430 Monte Diablo
San Mateo, CA 94401
Sq. Feet 5,301
The Gustavson Group of Compass Commercial is proud to have sold The Surf View Apartments in Pacifica, California. The Surf View presents the opportunity to acquire a ten (10) unit apartment building nestled in the hills of Pacifica.
The Property: The property consists of wood framed structure, built in 1961, with a unit mix of two 1-bedrooms units, six 2-bedroom units and two 3-bedroom units. The flat mineral coating roof was replaced five years ago. There are two tandem carport parking spaces per unit, with only one unit above the carports and the majority of the building built on grade with a concrete slab. On-site amenities feature a newly remodeled laundry room and a large courtyard.
The Opportunity: Unlike other Peninsula cities, development of new multi-family rental units in Pacifia is extremely restricted. Due to costrained supply, the outlook for existing apartments units in Pacifica is strong. The ratio of home owners vs. renters is 80:20 in favor of property owners. Average household income within a three mile radius is $143,000, and many of the residents commute to the city of San Francisco. The property is located on a cul-de-sac in the hills of the Linda Mar neighborhood, just minutes away from Pacifica State Beach and shopping in the Linda Mar Shopping Center. Surf View borders Shamrock Ranch and acres of undeveloped wooded forest, with hiking and biking trails leading out from the property. Linda Mar School, the Montessori School of Linda Mar and the Alma Heights Christian School, elementary through high school are all within walking distance. It is only a 30- minute drive from the property to San Francisco.
Cap Rate: 4.56% NOI: $228,000 Livable Sq. Ft: 7,100
Built in 1961 10 units Lot Sq. Ft: 9,595