THE OFFERING
Colliers International, as the exclusive advisor, is pleased to present the opportunity to acquire The Marq at Shoreview, a 70-unit apartment community in San Mateo, CA. The Marq is located at 1201 Monte Diablo Avenue in San Mateo, CA. The property is ideally located equidistant to two of the nation' s most dynamic job centers in San Francisco and the core of Silicon Valley.
HIGHLIGHTS:
- 69-unit apartment property with adjacent 3-bedroom house.
- Recently renovated onsite gym with high-end equipment
- Leasing office adjacent to large, sun-filled pool terrace
- Secure underground parking for all residents
- Onsite laundry facility with card-reader technology
- Immediately adjacent to new luxury townhouse development (2-br condos $1.05M+)
- Within walking distance to San Mateo Caltrain station via adjacent footbridge
- Located nearly equidistant to major job centers in San Francisco and Silicon Valley
- 4.1% cap on current income, 5.3% Cap on market rents
- 5.6% Cap following completion of proven renovation
- Owner recently completed over $1.4M in capital improvements and unit upgrades (Approx. 35 units fully renovated)
- Potential for additional $60K+ annual revenue through implementation of a RUBs program
- 90% of rental competitive set charging tenants for all utilities huge opportunity
- Current asking market rents approximately $800 below submarket class-A product
- Priced well below replacement cost and all sales comparables at only $321K per unit.
- CONTACT LISTING AGENTS FOR MARKETING PACKAGE
- DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT
FINAL TOURS:
- Thursday April 27, 10:00am-12:00pm
OFFERS DUE MAY 2nd @ 5pm
