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 – 3601 Hacienda Street – San Mateo (Call for more details)
For my first pick this week, I have 3601 Hacienda Street in the Westwood Hills of San Mateo. If you caught my Facebook live feed yesterday, you know a developer posted a property last spring and is flipping it, who did a great job adding some new services, additional square footage, and by removing a couple of walls, created a nice modern floor plan. However, those intriguing aspects of this property is that it just received a $100,000 price reduction, clearly making this one of the best values in the peninsula. So if you’re looking for a turnkey property West of El Camino in San Mateo, look no further than 3601 Hacienda.
Paul’s Pick #2 – 216 San Luis Avenue – San Bruno [click here for more]
My second and final pick for all you investors out there is 216 San Luis Avenue in San Bruno. This 7-unit apartment building consists of 6 2-bedroom 1-bathroom units, 1 3-bedroom 2-bathroom unit, and is listed for just below $2.3 million, giving a savvy investor to achieve a 6% market cap rate. For 50% down including your improvement costs will yield you a 5.5% cash-on-cash return. Now a transaction such as this is clearly a very intricate process, so if you’re intrigued, please give me a call. I would love to go over their specifics with you, including rent surveys, remodel costs, service costs, etc., and help you acquire the building to achieve these extraordinary bare real estate returns.