100106 N Bayshore Boulevard, San Mateo, CA, CA 94401
- $9,450,000
- List Price
- $9,450,000
- Status
- ACTIVE
- MLS#
- ML82050464
- County
- San Mateo
- Zoning
- Commercial Multifamily
- Year Built
- 1960
- Square Feet
- 24,592
- Lot Size (acres)
- 0.5726
- Days on Market
- 49
- Property Type
- Commercial
Property Description
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 obligation 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), a strategy not currently utilized under existing ownership. 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 Apartments at 420 N. Bayshore Boulevard.
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Additional Information
- Taxes
- $105,849
- Parcel Number
- 033171150
- Gross Scheduled Income
- $764,295
- Heat
- Wall Furnace
- Cooling
- Yes
- Roof
- Flat, Tar/Gravel
- Parking Spaces
- 4
- Water
- Public
- School District
- Other
- Elementary School
- Other
- Middle School
- Other
- High School
- San Mateo
Listing courtesy of Listing Agent: Nate Gustavson (nate@gustavsongroup.com) from Listing Office: Compass.
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