Laurelwood Apartments, 8 units

[Agent001]

Laurelwood Apartments
3235 Glendora Dr., San Mateo, CA 94403
Laurelwood Apartments

http://www.loopnet.com/lid/16386498

* Price: $1,795,000
* No. Units: 8
* Building Size: 8,985 SF
* Price/Unit: $224,375
* Property Type: Multifamily
* Property Sub-type: Garden/Low-Rise
* Property Use Type: Investment
* Cap Rate: 4.21%
* Gross Rent Multiplier: 15
* Occupancy: 100%
* No. Stories: 2
* Year Built: 1968
* Lot Size: 0.28 AC
* Tax ID / APN #: 041-263-270
* Find Out More...

Last Verified 12/28/2009 Listing ID 16386498
Highlights

* Spacious Units: (2) 2bed/2ba & (6) 1bd/1ba
* Rents below Market - Realistic Upside in Rental Income
* Household income $145,000 within 1 mile radius

* Healthy Rental Market in San Mateo Hills
* Close to shopping, major freeways , and public transportation
* First time marketed in over 30 years

Description

Updated Pricing as of 10/26/2009. 3235 Glendora Drive is an excellent opportunity for an investor to acquire an 8 unit apartment building in one of San Mateo' s most affluent neighborhoods. The property consists of (2) 2bed/2ba & (6) 1bed/1ba units all with large balconies or patios. There are a total of 9 carports and 1 enclosed garage. Owner pays for water & garbage and common area gas/electric. Lease are all M-M.

Offers Subject to inspection.

Off highway 92. Close to College of San Mateo. Cross street is W. Hillsdale blvd.
Financial Summary
Unit Mix Information
Debt & Equity Information

*
Actual
* Year
2009
* Scheduled Gross Income
$118,140
* Effective Gross Income
$115,796
* Operating Expenses
$40,272
* Net Operating Income
$75,524