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Multifamily

22 E 20th Avenue

22 E 20th Ave, San Mateo, CA 94403

Listing Price: $6,930,000

Cap Rate
4.19%
Number of Units
15
Occupancy
97.0%
Price/Unit
$462,000
Price/Gross SF
$477.93
Gross SF
14,500

Investment Overview

Marcus & Millichap is honored to present 22 E 20th Avenue, a *15-unit gated complex, located in San Mateo, CA. Constructed in 1972, this asset sits upon a 14,500 square foot lot and commands 13,862 square feet of building area. 22 E 20th Avenue otters fourteen (14) exceptionally large one-bed, one-bath units and one non-conforming studio unit which can be utilized for its current income or as an Airbnb unit. The units have received extensive capital improvements and include hardwood flooring, new granite counter tops, new cabinetry, appliances, recessed lighting and more. To further add to their high-quality condition, the units boast recessed lighting throughout, spacious living rooms and large bedrooms. The building itself has been meticulously maintained and is demonstrated by the aesthetic landscaping, new dual pane windows and high-end exterior LED lamp lights. Unseen by the investor's eye is the upgraded copper plumbing throughout and brand new 60 mil TPO roof. In addition to all these upgrades, this asset also boasts secured and gated parking which makes it superior to most of the competition and easy to rent. 22 E 20th Avenue's exceptional location will appeal to both first time and seasoned investors. It is located within a 10-minute walking distance of a multitude of retailers, restaurants and amenities including San Mateo City Hall, Junipero Serra High School, and Starbucks. Also, within walking distance from 22 E 20th Avenue is the Hayward Park Caltrain and the 400|450 Concar Hines development which entails Class A LEED office buildings and retail. It sits right off the employment corridor of El Camino Real and Is less than two miles from State Route 92. Both can be used to quickly access anywhere on the Peninsula, including a less than two-mile drive to downtown San Mateo and to the major transit corridors of Highway 280 & 101. The subject property is approximately 4 miles from Google headquarters. Because of its high-quality condition and professional maintenance, 22 E 20th Avenue has been a choice selection for renters looking for the convenience of walking to nearby employers, transit, and social amenities. This asset will offer a new investor a rare opportunity to acquire a fully turn-key complex with strong in place cash flow and security of long term appreciation within one of the most reputable and robust rental market in the Bay Area.

Investment Highlights

  • Immediate Positive Net Cash Flow
  • Core San Mateo Investment Opportunity
  • Secured Gated Parking
  • All Units Have Been Fully Renovated
  • Additional On-Site Laundry, Garage, and Pet Income
  • Extensive Capital Improvements Including: New Roof, Copper Plumbing & Electrical
  • Quick Access to Major Transit Corridors and Employment Hub

Exclusively Listed By

Multifamily

22 E 20th Avenue

Listing Price: $6,930,000

Cap Rate
4.19%
Number of Units
15
Occupancy
97.0%
Price/Unit
$462,000
Price/Gross SF
$477.93
Gross SF
14,500

Investment Highlights

  • Immediate Positive Net Cash Flow
  • Core San Mateo Investment Opportunity
  • Secured Gated Parking
  • All Units Have Been Fully Renovated
  • Additional On-Site Laundry, Garage, and Pet Income
  • Extensive Capital Improvements Including: New Roof, Copper Plumbing & Electrical
  • Quick Access to Major Transit Corridors and Employment Hub

Investment Overview

Marcus & Millichap is honored to present 22 E 20th Avenue, a *15-unit gated complex, located in San Mateo, CA. Constructed in 1972, this asset sits upon a 14,500 square foot lot and commands 13,862 square feet of building area. 22 E 20th Avenue otters fourteen (14) exceptionally large one-bed, one-bath units and one non-conforming studio unit which can be utilized for its current income or as an Airbnb unit. The units have received extensive capital improvements and include hardwood flooring, new granite counter tops, new cabinetry, appliances, recessed lighting and more. To further add to their high-quality condition, the units boast recessed lighting throughout, spacious living rooms and large bedrooms. The building itself has been meticulously maintained and is demonstrated by the aesthetic landscaping, new dual pane windows and high-end exterior LED lamp lights. Unseen by the investor's eye is the upgraded copper plumbing throughout and brand new 60 mil TPO roof. In addition to all these upgrades, this asset also boasts secured and gated parking which makes it superior to most of the competition and easy to rent. 22 E 20th Avenue's exceptional location will appeal to both first time and seasoned investors. It is located within a 10-minute walking distance of a multitude of retailers, restaurants and amenities including San Mateo City Hall, Junipero Serra High School, and Starbucks. Also, within walking distance from 22 E 20th Avenue is the Hayward Park Caltrain and the 400|450 Concar Hines development which entails Class A LEED office buildings and retail. It sits right off the employment corridor of El Camino Real and Is less than two miles from State Route 92. Both can be used to quickly access anywhere on the Peninsula, including a less than two-mile drive to downtown San Mateo and to the major transit corridors of Highway 280 & 101. The subject property is approximately 4 miles from Google headquarters. Because of its high-quality condition and professional maintenance, 22 E 20th Avenue has been a choice selection for renters looking for the convenience of walking to nearby employers, transit, and social amenities. This asset will offer a new investor a rare opportunity to acquire a fully turn-key complex with strong in place cash flow and security of long term appreciation within one of the most reputable and robust rental market in the Bay Area.

Exclusively Listed By

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