100106 N Bayshore Boulevard, San Mateo, CA 94401
List Price: $9.45M
Listing Status: Active
0Days on Market: 40
0 Bedrooms · 0 Bathrooms
Property Type: CommercialSale
Year Built: 1960
Lot Size: 24,944 sq ft
Annual Property Tax: $105,849
MLS Number: ML82050464
About This Property
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.
Listing provided by: Nate Gustavson DRE #01898316 (415) 874-5000 nate@gustavsongroup.com, Compass
Source: CRMLS, MLS #: ML82050464