1775 Marco Polo WAY, Burlingame, CA 94010
1775 Marco Polo WAY, Burlingame, CA 94010
1775 Marco Polo WAY, Burlingame, CA 94010
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Josh Yoo

Josh Yoo

+1(510) 418-9180
Listed by Sam Runco • Marcus & Millichap, DRE#01977683
$16,498,000
Est. payment /mo
3 Beds
3 Baths
23,075 SqFt
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UPDATED:

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 23,075 sqft

Price per Sqft $714

MLS Listing ID ML82056372

Bedrooms 3

Full Baths 3

Year Built 1957

Lot Size 0.893 Acres

Property Sub-Type Five or More Units

Property Description

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.

Location

State CA

County San Mateo

Area Ray Park

Zoning R-3

Interior

Heating Wall Furnace

Cooling None

Exterior

Parking Features Covered Parking

Pool Pool - Fenced

Utilities Available Other

Roof Type Tar and Gravel

Building

Foundation Other

Sewer Other

Water Other

Others

Restrictions None

Tax ID 025-142-020

Security Features None

Special Listing Condition Not Applicable

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Josh Yoo

Josh Yoo

+1(510) 418-9180

Broker Associate | License ID: 02024903

Broker Associate License ID: 02024903

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1775 Marco Polo WAY

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Josh Yoo.

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