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Eric Boyenga

e@boyenga.com +1(408) 506-3942

Listed by David Katz, DRE #01971921 • Magnify Real Estate

$ 2,800,000

Est. payment | -/mo

5 Beds

5 Baths

3,293 SqFt

Save

$ 2,800,000

Est. payment | -/mo

Save

5 Beds

5 Baths

3,293 SqFt

Open House

Sat Jun 20, 2:00pm - 4:00pm

Key Details

Property Type Multi-Family

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 3,293 sqft

Price per Sqft $850

MLS Listing ID ML82048912

Bedrooms 5

Full Baths 5

Year Built 1949

Lot Size 5,625 Sqft

Property Sub-Type Five or More Units

Source MLSListings, Inc.

Property Description

Magnify is pleased to present 403 Vera Ave, a turnkey property walking distance from downtown Redwood City with over $197,000 in gross income (5.1% cap rate). The building was constructed in 1949 and remodeled to the studs in 2022-2023 along with a new-construction ADU. The property features open floor plans with (1) Two-bed+Den/Two-bath and (4) One-bed/One-bath units. Positioned on a prime corner lot with great frontage, each unit offers a spacious backyard or balcony with a large rooftop deck. Amenities include in-unit washer/dryer, air conditioning, dishwashers & luxury kitchens/baths to enhance tenant appeal and retention. The property has undergone substantial capital improvements to deliver strong in-place rents with modernized systems. All units include an electrical re-wiring with 100-amp subpanels, copper repipe with ABS drain/sewer lines, new-construction dual pane windows, fire sprinkling with a 24/7 monitored alarm system, & condo-quality finishes. The building has a new 400 amp main panel (2022), exterior stucco (2022), low maintenance landscaping (2023), and a newer roof (2015) for minimal long-term maintenance. It is also in close proximity to Stanford, Atherton, Palo Alto, & Menlo Park making it a premier Peninsula asset with strong income & high growth potential.

Location

State CA

County San Mateo

Area Central Park Etc.

Zoning R4

Rooms

Kitchen Cooktop - Electric, Countertop - Other, Dishwasher, Garbage Disposal, Microwave, Pantry

Interior

Heating Electric

Cooling Ceiling Fan, Window / Wall Unit

Flooring Tile, Vinyl / Linoleum, Other

Laundry Washer / Dryer

Exterior

Parking Features Assigned Spaces

Garage Spaces 4.0

Utilities Available Public Utilities

Roof Type Composition,Shingle

Building

Foundation Concrete Perimeter, Concrete Slab, Post and Pier

Sewer Sewer - Public

Water Public

Others

Tax ID 053-083-070

Special Listing Condition Not Applicable

NEARBY SCHOOL & BUSINESS

+1(408) 506-3942

e@boyenga.com

167 S. San Antonio Road, Altos, CA

403 Vera AVE Redwood City, CA 94061