Excellent Opportunity Reposition or Redevelop 2 Transit-Oriented Apartment Home Units (Walk to San Mateo Cal-Train Station / Walk Score: 97). 2 Existing 2 BR/1 ¼ Bath Townhouse Units To Be DELIVERED VACANT at COE. 4 Options to Add Value: (1) Build 14 Apartment Units Up to 6-Stories, 19,080 SF (FAR: 3.0 / R-5 Zoning)' (2) Build 2 Single Family Homes' (3) Renovate Interior to (2) 3 BR/3 BA Townhomes w/ $6,500/Month Rental Potential' (4) Renovate Existing Interior Units as 2 BR/1 1/4 Bath. Each Unit Offers Spacious Private Yards. Front Yard (45 N. Ellsworth) / Rear Yard (47 N. Ellsworth). Very Easy-to-Rent Units &' Desirable Rental Location. Very Low Operating Costs: All Utilities Paid by Tenants (Separate Meters &' Services). Easy Access to Major Technology Employers in the Mid-Peninsula: Visa, Genentech, EA, Meta, Google, Stanford, etc. Easy Access to El Camino Real, Highway 101, 92, 280. Current CAP Rate: 3.54% / Current GRM: 17. Pro-Forma CAP Rate: 5.51% / Pro-Forma GRM: 12. Building SF: 3,290 SF / Lot Size: 6,360 SF / Cost Per SF: $593/SF. Due to Favorable Zoning, Property Offers Excellent Opportunity to Purchase for Immediate Cashflow at Market Rents. Buyers Have Option to Develop Into 14-Unit Apartments or 2 Single Family Homes Now or Down the Line. Co-Listed w/ Doug Marks.
Property Details
Price:
$1,950,000
MLS #:
ML82014040
Status:
Active
Baths:
0
Address:
45 N Ellsworth Avenue
Type:
Residential Income
Subtype:
Duplex
Neighborhood:
699notdefined
City:
San Mateo
Listed Date:
Jul 10, 2025
State:
CA
ZIP:
94401
Lot Size:
6,360 sqft / 0.15 acres (approx)
Year Built:
1936
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Schools
Interior
Cooling
None
Exterior
Parking Features
Off Street, Uncovered
Parking Spots
4.00
Roof
Shingle
Financial
Taxes
$25,086
Map
Community
- Address45 N Ellsworth Avenue San Mateo CA
- Area699 – Not Defined
- CitySan Mateo
- CountySan Mateo
- Zip Code94401
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45 N Ellsworth Avenue
San Mateo, CA
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