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Eric Boyenga

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

Listed by Sam Runco, DRE #01977683 • Marcus & Millichap

$ 16,498,000

Est. payment | -/mo

3 Beds

3 Baths

23,075 SqFt

Save

$ 16,498,000

Est. payment | -/mo

Save

3 Beds

3 Baths

23,075 SqFt

Key Details

Property Type Multi-Family

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

Source MLSListings, Inc.

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

Tax ID 025-142-020

Special Listing Condition Not Applicable

NEARBY SCHOOL & BUSINESS

+1(408) 506-3942

e@boyenga.com

167 S. San Antonio Road, Altos, CA

1775 Marco Polo WAY Burlingame, CA 94010