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$8,500,000
Est. payment /mo
0.51 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82059841
HOA Y/N No
Year Built 1957
Annual Tax Amount $92,999
Lot Size 0.511 Acres
Property Description
14501480 Hess Road is a well-located 22-unit apartment community situated on two (2) parcels in Redwood Citys desirable Palm Park neighborhood. Offered at $8,500,000, the property consists of 22-units across approximately 18,557 square feet of building area on a 22,241-square-foot lot. The unit mix includes seventeen (17) 1-bedroom/1-bath units and five (5) 2-bedroom/1-bath units. --- The property offers an attractive combination of unit mix, parking, storage and tenant amenities, including four (4) enclosed garages, seventeen (17) carports, two (2) on-site laundry rooms with owned coin-operated machines, tenant storage, and a large owner workshop/storage room. Electric and gas are individually metered, and the property has Siemens circuit-breaker sub-panels and service equipment panels. SB-721 documentation, contractor report and pest report have been completed and are on file. --- The property generates approximately $670,620 in scheduled gross annual income, with a pro forma NOI of approximately $391,600, a 4.61% cap rate and 12.67 current GRM at the $8,500,000 asking price. Conveniently located near El Camino Real, shopping, dining, downtown Redwood City and major Peninsula employment centers, with access to Caltrain, Highway 101 and I-280.
Location
State CA
County San Mateo
Area 699 - Not Defined
Zoning Commercial 5+ Multifamily
Interior
Heating Wall Furnace
Fireplace No
Exterior
Carport Spaces 17
Roof Type Composition,Shingle
Building
Water Public
Schools
Elementary Schools Other
Middle Schools John F. Kennedy
High Schools Woodside
School District Other
Others
Tax ID 053292030 & 053292130
Special Listing Condition Standard
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Listed by Nate Gustavson Compass #01898316
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