Investment Overview

Marcus & Millichap is pleased to present, Park Laurel Apartments. Located in downtown San Mateo, this 26-unit apartment building presents a compelling investment opportunity, featuring desirable amenities and attractive features for prospective tenants. The building has undergone seismic retrofitting to ensure the safety of the structure during earthquakes, which is essential for properties in California. In addition to the seismic retrofitting, the property features a heated central pool, providing tenants with a luxurious amenity to enjoy year-round. The pool area is a perfect spot for residents to relax, unwind, and socialize with neighbors, offering an attractive feature that sets this property apart from others in the area. The property consists of 26 units, with 69% of them fully renovated including in-unit washer-dryers to provide modern and updated living spaces. These renovated units offer contemporary finishes, such as stainless steel appliances, new flooring, and updated bathrooms, making them highly desirable for renters in the area. The remaining units provide the opportunity to renovate and increase rental income even further. The average household income within a 5-mile radius of the subject property is nearly $220,000. Over the past two decades, San Mateo has experienced remarkable expansion, thanks to a multitude of tech IPOs, esteemed universities, and a limited land area that has hindered the creation of new developments to accommodate new households. San Francisco and Silicon Valley are the two regions with the highest income per capita in the United States, and San Mateo is situated between them, with the added advantage of being near San Francisco International Airport. Due to these features and benefits, Park Laurel Apartments will continue to experience high rent growth, appreciation, and a strong tenant profile for many years to come.