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In-PersonVirtual Tour
$2,650,000
Est. payment /mo
5,623 Sqft Lot
Open House
Thu Jul 16, 12:00pm - 1:00pm
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82048912
HOA Y/N No
Year Built 1949
Annual Tax Amount $29,140
Lot Size 5,623 Sqft
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 (5.5% 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
Area 699 - Not Defined
Zoning R4
Interior
Heating Electric
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Roof Type Composition,Shingle
Total Parking Spaces 4
Building
Water Public
Schools
School District Other
Others
Tax ID 053083070
Security Features Fire Sprinkler System
Special Listing Condition Standard
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Listed by David Katz Magnify Real Estate #01971921
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