRM: 17. Pro-Forma CAP Rate: 5.51% / Pro-Forma GRM: 12. Building SF: 3,290 SF / Lot Size: 6,360 SF / Cost Per SF: $593/SF. Due to Favorable Zoning, Property Offers Excellent Opportunity to Purchase for Immediate Cashflow at Market Rents. Buyers Have Option to Develop Into 14-Unit Apartments or 2 Single Family Homes Now or Down the Line. Co-Listed w/ Doug Marks.
Location
State CA
County San Mateo
Zoning RM00
Interior
Heating Forced Air
Cooling No Air Conditioning
Fireplace No
Building
New Construction No
Schools
School District San Mateo Union High
Others
Tax ID 032321100
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Listed by Don Sung • Colliers Parrish International, Inc.