For Sale
$4,190,000

1655 San Carlos AveSan Carlos, CA 94070

10-unit, turnkey investment opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Property Details for 1655 San Carlos Ave

Property type
Apartment buildings
Square Feet
10,325 SF
Class
B
Year Built
1948
Stories
3
Lot Size (sq. ft)
6,970 SF
Units
10

Location Insight

City
San Carlos
County
San Mateo
State
California
Latitude
37.5030249
Longitude
-122.2652898
1655 San Carlos Ave, San Carlos, California

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1655 San Carlos Ave
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