1655 San Carlos AveSan Carlos, CA 94070

Property Details for 1655 San Carlos Ave

Year built

1948

Lot size

0.16 AC

Property size (Sq ft)

10,325 SF

Property type

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.

• 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

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