2451 Middlefield Road , Redwood City , CA 94063; Multifamily Properties For Sale; A-1 in San Mateo County
Price : $3,795,000
No. Units: 18
Building Size: 15,680 SF
Lot Size: 0.26 AC
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
No. Stories: 3
Year Built: 1964
The building consists of (10) one-bedroom/ one-bath units and (8) studios. The property is well maintained and benefits from multiple recent improvements including new exterior paint, refurbished balconies and stairs and new mature landscaping. Most unit interiors benefit from renovated bathrooms and 4 units have updated kitchens. The building has an on-site laundry facility with new washers & dryers. Owners recently implemented a brand new A.O. Smith 275,000 BTU water heater with copper plumbing. Rents are significantly below market allowing a purchaser to add value immediately and achieve a 6.30% Cap Rate and 11.34 GRM.
2451 Middlefield Road is strategically located with excellent visibility directly across a recently renovated Costco Wholesale in close proximity to various shopping, dining and cultural amenities of the downtown area as well as several major development projects highlighted in the attached Marketing Package.