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Listed by Sam Runco • Marcus & Millichap, DRE#01977683
$ 16,498,000
Est. payment /mo
New
1775 Marco Polo WAY Burlingame, CA 94010
3 Beds
3 Baths
23,075 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 23,075 sqft
Price per Sqft $714
MLS Listing ID ML82056372
Bedrooms 3
Full Baths 3
Year Built 1957
Lot Size 0.893 Acres
Property Sub-Type Five or More Units
Property Description
1775 Marco Polo Way presents a compelling acquisition opportunity for nonprofit operators and mission-driven investors seeking a stabilized, income-secure affordable housing asset in one of the Peninsulas most supply-constrained rental markets. The property is 75% occupied with approximately 87% occupied units leased to Housing Choice Voucher holders, with rents paid directly by the Housing Authority of the County of San Mateo (HACSM) and other subsidized housing programs. Current income is not projected it is contracted and government-backed, reflected in the actual rent roll. The remaining 10 units are vacant and unencumbered, available for immediate lease up by the acquiring entity at current 2026 HUD Small Area Fair Market Rents for zip code 94010 (Studio: $2,520 | 1BR: $3,020 | 2BR: $3,660). The primary value driver for a qualifying nonprofit buyer is the California property tax welfare exemption under Revenue and Taxation Code Section 214. At $189,507 annually, a 75% exemption reduces this expense line to $47,377 a conservative assumption, as many qualifying nonprofit operators achieve full exemption upon conversion. Combined with stabilized voucher income, the pro forma generates NOI of $1,122,996 and a capitalization rate of 6.81% at the asking price of $16,498,000.
Location
State CA
County San Mateo
Area Ray Park
Zoning R-3
Interior
Heating Wall Furnace
Cooling None
Exterior
Parking Features Covered Parking
Pool Pool - Fenced
Utilities Available Other
Roof Type Tar and Gravel
Building
Foundation Other
Sewer Other
Water Other
Others
Restrictions None
Tax ID 025-142-020
Security Features None
Special Listing Condition Not Applicable
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