Investment Overview

This rare investment opportunity offers a turnkey, updated and well-maintained multifamily complex situated west of El Camino Real on the highly desirable San Francisco Peninsula. Located at the corner of 28th Avenue and Flores Street in San Mateo, California, this fully occupied investment property is only a few blocks from the newly remodeled Hillsdale Shopping Center and Peninsula Caltrain station. In addition, due to the restructuring of the Bay Meadows site, many top employers have moved in and are now within walking distance of subject property, such as Guidewire, SurveyMonkey, and Upstart. This location is hard to beat with countless nearby dining, entertainment and shopping opportunities along with access to public transportation, as well as being only a 15-minute drive to the San Francisco international Airport. This 12-unit apartment complex was built in 1957 and has not been marketed for sale for 30 years. The unit mix consists of seven two-bedroom, two bath units, four one-bedroom, one bath units and one Studio. The property features twelve covered parking spaces with several additional uncovered parking spaces onsite and on street parking. There is a laundry room on the property and private storage lockers inside the covered parking area. The property has a strong historical occupancy, with many wonderful long-term tenants that have resided at this location for 10 to 15 years. Since the beginning of the Covid-19 pandemic, this property has received strong rent collections and has remained 100% occupied. The current ownership has invested capital into the property over the last 30 years, which has proven successful based on their ability to increase rents over the years while retaining a long-term tenant profile. San Mateo is located in San Mateo County, about 20 miles south of San Francisco and 17 miles north of Palo Alto. San Mateo offers a warm Mediterranean climate, with warm, dry summers and mild, slightly cool winters. The surrounding area is in close proximity to many of the largest technology employers in the Country such as: Sony, Visa, Facebook, Salesforce, Kaiser, Stanford Medical and many more. San Mateo has seen tremendous growth over the last twenty years due to this exuberant amount of Tech IPO’s, prestigious Universities, and a land mass that has a restricted amount of new development to support new households. San Mateo is nestled between San Francisco and the Silicon Valley, the two highest income per capita regions in the United States. This Investment Opportunity is a rare & highly desired asset that will continue to see strong rental demand, appreciation growth, and a strong tenant profile for many years to come.