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64 Laurel 64 Laurel St 5 Unit Apartment Building $5,500,000 ($1,100,000/Unit) San Carlos, CA 94070
Investment Highlights
- Walk Score: 84 (Very Walkable), indicating strong walkability to nearby amenities in downtown San Carlos.
- Ground-floor and basement plans include secured parking, bike storage, mailroom, lobby, and landscaped common areas.
- Existing 100% occupancy, 5-unit rental property provides income during entitlement/permitting; potential total buildable area but to 23,000 sq. ft.
- Strong infrastructure access: public utilities connected, gas on site, sewer connected, and proximity to public transit (within ½ mile).
- Mid-rise structure potential, supported by conceptual architectural drawings (5 stories with mix of 2- and 3-bedroom units, patios/balconies).
- Conceptual plans for 15 upscale condos (some with potential bay views) have already been prepared and reviewed by the City of San Carlos.
Executive Summary
Property is zoned MD-100 and 14-19 condo units are allowed subject to city zoning and design guidelines. Lot is a gently up sloped 8088 square feet. Currently being used as a 5 unit rental property...providing good income during the city permitting process.
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Please find conceptual plans for 15 condo units from local architect who has designed several similar projects in San Carlos.
Additionally after set backs but before other city requirements up to 23,000 square foot of total square footage could be possible. This property is subject to AB 2097 which mandates that the city will not impose any minimum parking requirements (buyer to verify this information to their satisfaction). While prudent project design would suggest a minimum amount of parking on-site, it does not necessarily cause any design limitations as with other properties that are not in the AB 2097 zone (1/2 mile from public transit).
.
Please find conceptual plans for 15 condo units from local architect who has designed several similar projects in San Carlos.
Additionally after set backs but before other city requirements up to 23,000 square foot of total square footage could be possible. This property is subject to AB 2097 which mandates that the city will not impose any minimum parking requirements (buyer to verify this information to their satisfaction). While prudent project design would suggest a minimum amount of parking on-site, it does not necessarily cause any design limitations as with other properties that are not in the AB 2097 zone (1/2 mile from public transit).
Data Room Click Here to Access
- Operating and Financials
- Third Party Reports
- Title and Insurance
- Miscellaneous
Property Facts
| Price | $5,500,000 | Building Class | C |
| Price Per Unit | $1,100,000 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 5,081 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1953 |
| Apartment Style | Low-Rise | Parking Ratio | 0.98/1,000 SF |
| Zoning | R4, San Carlos - Property is zoned MD-100 and 14-19 condo units are allowed subject to city zoning and design guidelines. Lot is a gently up sloped 8088 square feet. | ||
| Price | $5,500,000 |
| Price Per Unit | $1,100,000 |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 5,081 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 0.98/1,000 SF |
| Zoning | R4, San Carlos - Property is zoned MD-100 and 14-19 condo units are allowed subject to city zoning and design guidelines. Lot is a gently up sloped 8088 square feet. |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Yard
- Handrails
- Lawn
Site Amenities
- Laundry Facilities
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 5 | - | - |
1 1
Walk Score®
Very Walkable (83)
Property Taxes
| Parcel Number | 045-313-040 | Improvements Assessment | $387,600 |
| Land Assessment | $1,652,400 | Total Assessment | $2,040,000 |
Property Taxes
Parcel Number
045-313-040
Land Assessment
$1,652,400
Improvements Assessment
$387,600
Total Assessment
$2,040,000
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Presented by
Armando Investments
64 Laurel | 64 Laurel St
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