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Jeffrey Walker

jeffrey@walkerpropertygroupca.com +1(949) 903-3731

$ 16,498,000

Est. payment | -/mo

0.89 Acres Lot

Save

$ 16,498,000

Est. payment | -/mo

Save

0.89 Acres Lot

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID ML82056372

HOA Y/N No

Year Built 1957

Annual Tax Amount $189,507

Lot Size 0.893 Acres

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 87.5% occupied with approximately 90% 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 5 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 699 - Not Defined

Zoning R-3

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Exterior

Carport Spaces 40

Utilities Available Other

Roof Type Tar/Gravel

Building

Water Other

Schools

School District Other

Others

Tax ID 025142020

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Sam Runco Marcus & Millichap #01977683

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(949) 903-3731

jeffrey@walkerpropertygroupca.com

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1775 Marco Polo WAY Burlingame, CA 94010