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12 photos
Additional details
$8,888,000
Est. payment /mo
UPDATED:
Key Details
Property Type Commercial
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID ML82024663
HOA Y/N No
Year Built 1961
Annual Tax Amount $120,866
Property Description
Magnify is pleased to present the opportunity to acquire 2830 Flores St, a fully stabilized, turnkey 17-unit apartment building in the thriving city of San Mateo. Located just steps from the Hillsdale Shopping Center and Caltrain Station, this well-maintained asset offers a compelling mix of large, spacious units ideal for attracting long-term tenants in a high-demand rental market. Constructed in 1961 and fully renovated in 2020-2021, the property consists of (7) two-bedroom/one-bathroom units, (8) one-bedroom/one-bath units, and (2) studios on a 18,499 square foot lot. The property has undergone significant capital improvements, with 15 of 17 units renovated to modern standards. With 8.8% immediate upside in rents and 21% total upside in rents, investors can benefit from strong in-place income and future growth potential. This is a low-vacancy, high-performing asset in one of the Bay Areas most resilient and supply-constrained submarkets.
Location
State CA
County San Mateo
Area 699 - Not Defined
Zoning R4
Interior
Heating Electric, Wall Furnace
Cooling None
Fireplace No
Exterior
Carport Spaces 16
Roof Type Composition,Shingle
Building
Water Public
Schools
School District Other
Others
Tax ID 039385020
Special Listing Condition Standard
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Listed by Eric Katz Magnify Real Estate
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