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$14,950,000
Est. payment /mo
0.53 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82065118
HOA Y/N No
Year Built 1959
Annual Tax Amount $168,000
Lot Size 0.530 Acres
Property Description
MNM Realty Group is pleased to offer 14 tenant-in-common (TIC) positions in Park Laurel Apartments. Together they make up a 64.75% undivided interest in a renovated 26-unit apartment community at 710 Laurel Avenue, bordering Central Park in downtown San Mateo. Individual positions range from 0.70% to 32.00% and may be bought on their own or combined. Each is priced pro rata to a $14,950,000 property valuation ($575,000 per unit). The property has received more than $1.3 million in capital improvements, including a seismic retrofit. Eighteen of the 26 units have been fully renovated with in-unit washer/dryers, new kitchens and modern baths. Amenities include a heated pool, a rare feature in the area, and the property has a Walk Score of 97. It sits about 2 miles from Burlingame Avenue and 10 minutes from SFO. TIC positions offer investors a fractional entry into a supply-constrained Peninsula multifamily asset with remaining value-add upside as market rents continue increasing
Location
State CA
County San Mateo
Area 699 - Not Defined
Zoning R6
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Carport Spaces 26
Roof Type Flat
Building
Water Public
Schools
School District Other
Others
Tax ID 034200060
Special Listing Condition Standard
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Listed by Jake Anthony MJA Equity Investments, Inc. #02059020
Nearby School & Business
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