$12,000,000
$12,950,000
7.3%For more information regarding the value of a property, please contact us for a free consultation.
1.24 Acres Lot
SOLD DATE : 04/07/2023
Key Details
Sold Price $12,000,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
MLS Listing ID ML81914150
Sold Date 04/07/23
HOA Y/N No
Year Built 1969
Annual Tax Amount $176,550
Lot Size 1.240 Acres
Property Description
Generational, Trophy Asset. Pride of Ownership w/ 24 Oversized Apartment Homes: (15) 2 BR/2 BA Units: 1,056 SF (9 Units) / 1,137 SF (6 Units)+(9) 1 BR/1 BA Units: 742 SF. All Units Offer Unobstructed/Panoramic Views of Belmont Hills. Convenient, Easy Access from HWYS 92/280/101. Quiet-Setting w/ Views and Excellent Belmont Schools. 24 Private Balconies, Individual Forced Air Furnaces, Enclosed Carports, Outdoor Parking, 1 Elevator, 3 Laundry Rooms, and More. Owner Invested $540,000+ in Capital Improvements (Dual-Pane Milgard Windows, Retaining Wall, Landscape Design, etc). Bonus 25th Unit: 557 SF Rec. Room Can Be 1 Additional Unit or On-Site Gym. Current CAP Rate: 3.27% / GRM: 18. Pro-Forma CAP Rate: 4.21% / GRM: 15. $480/SF. Dishwashers in All Units. Add In-Unit Washers/Dryers, LVT Flooring to Grow Rents Beyond Pro-Forma CAP/GRM. PLEASE DO NOT DISTURB TENANTS, THANK YOU!
Location
State CA
County San Mateo
Area 699 - Not Defined
Zoning R40000
Interior
Cooling None
Fireplace No
Exterior
Carport Spaces 24
Roof Type Foam
Building
Water Public
Schools
School District Other
Others
Tax ID 045373090
Financing Cash
Special Listing Condition Standard
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Bought with Gregory Terry • Compass
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