63
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$26,000,000
Est. payment /mo
0.98 Acres Lot
Open Wed 11AM-1PM
265273 88th ST Daly City, CA 94015
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OPEN HOUSE
Wed Jul 16, 11:00am - 1:00pm
Mon Jul 21, 11:00am - 1:00pm
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82013733
HOA Y/N No
Year Built 1966
Annual Tax Amount $298,844
Lot Size 0.976 Acres
Property Description
265-273 88th Street is a rare eighty (80) unit multifamily portfolio comprising five (5) extremely well-maintained apartment buildings situated on two parcels in the heart of the highly desirable Broadmoor Neighborhood of Daly City. - Offered at $26M, this stabilized asset features a unit mix of (6) 3-Br/2-Ba, (6) 2-Br/2-Ba, (4) 2-Br/1-Ba, (62) 1-Br/1-Ba, and (2) Studio units, totaling over 91,000± square feet of gross building area. With a favorable price-per-unit of $325,000 and a price-per-square-foot of $283, this opportunity has strong in-place cash flow (5.23% current cap rate & 11.33 current GRM) -- 265 88th St (4-units), 273 88th St (20-units), 1145 Edgeworth (18-units), 1157 Edgeworth (18-units), 374 89th St (20-units). SIGNIFICANT CAPITAL IMPROVEMENTS have been completed, including voluntary seismic upgrade, updated windows across all buildings, upgraded main electrical panels (25'), deck re-coating and rail painting (25'), updated water heaters, bird proofing, and extensive interior unit updates, with most units having been updated in the past 5-7 years. All units are individually metered for gas and electric, and twelve (12) units offer central forced-air heating.
Location
State CA
County San Mateo
Area 699 - Not Defined
Zoning SC(C-0)
Interior
Heating Central, Wall Furnace
Cooling None
Fireplace No
Exterior
Roof Type Tar/Gravel
Total Parking Spaces 4
Building
Water Public
Schools
Elementary Schools Jefferson
Middle Schools Other
High Schools Other
School District Other
Others
Tax ID 006197120
Special Listing Condition Standard
Listed by Nate Gustavson Compass