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$ 2,988,000
Est. payment | /mo
3,293 SqFt
$ 2,988,000
Est. payment | /mo
3,293 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 3,293 sqft
Price per Sqft $907
MLS Listing ID ML82048912
HOA Y/N No
Year Built 1949
Lot Size 5,625 Sqft
Property Sub-Type Other
Property Description
Magnify is pleased to present 403 Vera Ave, a turnkey property walking distance from downtown Redwood City with over $197,000 in gross income (4.7% cap rate). The building was constructed in 1949 and remodeled to the studs in 2022-2023 along with a new-construction ADU. The property features open floor plans with (1) Two-bed+Den/Two-bath and (4) One-bed/One-bath units. Positioned on a prime corner lot with great frontage, each unit offers a spacious backyard or balcony with a large rooftop deck. Amenities include in-unit washer/dryer, air conditioning, dishwashers & luxury kitchens/baths to enhance tenant appeal and retention. The property has undergone substantial capital improvements to deliver strong in-place rents with modernized systems. All units include an electrical re-wiring with 100-amp subpanels, copper repipe with ABS drain/sewer lines, new-construction dual pane windows, fire sprinkling with a 24/7 monitored alarm system, & condo-quality finishes. The building has a new 400 amp main panel (2022), exterior stucco (2022), low maintenance landscaping (2023), and a newer roof (2015) for minimal long-term maintenance. It is also in close proximity to Stanford, Atherton, Palo Alto, & Menlo Park making it a premier Peninsula asset with strong income & high growth potential.
Location
State CA
County San Mateo
Zoning R4
Interior
Interior Features Updated Baths, Updated Kitchen
Heating Electric
Cooling Ceiling Fan(s)
Flooring Tile, Other
Fireplace No
Appliance Refrigerator
Building
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 053083070
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Listed by David Katz • Magnify Real Estate
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