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17 Unit Apartment Building 2830 Flores Street, San Mateo, CA 94403 $8,250,000

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17 Unit Apartment Building 2830 Flores Street, San Mateo, CA 94403 $8,250,000 17 Unit Apartment Building 2830 Flores Street, San Mateo, CA 94403 $8,250,000 First Time On-Market! Renz & Renz George L. Renz, CCIM [email protected] 408.846.1031 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Summary of Salients 17 Unit Apartment Building Property Highlights 2830 Flores Street, San Mateo, CA 94403 List Price $8,250,000 • Excellent rental area South of Downtown San Mateo Cap Rate 2.65% • Very stable community • One of the strongest rental/housing markets in the U.S. Gross Rent $33,300 Monthly | $399,600 Annually • Covered Parking & Central Courtyard Zoning R4 - High Density Residential • Unit Mix: 2 - studio/1 Bath, 8 - 1 Bed/1 Bath, 7 - 2 Bed/1 Bath Building Size 13,771 SqFt • Under Market Rents Lot Size 0.42 Acres • 1/2 mile from Hillsdale Shopping Center Year Built 1961 • 1/2 mile from Hillsdale Caltrain Station • 1/4 mile from Hwy 82 Image gathered from: https://news.theregistrysf.com 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Income & Expense Proforma Projected Gross Income Projected Gross Annual Income $399,600 Vacancy Reserve $19,980 Effective Gross Income $379,620 Expenses Real Estate Taxes (Based on $8,250,000) $93,142 Building Insurance $8,245 Maintenance & Repair $31,025 Utilities $14,875 Management $10,116 Reserves/Replacements $3,372 Total Expenses $160,775 Net Operating Income $218,845 Cap Rate 2.65% Number of Units 17 Expense percentage 42.35% Sale Price per Unit $485,297 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Location Overview About San Mateo The economy of San Mateo, CA employs 56.6k people. The largest industries in San Mateo, CA are Professional, Scientific, & Technical Services (8,702 people), Health Care & Social Assistance (6,187 people), and Manufacturing (5,051 people), and the highest paying industries are Information ($114,343), Professional, Scientific, & Technical Services ($103,392), and Management of Compa- nies & Enterprises ($103,173). Median household income in San Mateo, CA is $103,399. Males in San Mateo, CA have an average income that is 1.26 times higher than the average income of females, which is $57,252. The income inequality in San Mateo, CA (measured using the Gini index) is 0.5, which is higher than than the national average. Population San Mateo has one of the larger, well developed, more prominent suburban downtowns in the San 1 Mile 3 Miles 5 Miles Francisco Bay Area. It is located roughly between Tilton and 9th Avenues and Delaware Street and 2010 21,939 157,363 234,018 El Camino Real The downtown core contains over 800 shops and restaurants, many of them in 2018 24,742 167,253 247,416 historic buildings from the late 19th and early 20th centuries. The non-profit Downtown San Mateo Association (DSMA) works on behalf of downtown businesses to promote them and improve the 2023 (projected) 26,108 174,075 256,094 downtown area. A historically influential area for the Japanese-American community, the downtown is home to many Japanese restaurants and shops. A large, modern 12-screen movie theatre complex gives the downtown a major entertainment option. Central Park is considered to be San Mateo’s sig- Households nature park with tennis courts, picnic areas, playground, a baseball field, a recreation center, a min- 1 Mile 3 Miles 5 Miles iature train, and a Japanese Tea Garden. The Caltrain station is situated downtown. The downtown 2010 8,787 61,962 93,528 also contains many large and small multi-story office buildings, apartments, government buildings and Mills Medical Center, making the area a busy employment center day and night. 2018 9,895 65,564 98,294 2023 (projected) 10,432 68,080 101,462 Residents are zoned for schools in the San Mateo Foster City School District and San Mateo Union High School District. Elementary schools comprise Preschool, K-5, Middle and Magnet schools. 