321 Grand Blvd - Duplex + Cottage Near Downtown Burlingame 3 Unit Apartment Building Offered at $1,450,000 at a 3.53% Cap Rate San Mateo, CA 94401

*Call for offers Thursday 10/16 at 11:00am.*
*The adjacent triplex at 327 Grand Blvd and the fourplex at 315 Grand Blvd are also available for sale.*
321 Grand Boulevard in San Mateo presents a rare investment opportunity in one of the Bay Area's most coveted submarkets. This wellmaintained triplex, under the same ownership for over five decades, offers a blend of stable in place income and has tremendous income upside. The property is made up of two separate building, spanning 1,852 square foot building, situated on a generous 7,631 square foot lot, has two onebedroom/one-bathroom and one 2-bedroom/1-bathroom unit. Currently, all three of the units are occupied, providing steady rental income.
The property also presents an excellent opporunity for owner-occupancy, in which case the property is eligible for conventional financing of up to 80% loan-to-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 lot, preliminary feasibility studies indicate that up to four accessory dwelling units can be added in the back of the property, which would drive substantial income and appreciation. The property also includes a carport parking in the back, and ample space for additional storage and uncovered parking spaces.
Ideally located in San Mateo's North Central neighborhood, 321 Grand Boulevard is one mile from Downtown Burlingame's restaurants and boutiques. Nearby Downtown San Mateo further expands the amenities within reach by offering a thriving business district, diverse culinary scene, and rich cultural attractions. The property offers convenient access to Highway 101 and Caltrain for quick commutes to San Francisco, Silicon Valley, and the Peninsula's major employment centers. Coyote Point Recreation Area is 2.1 miles away, and San Francisco International Airport is 5.3 miles away.The combination of steady income from the leased units, the ability to owner-occupy a unit 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 321 Grand Boulevard an exceptional investment for both the cash flow and appreciation-minded investor.