1655 San Carlos Ave San Carlos, CA 94070-2037
- Apartment buildings
- 10,325 SF
- 0.16 lot acres
Jul 14, 2020
Current Use by Public Records
- Apartment buildings
Property Details for 1655 San Carlos Ave
- Year built
- 1948
- Lot size
- 0.16 lot acres
- Property size
- 10,325 SF
- Property type
- Apartment buildings
- APN
- 050-122-020
- APU
- 50122020
Description
This exceptional 10-unit apartment building, located at 1655 San Carlos Ave, San Carlos, CA 94070, presents a compelling investment opportunity. The property, a three-story Class B building constructed in 1948, boasts 10,325 square feet on a 0.16-acre lot (APN: 050-122-020) and is zoned for Downtown High Density. Each of the ten units features one bedroom and one bathroom. The asking price is $4,190,000, representing $419,000 per unit and a price per square foot of $405.81. The property enjoys a strong pro-forma NOI of $217,661, translating to a 5.19% pro-forma cap rate. Significant upgrades enhance the property's value and appeal, including a new roof (2017), renovated kitchens with new cabinets, tile, and fixtures, upgraded electrical systems (2012 & 2013), replacement of all furnaces with thermostats, installation of double-pane windows, and the addition of coin-operated laundry facilities (2019). Further improvements include fresh paint throughout, upgraded electrical outlets, smoke and carbon monoxide detectors, and a recent exterior repaint with brickwork pressure washing (2023). The property's prime location offers residents a 3-minute walk to downtown San Carlos, a 4-minute walk to the Caltrain station, and easy access to Highways 101 and 280. This meticulously maintained property offers a turnkey investment in a thriving rental market.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- San Carlos
- County
- San Mateo
- State
- California
- Longitude
- -122.265
- Latitude
- 37.503
- CBSA code
- 41860
- CBSA name
- SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA
