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Listed by Don Sung • Colliers Parrish International, Inc.
$ 1,950,000
Est. payment /mo
New
45 N Ellsworth Avenue San Mateo, CA 94401
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
HOA Y/N No
Year Built 1936
Lot Size 6,360 Sqft
Property Sub-Type Duplex
Source Datashare MLSListings
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
Interior
Heating Forced Air
Cooling No Air Conditioning
Fireplace No
Schools
School District San Mateo Union High, San Mateo-Foster City Elementary
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