Preschool, Public, Private School, Church/Religious/Faith-Based, Medical, Live/work, Residential Multi-family permissible.
3,456 sf Office Building with three suites. For Lease or Sale.
Zoning Summary:
Administrative, executive, and professional offices, provided that the professional offices are limited to those professions listed in Section 5.24.160: accountant, appraiser, architect, assayer, attorney, auditor, bacteriologist, certified public accountant, chemist or laboratory specialist or operator, chiropodist, chiropractor, civil engineer, dental laboratory specialist or operator, dentist, electrical engineer, geologist, hydraulic engineer, medical laboratory specialist or operator, oculist, optician, optometrist, osteopath, physician, structural engineer, surgeon, surveyor, and veterinarian (check for kennel).
Retail of goods and services, Restaurants, Health and recreation, Schools and day care, Financial and business offices, Research laboratories (experimental and testing). Warehousing, storage, and distribution.
Residential, R3 multi-family.
Special Uses: clubs, hotels, religious, kennel, community center, public and private schools.
https://law.cityofsanmateo.org/us/ca/cities/san-mateo/code/27.48
• renovations:
o 10/2020: skylight
o 12/2026: exterior windows replaced with double-pane
o 10/2016: water heater replaced
o 5/2015: replace and re-sealed air ducts
o 8/2011: playground surface and fence
2010: all heaters and air conditioner condensers replaced, walls modified, all bathrooms updated, carpets replaced, kitchen flooring replaced, painting, etc...
Post Sale NNN Expenses
Post-Sale Property Tax = 1.1201% x $1,850,000 =
$20,721.85 + $1,445.76 = $22,167.61 / yr
Post-Sale Total Expenses = $22,167.61 (Property Tax) + $3,262 (Property Insurance) + $2,400 (Property Maintenance) = $27,829.61 / yr
Post-Sale CAMs = $0.67/sf CAMs.
Please double check with county assessor on new property taxes.
($29,509.75 / 12 / 3,456 sf = $0.71/sf/month current CAMs).
Current Proforma NOI @ $3.25/sf NNN = $134,784 / yr
Post-Sale Proforma NOI @ $3.25/sf NNN = $134,784 / yr
Asking Price = $1,850,000
Alexander Kent
Compass
