Welcome to Paul’s Picks, a weekly segment where Paul showcases some the best deals on the market here in the Peninsula. From single-family homes and condos to 2-4 units and large apartments complexes even vacant lots. Paul closely and constantly monitors a wide arrange of product types seeking out the market opportunity that you might not have thought about. If you would like to discuss a property in more detail or find out about other properties that may fit your needs better please give me a call at (650) 348-2020.
Alright, so the first week of the year could be a tough week, given that inventory levels are seasonally at their lowest, and this week is no exception. Currently, there are 78 single-family homes and condominiums listed between South San Francisco and Redwood City. Please tune into my colleague Dan Gilmartin’s Monday Morning Market Minute for the explanation and analysis of these inventory numbers. In addition to that, there only 19 multi-family units available throughout San Mateo County. So for this week, I have something special for all you investors out there and give you a sneak peek at one of our upcoming listings in Millbrae.
Paul’s Pick #1 – 290 Richmond Drive – Millbrae (Call for more details)
Kicking off 2017, I have 290 Richmond Drive in Millbrae. This property is a must-see, because it is the definition of the term trophy building, and is the least stressful add-value opportunity that I have seen in a long time. Now when I say trophy-style building, I’m talking about a building’s overall style, size and location, and 290 Richmond definitely has all three. It’s a large Spanish-style building with over 9,000 rentable square feet, and a very attractive unit mix, with a 3-bedroom 2-bathroom owner’s unit, a 2-bedroom 1 1/2-bathroom townhome-style unit, 3 2-bedroom 1-bathroom units, and a over-thousand square foot 1-bedroom unit. Now the size of this is important, because they do rent for a premium, more comparable to condos in the rental market. Rounding out this property is overall location, being walking distance to downtown Millbrae, Central Park, schools, and with easy access to BART, Cal Trains, 101 280, this is definitely a location that’s going to hold its value, for years to come.
Now let me dive into the value-add aspect of this property. The overall structure’s been maintained extremely well, it’s just the services that are dated and need to be replaced. I’m talking about kitchens, bathrooms, flooring, light fixtures etc. But perhaps the most intriguing aspect of this property is that 5 out of the 6 units are vacant, so order cheap market value, you don’t need to displace five families and give them 60-day notices, ensuring that you can finish the remodel on time at the end of the school year, which is the prime time to on the market, especially Millbrae, with its top-rated school system.