10-Unit Multifamily Townhouse
2001-2003 Parrott Drive San Mateo, CA 94402
2001-2003 Parrott Drive, San Mateo, CA, 94402
$7,088,000
For Sale
$7,088,000
Crystal Springs Apartments offers 10 residential units across two buildings, including townhouses with enclosed garage and covered parking.
Property Size14,316 SF
Lot Size0.35 Acres
Price / SF$495.11
Days on Market143
Property Features for 2001-2003 Parrott Drive
General Information
- Standard status
- Active
- Size
- 14,316 SF
- Lot size
- 0.35 Acres
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1976
Listing agency
Marcus & Millichap
(408) 205-2679
Listed by
Carlos Azucena · License #01738155
(408) 205-2679
Source
Compass
Added: Feb 28 Updated: Jul 21 at 4:35AM Checked: Jul 21 at 4:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap
Investment Insights
Based on property information with market context.
Crystal Springs Apartments is a 10-unit multifamily property constructed in 1978 and arranged as two separate buildings. The unit mix includes two 2-bedroom, 2.5-bath townhouses, five 2-bedroom, 2-bath units, and three 1-bedroom, 1-bath units. Residents can also take advantage of covered parking and enclosed garage options, with interior features including vaulted ceilings in second-floor units, fireplaces in each unit, and balconies and/or patios.
The buildings sit in a primarily single-family residential neighborhood and are located on two separate parcels that combine for approximately 0.35 acres. The property address is 2001-2003 Parrott Drive in San Mateo, California.
This configuration is well-suited for tenants seeking townhouse-style living within a small, apartment community, with a consistent set of in-unit and parking amenities shared across the residences.
The buildings sit in a primarily single-family residential neighborhood and are located on two separate parcels that combine for approximately 0.35 acres. The property address is 2001-2003 Parrott Drive in San Mateo, California.
This configuration is well-suited for tenants seeking townhouse-style living within a small, apartment community, with a consistent set of in-unit and parking amenities shared across the residences.
Key Highlights
- 10‑unit multifamily across two separate buildings on two parcels (041‑203‑010 and 041‑203‑020), totaling ~0.35 acres
- Unit mix includes (2) 2 bed/2.5 bath townhouses, (5) 2 bed/2 bath units, and (3) 1 bed/1 bath units
- Each unit features a fireplace, with balconies and/or patios, plus vaulted ceilings in second‑floor units
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $618.5k | $43.20 |
| − Vacancy | −$30.9k | −$2.16 |
| EGI | $587.5k | $41.04 |
| − OpEx | −$264.4k | −$18.47 |
| NOI | $323.1k | $22.57 |
14,316 SF · lease $43.20/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.62M
$4.04M – $5.39M
NOI $323,141 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.66M
$4.95M – $6.61M
NOI $396,359 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Crystal Springs Apartments offers 10 residential units across two buildings, including townhouses with enclosed garage and covered parking.
Where is this apartment building located?
The property is located at 2001-2003 Parrott Drive San Mateo, CA.
What is the asking price?
The asking price for this property is $7,088,000.
What are key features of this property?
This property features: 10‑unit multifamily across two separate buildings on two parcels (041‑203‑010 and 041‑203‑020), totaling ~0.35 acres; Unit mix includes (2) 2 bed/2.5 bath townhouses, (5) 2 bed/2 bath units, and (3) 1 bed/1 bath units; Each unit features a fireplace, with balconies and/or patios, plus vaulted ceilings in second‑floor units
