45 N Ellsworth AVE, San Mateo, CA 94401
- $2,000,000
- 4
- BD
- 3,290
- SqFt
Listed by Don Sung, 650-380-5188 from Colliers Parrish International, Inc.
(If provided) CoList: from
Sold listing courtesy of Training Manager from TRAIN
- Sold Price
- $2,000,000
- List Price
- $1,950,000
- Closing Date
- Sep 30, 2025
- MLS#
- ML82014040
- Status
- SOLD
- Zoning
- RM0000
- Sqft. of Residence
- 3,290
- Lot Size
- 6,360
- Listing Area
- Eastern Addition/Downtown Area
Property Description
Excellent Opportunity Reposition or Redevelop 2 Transit-Oriented Apartment Home Units (Walk to San Mateo Cal-Train Station / Walk Score: 97). 2 Existing 2 BR/1 ¼ Bath Townhouse Units To Be DELIVERED VACANT at COE. 4 Options to Add Value: (1) Build 14 Apartment Units Up to 6-Stories, 19,080 SF (FAR: 3.0 / R-5 Zoning); (2) Build 2 Single Family Homes; (3) Renovate Interior to (2) 3 BR/3 BA Townhomes w/ $6,500/Month Rental Potential; (4) Renovate Existing Interior Units as 2 BR/1 1/4 Bath. Each Unit Offers Spacious Private Yards. Front Yard (45 N. Ellsworth) / Rear Yard (47 N. Ellsworth). Very Easy-to-Rent Units & Desirable Rental Location. Very Low Operating Costs: All Utilities Paid by Tenants (Separate Meters & Services). 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, 92, 280. Current CAP Rate: 3.54% / Current GRM: 17. Pro-Forma CAP Rate: 5.51% / Pro-Forma GRM: 12. Building SF: 3,290 SF / Lot Size: 6,360 SF / Cost Per SF: $593/SF. Due to Favorable Zoning, Property Offers Excellent Opportunity to Purchase for Immediate Cashflow at Market Rents. Buyers Have Option to Develop Into 14-Unit Apartments or 2 Single Family Homes Now or Down the Line. Co-Listed w/ Doug Marks.
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Additional Information
- Acres
- 0.15
- Age
- 89
- Cooling System
- None
- Foundation
- Crawl Space
- Garage Parking
- Detached Garage, Off-Street Parking, Uncovered Parking
- Heating System
- Central Forced Air - Gas
- Laundry Facilities
- Washer / Dryer
- Living Area
- 3,290
- Lot Size
- 6,360
- Neighborhood
- Eastern Addition/Downtown Area
- Other Utilities
- Public Utilities
- Roof
- Shingle
- Sewer
- Sewer - Public
- Unincorporated Yn
- Yes
- Zoning
- RM0000
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