412 East Bellevue Avenue
San Mateo, CA 94401
Purchase Price
$2,999,888
Cap Rate
4.28%
Property Type
Multifamily
Rentable Square Feet
2,910
Price per Unit
$499,981.33
Number of Units
6
Floors
1
APN
032185020
Property Description
Major Price Reduction! First time to market in more than 30 years! All the units in this extremely well maintained six unit apartment building were recently renovated within the last year. Renovations included kitchens, bathrooms, fixtures, windows, flooring and paint. The kitchens were all renovated with quality counters, cabinets, fixtures and appliances. Bathrooms include all new low flow fixtures, tile floors and showers. All of the electrical including circuit breakers and wiring were updated during this time. Most of the plumbing throughout the building was replaced with copper pipes and the hot water heater in each unit was replaced. As a result, there have been no maintenance or repair expenses since the upgrades were completed. All of the work was completed with permits. (See Disclosure package) The six units consist of the following: Three (3) one bedroom, one bathroom units with a bonus room, and Three (3) one bedroom, one bathroom units. The bonus rooms are typically used as bedrooms by the tenants, although there is no window in the bonus rooms. Although the units are on the smaller side, approximately 485 SF each, the rents are market rate and range from $2,700 to $2,200, with the average rent being $2,417. The lowest rent ($2,200) was given to the onsite manager in unit 5. The owner gives this person a reduced rent of $200 each month to take care of the landscaping and push the trash cans to the street for pick up. The market rent for one bedroom, one bath units in this area is $2,500 - $2,700/month. The building is priced competitively. The average Capitalization Rate for comparable buildings in the area is 3.5%, the average Gross Rent Multiplier is 18.1, and the average per unit price is $518,071. The Cap Rate on this property is 4.47% at current rents (4.8% at market rents) , the GRM is 16.67 at current rent, and the price per unit is $483,315/unit. The 2,912 SF building was constructed in 1946 on a 10,000 SF lot. The building has a concrete perimeter foundation with stucco over wood framing, a pitched, rolled asphalt roof, and an asphalt parking lot. The yard in the front is artificial grass so water and landscaping costs are kept to a minimum. The property is located in North Central San Mateo, a robust rental location, in close proximity to Hillsborough and Burlingame and just 1 1/2 blocks to San Mateo Performing Arts Center and San Mateo High School. Shopping, schools, and major commuter routes are just minutes away. San Mateo is ideally situated on the Peninsula near multiple employers including bio-tech companies, and equidistant between financial employers in San Francisco and high-tech companies in Silicon Valley.
Presented by
Michael Shields, CCIM
01327546, California
408-356-1900
michael@svmultifamily.com
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