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Listed by Nate Gustavson • Compass
$ 8,900,000
Est. payment | /mo
24,592 SqFt
$ 8,900,000
Est. payment | /mo
24,592 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 24,592 sqft
Price per Sqft $361
MLS Listing ID ML82050464
HOA Y/N No
Year Built 1960
Lot Size 0.573 Acres
Property Sub-Type Other
Source Datashare MLSListings
Property Description
PRICE REDUCTION of $550,000! -- The 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 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). 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 Apts at 420 N. Bayshore Boulevard.
Location
State CA
County San Mateo
Interior
Heating Wall Furnace
Cooling Ceiling Fan(s)
Flooring Laminate
Fireplace No
Appliance Refrigerator
Laundry Coin Operated
Building
Water Public
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