This exceptional 10-unit apartment building, located at 1655 San Carlos Ave, San Carlos, CA 94070, presents a compelling investment opportunity. The property, a three-story Class B building constructed in 1948, boasts 10,325 square feet on a 0.16-acre lot (APN: 050-122-020) and is zoned for Downtown High Density. Each of the ten units features one bedroom and one bathroom. The asking price is $4,190,000, representing $419,000 per unit and a price per square foot of $405.81. The property enjoys a strong pro-forma NOI of $217,661, translating to a 5.19% pro-forma cap rate. Significant upgrades enhance the property's value and appeal, including a new roof (2017), renovated kitchens with new cabinets, tile, and fixtures, upgraded electrical systems (2012 & 2013), replacement of all furnaces with thermostats, installation of double-pane windows, and the addition of coin-operated laundry facilities (2019). Further improvements include fresh paint throughout, upgraded electrical outlets, smoke and carbon monoxide detectors, and a recent exterior repaint with brickwork pressure washing (2023). The property's prime location offers residents a 3-minute walk to downtown San Carlos, a 4-minute walk to the Caltrain station, and easy access to Highways 101 and 280. This meticulously maintained property offers a turnkey investment in a thriving rental market.
Highlights
10-unit apartment building in San Carlos, CA, offering a strong investment opportunity. The property is listed at $4,190,000, representing a $419,000 per unit price and $405.81 per square foot.
The 10,325 square foot building sits on a 0.16-acre lot (APN: 050-122-020) and is zoned for Downtown High Density. Each unit features one bedroom and one bathroom.
The property boasts a strong pro-forma NOI of $217,661, resulting in a 5.19% pro-forma cap rate.
Extensive renovations include a new roof (2017), renovated kitchens and bathrooms, upgraded electrical systems (2012 & 2013), new furnaces and thermostats, double-pane windows, coin-operated laundry (2019), fresh paint, upgraded outlets, smoke/CO detectors, and exterior repainting with pressure washing (2023). Hot water heater replacement in 2022.
Prime location: 3-minute walk to downtown San Carlos, 4-minute walk to Caltrain, easy access to Highways 101 and 280.
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Alan Cerro
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1655 San Carlos Ave, San Carlos, California, 94070
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1655 San Carlos Ave
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