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Knights Inn Apartments 106 N Bayshore Blvd 38 Unit Apartment Building $9,450,000 ($248,684/Unit) 3.98% Cap Rate San Mateo, CA 94401
Investment Highlights
- Balcony Work Completed for SB 721 Compliance
- On-Site Laundry
- Master Metered - Provides for a value-add opportunity through RUBS
Executive Summary
Knights Inn Apartments, located at 100-106 N. Bayshore Boulevard in San Mateo, presents a rare 38-unit multifamily investment opportunity in San Mateo County. The property offers a unit mix of thirty-four (34) studios (~381 sqft) and four (4) 1-Bedroom/1-Bath units (~570 sqft). Originally constructed in 1960 and situated on a 24,944 sqft lot, the property features approximately 24,592 sqft of gross building area with 15,234 sqft of net rentable space across two buildings. SB-721 COMPLIANT, BALCONY REBUILD COMPLETED, eliminating a significant capital expenditure obligation and providing investors with a clean compliance profile at close. The property further features a secured fenced-in pool, on-site coin-operated laundry, and 36 covered carports plus 4 uncovered parking spaces. Gas and electric utilities are master metered for each building, presenting a direct value-add opportunity through implementation of a Ratio Utility Billing System (RUBS), a strategy not currently utilized under existing ownership. The pro forma reflects an estimated $45,600 in annual RUBS income upon implementation. With a current cap rate of 4.00% and GRM of 12.46, the asset is well-stabilized with strong in-place income of $758,340 annually. Current rents averaging approximately $1,610/month for studios and $2,085/month for 1-bedrooms reflect meaningful upside to market rents of $2,100 and $2,395 respectively, as validated by the nearby Country Club Apartments at 420 N. Bayshore Boulevard. A FULLY COMPLIANT, INCOME-PRODUCING ASSET WITH A CLEAR RENT GROWTH POTENTIAL IN ONE OF THE BAY AREA'S STRONGEST MULTIFAMILY MARKETS.
Property Facts
| Price | $9,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $248,684 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 3.98% | Building Size | 24,592 SF |
| Gross Rent Multiplier | 12.46 | Average Occupancy | 100% |
| No. Units | 38 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Price | $9,450,000 |
| Price Per Unit | $248,684 |
| Sale Type | Investment |
| Cap Rate | 3.98% |
| Gross Rent Multiplier | 12.46 |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 24,592 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.22/1,000 SF |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Smoke Free
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 34 | - | 350 |
| 1+1 | 4 | - | 570 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,132,086 | |
| Land Assessment | $924,928 | Total Assessment | $3,057,014 |
Property Taxes
Parcel Numbers
Land Assessment
$924,928
Improvements Assessment
$2,132,086
Total Assessment
$3,057,014
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Knights Inn Apartments | 106 N Bayshore Blvd
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