Property Description

66 & 76 E. 40th Avenue offers a developer the opportunity to acquire two, contiguous, corner parcels with a combined square footage of 13,871. The parcels are zoned R-4 which allows for up to 13 units and the FAR is 1.5. The parcels are not entitled and all interested parties are advised to contact the City of San Mateo Planning Department for further information. Currently, there are 2 duplexes on the parcels. Each building has two 2bed/1bath units. The units at 66 E. 40th Avenue are currently vacant. The units at 76 E. 40th Avenue are renting for $1,750 and $1,850 per month. Pro-Forma rents for these units is $2,300.

Location Description

The property is located in the heart of the city of San Mateo and is within 1/2 mile of Hillsdale Caltrain, Hillsdale Mall, Bel Mateo Shopping Center (Mollie Stones/CVS), Whole Foods Market and the 101 freeway. The corner parcels are adjacent to the highly sought after San Mateo Village neighborhood and are a short walk to the George Hall Elementary School.