185 Redwood Avenue
Redwood City, CA 94061
Purchase Price
$1,495,000
Cap Rate
2.62%
Property Type
MultiFamily
Rentable Square Feet
2,060
Price per Unit
$498,333.33
Number of Units
3
Floors
1
APN
053-282-080
Property Description
This duplex is quite the gem either as an investment or as an owner-occupied property. The two units in the main building are both two bedroom/one bath units that have been completely remodeled with permits and have new kitchens, bathrooms, flooring, double-pane windows and paint. There is also a fully functional, one bedroom/one bath unit permitted as an Office that is attached to the two-car garage. The kitchens in the two-bedroom units have all been upgraded with granite counters, new cabinetry, and appliances including dishwashers. The bathrooms of both units have also been completely remodeled with new tubs, toilets, counters, vanity and fixtures. Both units also have laminate and tile flooring, new paint, blinds and light fixtures. The units are approximately 780 SF each. The front unit at 185 is vacant and ready for rental or owner move-in, and the unit at 187 is rented at $2,550/month. There is also a 500+ SF unit in the rear which is permitted as an office. This unit has also been remodeled with a fully functional kitchen, bathroom, flooring, paint, double-pane windows and blinds. (The kitchen is an unpermitted addition.) The electric for this unit is metered with the unit at 187. Although fully functional, this unit is permitted as an Office unit, not as a residential unit because the zoning and usage code is listed as only duplex. Prior to moving, the current owner used it as an office or temporary housing while he was in the area. It is up to the new owner to decide how they would like to use the structure. Interested parties should consult with Planning department of Redwood City for further information. Neither the owner or broker make any claims or warranties as to the usage or permitting of this unit. Attached to the one-bedroom unit is a two-car garage with a smart card-operated washer and dryer (each are 3 years old) that accepts both coins and credit cards. The machines transfer with the property. There is also storage lockers in the garage for both units. The property was constructed in 1951 and recently remodeled. The duplex is 1,560 SF, approx. 780 SF for each residential unit. The stucco over wood structures were built on a concrete perimeter/slab foundation on a 5,500 SF, level lot. The driveway is asphalt and the roof is composite asphalt shingle. This is a prime Peninsula location! Close to Caltrain Station, Woodside Plaza and the upscale vibe of Downtown Redwood City. Easy access to Freeway 101/280 and nearby major high-tech employers.
Presented by
Michael Shields, CCIM
01327546, California
408-356-1900
michael@svmultifamily.com
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