100-106 N Bayshore BLVD, San Mateo, CA 94401
- $9,450,000
- 24,592
- SqFt
- List Price
- $9,450,000
- MLS#
- ML82050464
- Status
- ACTIVE
- Property Type
- com
- Sqft. of Residence
- 24,592
- Lot Size
- 24,944
- Listing Area
- North Shoreview / Dore Cavanaugh
- Year Built
- 1960
Property Description
Knights Inn Apartments, located at 100-106 N. Bayshore Boulevard in San Mateo, presents a rare 38-unit multifamily investment opportunity in San Mateo. The property offers a unit mix of thirty-four (34) studios (~381 sqft) and four (4) 1-Bedroom/1-Bath units (~570 sqft). Constructed in 1960 and situated on a 24,944 sqft lot, with approximately 24,592 sqft of gross building area across two (2) buildings. SB-721 COMPLIANT, BALCONY REBUILD COMPLETED, eliminating a significant capital expenditure obligation and providing investors with a clean compliance profile at close. The property further features a secured fenced-in pool, on-site coin-operated laundry, and 36 covered carports + 4 uncovered assigned spaces. Gas and electric utilities are master metered for each building, presenting a direct value-add opportunity through implementation of a Ratio Utility Billing System (RUBS), a strategy not currently utilized under existing ownership. The pro forma reflects an estimated $45,600 in additional RUBS income upon implementation.Current rents averaging approximately $1,610/month for studios and $2,085/month for 1-Bed/1-Bath units reflect meaningful upside to market rents of $2,100 and $2,395 respectively, as validated by the nearby Country Club Apartments at 420 N. Bayshore Boulevard.
Additional Information
- Age
- 66
- Building Name
- Knights Inn Apartments
- Cooling System
- Ceiling Fan
- Floor Covering
- Laminate, Vinyl / Linoleum
- Foundation
- Concrete Slab
- Garage Parking
- Assigned Spaces, Carport, Off-Street Parking
- Heating System
- Wall Furnace
- Laundry Facilities
- Coin Operated
- Living Area
- 24,592
- Lot Size
- 24,944
- Neighborhood
- North Shoreview / Dore Cavanaugh
- Other Utilities
- Individual Electric Meters, Individual Gas Meters
- Pool Description
- Pool - Fenced
- Roof
- Flat / Low Pitch, Tar and Gravel
- Sewer
- Sewer - Public, Sewer Connected
- Special Features
- None
- Total Number Of Units
- 38
- Unincorporated Yn
- Yes
- Zoning
- Commercial Multifamily
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Listing courtesy of Nate Gustavson from Compass. 415-786-9410
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