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Listed by Eric Katz • Magnify Real Estate
$8,888,000
Est. payment /mo
3 Beds
2 Baths
15,311 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 15,311 sqft
Price per Sqft $580
MLS Listing ID ML82024663
Bedrooms 3
Full Baths 2
Year Built 1961
Lot Size 0.425 Acres
Property Sub-Type Five or More Units
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 unitsideal 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 Park Western Subdivision/Hillsdale
Zoning R4
Interior
Heating Electric, Gas, Wall Furnace
Cooling None
Exterior
Parking Features Carport , Other
Utilities Available Individual Electric Meters, Individual Gas Meters
Roof Type Composition,Shingle
Building
Foundation Concrete Slab
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 039-385-020
Security Features None
Special Listing Condition Not Applicable
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