Description

Exceptional 16-unit multifamily property located just three blocks from Downtown Redwood City, one of the Peninsulas most dynamic and rapidly growing rental markets. Built in 1962 and totaling approximately 13,582 square feet on an 8,800 square foot lot, the property features sixteen (16) spacious one-bedroom/one-bathroom units averaging about 520 square feet each. --- Every unit is individually metered for electricity and has been upgraded with BRAND NEW Square-D Electrical Sub-panels and NEW Dual-pane Windows, providing efficient operation and reduced maintenance costs. --- The property has a hot tar torch-down roof installed in 2007, landlord-owned coin-op laundry machines, and tenant paid storage and parking for additional income. --- The location is highly desirable, just a short walk to the restaurants, shops, and entertainment of Downtown Redwood City, as well as Caltrain for convenient access to both San Francisco and San Jose. -- Combining strong in-place cash flow with a CURRENT CAP RATE of 5.45% and GRM of 11.48, 486 Beech Street gives the investor immediate value-add potential, in one of the Bay Area's a prime central locations.