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Alessandra Imanabadi

Nationwide Fine Homes

alessandra@123nationwide.com +1(510) 504-2528

Listed by Nate Gustavson • Compass, DRE#01898316

$8,900,000

Est. payment - /mo

1 Bed

1 Bath

24,592 SqFt

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UPDATED:

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 24,592 sqft

Price per Sqft $361

MLS Listing ID ML82050464

Bedrooms 1

Full Baths 1

Year Built 1960

Lot Size 0.573 Acres

Property Sub-Type Five or More Units

Property Description

PRICE REDUCTION of $550,000! -- The 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 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). 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 Apts at 420 N. Bayshore Boulevard.

Location

State CA

County San Mateo

Area North Shoreview / Dore Cavanaugh

Building/Complex Name Knights Inn Apartments

Zoning Commercial Multifamily

Rooms

Kitchen Countertop - Marble, Oven Range - Electric, Pantry, Refrigerator, Varies by Unit

Interior

Heating Wall Furnace

Cooling Ceiling Fan

Flooring Laminate, Vinyl / Linoleum

Laundry Coin Operated

Exterior

Parking Features Assigned Spaces, Carport , Off-Street Parking

Pool Pool - Fenced

Community Features Community Pool

Utilities Available Individual Electric Meters, Individual Gas Meters

Roof Type Flat / Low Pitch,Tar and Gravel

Building

Foundation Concrete Slab

Sewer Sewer - Public, Sewer Connected

Water Public

Others

Restrictions None

Tax ID 033-171-150

Security Features None

Special Listing Condition Not Applicable

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100-106 N Bayshore BLVD San Mateo, CA 94401