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Gurpriit Atwal

gatwal@intero.com +1(510) 399-3462

Listed by Don Sung • Colliers Parrish International, Inc.

$ 1,950,000

Est. payment -/mo

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45 N Ellsworth AVE San Mateo, CA 94401

4 Beds

3 Baths

3,290 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Duplex

Listing Status Active

Purchase Type For Sale

Square Footage 3,290 sqft

Price per Sqft $592

MLS Listing ID ML82014040

Bedrooms 4

Full Baths 2

Half Baths 2

Year Built 1936

Lot Size 6,360 Sqft

Property Sub-Type Duplex

Property Description

Excellent Opportunity Reposition or Redevelop 2 Transit-Oriented Apartment Home Units (Walk to San Mateo Cal-Train Station / Walk Score: 97). 2 Existing 2 BR/1 ¼ Bath Townhouse Units To Be DELIVERED VACANT at COE. 4 Options to Add Value: (1) Build 14 Apartment Units Up to 6-Stories, 19,080 SF (FAR: 3.0 / R-5 Zoning); (2) Build 2 Single Family Homes; (3) Renovate Interior to (2) 3 BR/3 BA Townhomes w/ $6,500/Month Rental Potential; (4) Renovate Existing Interior Units as 2 BR/1 1/4 Bath. Each Unit Offers Spacious Private Yards. Front Yard (45 N. Ellsworth) / Rear Yard (47 N. Ellsworth). Very Easy-to-Rent Units & Desirable Rental Location. Very Low Operating Costs: All Utilities Paid by Tenants (Separate Meters & Services). Easy Access to Major Technology Employers in the Mid-Peninsula: Visa, Genentech, EA, Meta, Google, Stanford, etc. Easy Access to El Camino Real, Highway 101, 92, 280. Current CAP Rate: 3.54% / Current GRM: 17. Pro-Forma CAP Rate: 5.51% / Pro-Forma GRM: 12. Building SF: 3,290 SF / Lot Size: 6,360 SF / Cost Per SF: $593/SF. Due to Favorable Zoning, Property Offers Excellent Opportunity to Purchase for Immediate Cashflow at Market Rents. Buyers Have Option to Develop Into 14-Unit Apartments or 2 Single Family Homes Now or Down the Line. Co-Listed w/ Doug Marks.

Location

State CA

County San Mateo

Area Eastern Addition/Downtown Area

Zoning RM0000

Interior

Heating Central Forced Air - Gas

Cooling None

Laundry Washer / Dryer

Exterior

Parking Features Detached Garage, Off-Street Parking, Uncovered Parking

Garage Spaces 2.0

Utilities Available Public Utilities

Roof Type Shingle

Building

Story 2

Foundation Crawl Space

Sewer Sewer - Public

Water Public

Level or Stories 2

Others

Tax ID 032-321-100

Security Features None

Horse Property No

Special Listing Condition Not Applicable