501 S Fremont ST, San Mateo, CA 94402
- $3,750,000
- 6,970
- SqFt
Listed by Don Sung, 650-380-5188 from Colliers Parrish International
(If provided) CoList: from
Sold listing courtesy of Clara Wong from CAFH
- Sold Price
- $3,750,000
- List Price
- $3,880,000
- Closing Date
- Aug 29, 2024
- MLS#
- ML81965208
- Status
- SOLD
- Sqft. of Residence
- 6,970
- Lot Size
- 8,890
- Listing Area
- 19th Avenue Park / Sunnybrae
- Year Built
- 1964
Property Description
Rarely Available Opportunity to Acquire 6 Spacious, Easy-To-Manage 2-Bedroom/1-Bath Units Near Downtown San Mateo. Conveniently-Located Asset Near Downtown San Mateo. Very Easy Access From Highway 101. Desirable Rental Location on 2 Quiet Treelined Streets (S. Fremont and E. 5th Ave). All 2 Bedroom/1 Bath Units (887 SF Each). Walk to San Mateo Cal-Train & Downtown San Mateo. Updated Units w/ Excellent Floorplan. Potential to Add 2 to 3 ADUs. Supply-Constrained. Very Few Small to Midsized Apartments Nearby. Mixed in w/ Single Family Homes. Renovated Apartment Units: All Units Equipped With Dishwasher, Plus Potential to Add In-Unit Washer & Dryers to Boost Rents and NOI. Capital Improvements: Updated Plumbing and Electrical, Dual-Pane Windows, New Water Heaters, New Exterior Painting, New Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers. Low Operating Costs. Easy Access to Major Technology Employers in the Mid-Peninsula: Visa, Genentech, EA, Meta, Google, Stanford, etc. Easy Access to El Camino Real, Highway 101, 280. Walkscore: 92. Bike Score: 84. Current CAP Rate: 3.45% / Current GRM: 17.4. Pro-Forma CAP Rate: 4.13% / Pro-Forma GRM: 15.5. Cost Per SF: $556.7/SF.
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Additional Information
- Acres
- 0.20
- Age
- 60
- Cooling System
- None
- Foundation
- Crawl Space
- Garage Parking
- Assigned Spaces, Covered Parking, On Street
- Heating System
- Wall Furnace
- Laundry Facilities
- Coin Operated, Washer / Dryer
- Living Area
- 6,970
- Lot Size
- 8,890
- Neighborhood
- 19th Avenue Park / Sunnybrae
- Other Utilities
- Public Utilities
- Roof
- Composition
- Sewer
- Sewer - Public
- Zoning
- R3
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