1655 San Carlos AveSan Carlos, CA 94070
- Residential income properties
- 10,325 SF
Property Details for 1655 San Carlos Ave
- Year built
- 1948
- Lot size
- 0.16 AC
- Property size (Sq ft)
- 10,325 SF
- Property type
- Residential income properties
- Property subtype
- Other apartment buildings
- APN
- 050-122-020
- APU
- 50122020
Description
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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $9,048,461
- 6.5%
- $8,352,425
- 7%
- $7,755,824
-
Comparable approach
- Method
- Valuation
- Relative Method
- $8,023,851
- Geo Method
- $4,463,606
-
Alternative Use
- Use
- Valuation
- Residential
- $8,352,425
- Hospitality
- $7,650,776
- Educational
- $6,365,356
- Medical
- $6,584,270
- Retail
- $9,901,665
Location Insight
- City
- San Carlos
- County
- San Mateo
- State
- California
- Latitude
- 37.503
- Longitude
- -122.265
- CBSA code
- 41860
- CBSA name
- SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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