NOT LISTED FOR SALE

1823 El Parque Ct San Mateo, CA 94403

Los Prados Neighborhood

Estimated Value: $2,167,000 - $2,726,000

8 Beds
7 Baths
4,730 Sq Ft
$529/Sq Ft Est. Value

Last Sold November 16, 2016

Last sale price $1,750,000 $370 Per Sq Ft

Est. 43% increase in value since last sale

Current estimated payment $15,502/month

37 Days on Market

About This Home

As of November 2016

This four-unit multi-family asset, built in 1964, is located in the culturally vibrant and economically prosperous community of San Mateo, California. The property contains 4,730 square feet of living space and resides on an 8,024 square foot lot. The four units are as follows: (1) 3 bed 2 bath unit; (2) 2 bed 1.5 bath units; and (1) 1 bed 1 bath unit. The property will be 100% vacant as of November 1, 2016 allowing a new owner a multitude of options. One option would be to immediately lease units at market rents allowing for an estimated 5.39% cap rate, almost from day one - virtually unheard of for well-located Peninsula apartments. Another option would be to renovate the units to achieve even higher rents and a considerable ROI.

Last Agent to Sell the Property

Carlos Azucena

Marcus & Millichap License #01738155 Listed on: 09/13/2016

Last Buyer's Agent

Raymond Ong

RWC Property Services, Inc. License #01113341

RWC Property Services, Inc.

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $28,753

Year Built

  • 1964

Lot Details

  • 8,015 Sq Ft Lot

Home Design

  • Quadruplex
  • Flat Roof Shape
  • Concrete Perimeter Foundation

Interior Spaces

  • 4,730 Sq Ft Home
  • 2-Story Property

Parking

  • 1 Parking Space
  • 4 Carport Spaces
  • Assigned Parking

Utilities

  • Cooling System Mounted To A Wall/Window
  • Heating System Uses Gas
  • Separate Meters
  • Individual Gas Meter

Listing and Financial Details

  • Total Actual Rent $128,400

Community Details

Overview

Building Details

  • 4 Leased Units
  • Gardener Expense $960
  • Insurance Expense $1,320
  • Maintenance Expense $1,600
  • Other Expense $1,850
  • Utility Expense $1,965
  • Trash Expense $1,290
  • Operating Expense $30,918
  • Gross Income $125,296

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$28,753

Year Built

1964

Lot Details

0

Listing Details

  • Zoning: R-3
  • Subclass: Fourplex
  • Listing Class: Residential Income (2-4 Units)
  • Structure Sq Ft: 4730
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1964

Interior Features

  • Living Sq Ft: 4730
  • Stories: 2

Exterior Features

  • Foundation: Concrete Perimeter
  • Roof: Flat / Low Pitch

Garage/Parking

  • Parking Spaces: 1
  • Garage Parking Features: Assigned Spaces
  • Carport Min: 4

Utilities

  • Cooling System: Window / Wall Unit
  • Heating System: Gas
  • Sewer/Septic System: Sewer Connected

Lot Info

  • