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.
Paul’s Pick #1 – 297 Alta Vista – South San Francisco [click here for more]
For my first pick this week, I have 297 Alta Vista in South San Francisco. This 3-bedroom 3 1/2-bathroom home is 2900-square feet, and listed for just over $880,000, which is a deal into itself. But what makes this a real head-turner is the 39,000-square foot lot it resides on. Whether I’m an investor or a homeowner, I’m looking to buy this for the potential development opportunity. Now this is a long-term play, so for me, I’d try to buy out the adjacent two lots, build up that acreage for some real development opportunity.
Paul’s Pick #2 – 224 South Idaho Street – San Mateo [click here for more]
My second pick this week is for all you investors out there, at 224 South Idaho Street in San Mateo. I like this property’s unit mix, with 2 2-bedroom units, a 3-bedroom unit, and 1 1-bedroom unit. I also like its current income levels; it’s operating at just 15-20% below market rate. But why I like this property is that it has been on the market now for about 70 days, telling me it’s overpriced. I like it for about a million-850 to a million-9, and with the 10% rent increase which you could do in 30 days, you can get it operating at about 5 1/2% cap rate.
Paul’s Pick #3 – 112 Costa Rica Avenue – Burlingame [click here for more]
Last but not the least, I have 112 Costa Rica Avenue in Burlingame Park. I absolutely love this 1920s Tudor, but more importantly, I love Costa Rica Avenue; it’s one of my favorite streets, not just in Burlingame, but throughout San Mateo County. To top it all off, it’s listed for just under 2.8, for over 3,000-square feet of home, you can’t beat that.