2018 Average Size 2.47 2.52 2.49 There are three public high schools: San Mateo, Aragon, and Hillsdale. There are also three private high schools: one all-male Catholic high school, Junípero Serra, one all-female Catholic high school, Notre Dame, and the Nueva Upper School. There is the Carey School. The city is home to the 2018 Households Income College of San Mateo, a community college. The campus of over 10,000 students is located on 153 1 Mile 3 Miles 5 Miles acres in the western foothills of the city which offer a panoramic view of the San Francisco Bay.[47] Median Income $107,787 $112,923 $115,230 Other universities in the area include Notre Dame de Namur University, a private Catholic university of 2,000 students in neighboring Belmont[48] and Stanford University located about 12 miles to the Average Income $144,537 $157,453 $162,758 south. Per Capita Income $58,780 $64,139 $65,068 ***information gathered from the usa demographic & wikipedia website: https://en.wikipedia.org/ wiki/San_Mateo,_California & https://datausa.io/profile/geo/san-mateo-ca 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Rent Roll UNIT UNIT MIX ACTUAL MONTHLY RENT SCHEDULED MONTHLY RENT (June 2019) (September 2019) 1 1/1 $1,850 $2,000 2 1/1 $1,895 $2,000 3 2/1 $2,000 $2,300 4 studio/1 $1,550 $1,550 5 2/1 $1,925 $2,250 6 1/1 $1,825 $2,000 7 1/1 $1,625 $1,925 8 studio/1 $1,050 $1,225 9 1/1 $1,450 $1,650 10 1/1 $1,325 $1,500 11 2/1 $800 $1,700 12 2/1 $2,000 $2,300 14 2/1 $2,000 $2,300 15 1/1 $1,250 $2,000 16 1/1 $1,825 $2,000 17 2/1 $2,000 $2,300 18 2/1 $1,800 $2,300 Total $28,170 $33,300 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Map 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Surrounding Area Map 121 store Shopping Center 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Property Photos 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Property Photos 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Plat Map 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 DO NOT GO DIRECT. DO NOT BOTHER TENANTS. CALL LISTING AGENT TO SCHEDULE SHOWING. Site Plan 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 Investment & Improved Listings Net Leased Single Tenant Manufactured Housing - San Jose, CA - $11,780,000 17 Unit Apartment Building - San Mateo, CA - $8,250,000 Approx. 32 Acre Equistrian, etc. Property - Gilroy, CA - $4,872,463 Soccer Fields, Batting Cages, etc. on 10.37 Acres - San Martin, CA - $2,300,000 Strip Center at Travis Air Force Base Entrance - Fairfield, CA - $2,195,000 Net Leased Single Tenant PWS Laundry - San Jose, CA - $2,045,000 Prime Vacant Restaurant - Yuma, AZ - $1,900,000 Prior Feed Store Location - Gilroy, CA - $1,050,000 Land & Development Projects Rare 82 Acres of Industrial/Commercial within the City of Gilroy, CA - $16,815,000 Hwy 101 22.53 Acres of Industrial/Commercial Redevelopment Land - Gilroy, CA - $8,500,000 2 Seperate Parcels totaling 12.84 Acres of Industrial/Commercial Land next to Walmart - Gilroy, CA - $7,400,000 5 Acres of Retail Land on Hwy 152 - Los Banos, CA - $2,300,000 3.69 Acres of M-2 Zoned Industrial Land - Gilroy, CA - $1,750,000 Apartment Project on 7.67 Acres - Salinas, CA - $1,700,000 3 Acres of M-2 Zoned Industrial Land - Gilroy, CA - $1,250,000 3.14 Acres Zoned for High-Denisty Residential - Manteca, CA - $1,250,000 1.89 Acres on Corner Lot - Hollister, CA - $1,000,000 0.93 Acre Commercial Lot - Gilroy, CA - $750,000 2.8 Acres of Hwy Commercial on Corner of Hwy 152 & Hwy 33 - Dos Palos, CA - $299,000 GEORGE L. RENZ, CCIM, SIOR, ALC Renz & Renz Investment & Commercial Brokerage 408-846-1031 office | 408-846-1042 fax| [email protected] | BRE License # 00854816 17 Unit Apartment Building | 2830 Flores Street, San Mateo, CA 94403 EXCLUSIVELY LISTED BY GEORGE L. RENZ, CCIM Renz & Renz Investment & Commercial Brokerage 408-846-1031 office 408-846-1042 fax [email protected] BRE License # 00854816 DISCLOSURE & NON-DISCLOSURE Information contained herein was obtained from the owner or sources we deem reliable. We have no reason to doubt its accuracy, but do not guarantee it. Prospective buyers should investigate and verify all information pertaining to the property. Recievers of this information commit to using it solely for it’s purpose and not to disseminate Seller or Tenant information for any other use..
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