$ 16,498,000
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$16,498,000
Price -
0
Bed -
0
Bath -
23,075
SqFt
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About the Listing ML88226 - ML5068288,ML1873218
1775 Marco Polo Way presents a compelling acquisition opportunity for nonprofit operators and mission-driven investors seeking a stabilized, income-secure affordable housing asset in one of the Peninsulas most supply-constrained rental markets. The property is 75% occupied with approximately 87% occupied units leased to Housing Choice Voucher holders, with rents paid directly by the Housing Authority of the County of San Mateo (HACSM) and other subsidized housing programs. Current income is not projected it is contracted and government-backed, reflected in the actual rent roll. The remaining 10 units are vacant and unencumbered, available for immediate lease up by the acquiring entity at current 2026 HUD Small Area Fair Market Rents for zip code 94010 (Studio: $2,520 | 1BR: $3,020 | 2BR: $3,660). The primary value driver for a qualifying nonprofit buyer is the California property tax welfare exemption under Revenue and Taxation Code Section 214. At $189,507 annually, a 75% exemption reduces this expense line to $47,377 a conservative assumption, as many qualifying nonprofit operators achieve full exemption upon conversion. Combined with stabilized voucher income, the pro forma generates NOI of $1,122,996 and a capitalization rate of 6.81% at the asking price of $16,498,000.
Listing Highlights
Interior Details
- Bedrooms: 0
- Bathrooms: 0 Full
- Appliances:
- Air Cond:
- Heating: Wall Furnace
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Other
Exterior Details
- Lot Description: No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 0
- Zoning: R-3
- Roof: Tar/Gravel
- Others:
- Sewer:
Financial Details
- Tax Amount: $189,507
- Taxes w/Assessments: N/A
- Tax/Property ID: 025142020
- Tax Year: N/A
Payment Calculator
Monthly Payment
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1775 Marco Polo Way Burlingame, CA 94010
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