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Glendora Apartments 3223 Glendora Dr 9 Unit Apartment Building $4,700,000 ($522,222/Unit) 3.59% Cap Rate San Mateo, CA 94403
INVESTMENT HIGHLIGHTS
- Significant upside in rents.
- Prime location with immediate access to Laurelwood Shopping Center and College of San Mateo.
- SB 721 Completed.
- New subpanels & New Roof.
EXECUTIVE SUMMARY
3223 Glendora Drive is a well-maintained 9-unit apartment property located in a prime San Mateo neighborhood directly adjacent to the Laurelwood Shopping Center. The asset reflects true pride of ownership and offers a compelling blend of stability, unit size, and rental upside.
The unit mix consists of seven spacious one-bedroom/one-bath units and two two-bedroom/one-bath units. The one-bedroom units range approximately 750–800 square feet, while the two-bedroom units are approximately 950 square feet—sizes that are well above typical market averages and highly attractive to long-term tenants.
The property is very well maintained and features tuck-under parking with one enclosed garage space currently being leased as storage, providing valuable off-street parking in a supply-constrained area. Tenants benefit from a quiet rear courtyard and backyard area, enhancing livability and tenant retention.
Current rents are below market, offering approximately 24% upside through rent growth, positioning the property as an ideal opportunity for an investor seeking both immediate cash flow and long-term value appreciation in one of San Mateo’s most desirable submarkets.
The unit mix consists of seven spacious one-bedroom/one-bath units and two two-bedroom/one-bath units. The one-bedroom units range approximately 750–800 square feet, while the two-bedroom units are approximately 950 square feet—sizes that are well above typical market averages and highly attractive to long-term tenants.
The property is very well maintained and features tuck-under parking with one enclosed garage space currently being leased as storage, providing valuable off-street parking in a supply-constrained area. Tenants benefit from a quiet rear courtyard and backyard area, enhancing livability and tenant retention.
Current rents are below market, offering approximately 24% upside through rent growth, positioning the property as an ideal opportunity for an investor seeking both immediate cash flow and long-term value appreciation in one of San Mateo’s most desirable submarkets.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$262,728
|
$30.37
|
| Other Income |
$2,600
|
$0.30
|
| Vacancy Loss |
$7,882
|
$0.91
|
| Effective Gross Income |
$257,446
|
$29.76
|
| Taxes |
$52,645
|
$6.08
|
| Operating Expenses |
$36,082
|
$4.17
|
| Total Expenses |
$88,727
|
$10.26
|
| Net Operating Income |
$168,719
|
$19.50
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $262,728 |
| Annual Per SF | $30.37 |
| Other Income | |
|---|---|
| Annual | $2,600 |
| Annual Per SF | $0.30 |
| Vacancy Loss | |
|---|---|
| Annual | $7,882 |
| Annual Per SF | $0.91 |
| Effective Gross Income | |
|---|---|
| Annual | $257,446 |
| Annual Per SF | $29.76 |
| Taxes | |
|---|---|
| Annual | $52,645 |
| Annual Per SF | $6.08 |
| Operating Expenses | |
|---|---|
| Annual | $36,082 |
| Annual Per SF | $4.17 |
| Total Expenses | |
|---|---|
| Annual | $88,727 |
| Annual Per SF | $10.26 |
| Net Operating Income | |
|---|---|
| Annual | $168,719 |
| Annual Per SF | $19.50 |
PROPERTY FACTS
| Price | $4,700,000 | Apartment Style | Low-Rise |
| Price Per Unit | $522,222 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 3.59% | Building Size | 8,652 SF |
| Gross Rent Multiplier | 17.89 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Zoning | R30000, San Mateo | ||
| Price | $4,700,000 |
| Price Per Unit | $522,222 |
| Sale Type | Investment |
| Cap Rate | 3.59% |
| Gross Rent Multiplier | 17.89 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 8,652 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | R30000, San Mateo |
AMENITIES
UNIT AMENITIES
- Balcony
- Dishwasher
- Disposal
- Storage Space
- Granite Countertops
- Range
- Tub/Shower
- Double Pane Windows
- Patio
- Skylights
- Vinyl Flooring
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 7 | - | 700 - 850 |
| 2+1 | 2 | - | 950 |
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PROPERTY TAXES
| Parcel Number | 041-263-290 | Total Assessment | $4,350,000 |
| Land Assessment | $3,196,000 | Annual Taxes | $52,645 ($6.08/SF) |
| Improvements Assessment | $1,154,000 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
041-263-290
Land Assessment
$3,196,000
Improvements Assessment
$1,154,000
Total Assessment
$4,350,000
Annual Taxes
$52,645 ($6.08/SF)
Tax Year
2025
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Glendora Apartments | 3223 Glendora Dr
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