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24 Baytree Way 10 Unit Apartment Building $5,500,000 ($550,000/Unit) 3.46% Cap Rate San Mateo, CA 94402
INVESTMENT HIGHLIGHTS
- Prime San Mateo Location in El Cerrito Manor, Bordering the Hillsborough Heights Neighborhood
- Classic Mid-Century Charm with Oversized Floor Plans.
- Highly Walkable Location Near Downtown San Mateo
- Rare Value-Add Opportunity to Curate Your Own Community Adjacent to Hillsborough Heights
- Strong, High-Income Tenant Base
EXECUTIVE SUMMARY
Contact Jimmy at jcastellanos@marcusmillichap.com for OM.
Jimmy Castellanos of Marcus & Millichap is pleased to present 24 Baytree Way, a ten-unit multifamily community located in the highly sought-after El Cerrito Manor neighborhood of San Mateo. Built in 1950, the property sits adjacent to Hillsborough Heights, where the average home value exceeds $4,000,000.
This rare investment opportunity allows an investor to curate a boutique residential community surrounded by well-established single-family homes. The unit mix features a combination of one- and two-bedroom floor plans, each notably larger than typical apartment homes constructed during the 1950's.
The property also offers two vacant, rent-ready units, providing immediate access for tours and a seamless transition for new ownership.
Jimmy Castellanos of Marcus & Millichap is pleased to present 24 Baytree Way, a ten-unit multifamily community located in the highly sought-after El Cerrito Manor neighborhood of San Mateo. Built in 1950, the property sits adjacent to Hillsborough Heights, where the average home value exceeds $4,000,000.
This rare investment opportunity allows an investor to curate a boutique residential community surrounded by well-established single-family homes. The unit mix features a combination of one- and two-bedroom floor plans, each notably larger than typical apartment homes constructed during the 1950's.
The property also offers two vacant, rent-ready units, providing immediate access for tours and a seamless transition for new ownership.
PROPERTY FACTS
| Price | $5,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $550,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.42 AC |
| Cap Rate | 3.46% | Building Size | 12,682 SF |
| Gross Rent Multiplier | 16.77 | Average Occupancy | 80% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Price | $5,500,000 |
| Price Per Unit | $550,000 |
| Sale Type | Investment |
| Cap Rate | 3.46% |
| Gross Rent Multiplier | 16.77 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 12,682 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 1.18/1,000 SF |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Package Service
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | 750 - 850 |
| 2+2 | 2 | - | 1,200 |
| 2+1 | 2 | - | 1,056 |
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Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 032-412-210 | Improvements Assessment | $1,023,829 |
| Land Assessment | $255,933 | Total Assessment | $1,279,762 |
PROPERTY TAXES
Parcel Number
032-412-210
Land Assessment
$255,933
Improvements Assessment
$1,023,829
Total Assessment
$1,279,762
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24 Baytree Way
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