Turnkey Fourplex Near Downtown Burlingame 315 Grand Blvd 4 Unit Apartment Building $1,888,000 ($472,000/Unit) 4% Cap Rate San Mateo, CA 94401

*Touring Saturday, October 25th, 12:00 PM-2:00 PM*
315 Grand Boulevard in San Mateo presents a rare investment opportunity in one of the Bay Area's most coveted submarkets. This well-maintained fourplex recently underwent significant renovation and the upgrades include new electrical wiring and electrical subpanels, copper plumbing throughout, roof was fully replaced in 2017, new fencing in the front yard, new asphalt surface, and three units that were completley renovated with high-end finishes. The rear cottage studio and the two-bedroom/one-bathroom unit ave in-unit laundry as apart of that renovation project. Situated on a generous 7,500 square foot lot, the building has a unit mix of three studios and one 2-bedroom/1-bathroom unit. Currently, two units are occupied, providing steady rental income, while the vacant cottage studio and two-bedroom flat have been renovated and are ready to achieve market rents.
The property also presents an excellent opporunity for owner-occupancy, in which case the property is eligible for conventional financing of up to 80% loanto-value. With the average cost of a single family house in San Mateo being $1,671,000 and $2,800,000 in the City of Burlingame, owner-users will benefit from living in a fully renovated unit while collecting rental income from the other units to offset their housing expenses. Given the multiple vacancies, the building can also serve as a multi-generational family compound.
Given the large, mostly unused lot, preliminary feasibility studies indicate that up to five accessory dwelling units can be added in the back of the property, which would drive substantial income and appreciation. The property also includes two private one-car garages and has 5 uncovered parking spaces. The combination of steady income from the leased units, the ability to owner-occupy one of the vacant units and the potential to add value through the development of accessory dwelling units offers both immediate returns and long-term appreciation potential. The strong rent growth, shortage of housing units, proximity to large Silicon Valley employers, and ADU potential make 315 Grand Boulevard an exceptional investment for both the cash flow and appreciation-minded investor.
More information can be found at 315Grandblvd.com