272 Washington Street
San Jose, CA 95112
Sq. Feet 7,627
The subject property, 430 Monte Diablo, offers an investor the rare opportunity to purchase a turn-key, rent-stabilized multifamily property close to the downtown San Mateo area.
The property features two, two-bedroom units and four-roomy one-bedroom units. There is an on-site laundry facility and also private storage units for the tenants. In addition, there are six enclosed garages for the tenants. The exterior of the property has been recently painted; moreover, the owners installed a whole new deck with pressured treated boards. There is also a fire sprinkler system installed throughout the entire property, which helps with insurance costs for the current and future owners. With the recent upgrades and renovations, paired with the recent rental increases, the new owners will be able to purchase an easy-to-maintain and easy-to-manage asset close to the up and coming downtown San Mateo area.
Downtown San Mateo is regarded as one of the healthiest and most desirable downtown areas in the Peninsula. There are a number of tasty restaurants, charming boutiques, and lively bars on Third and Fourth Avenue—the two thoroughbreds of the area.
Cap Rate: 4.76% NOI: $100,640 Livable Sq. Ft: 3,790
Built in 1955 6 units Lot Sq. Ft: 5,301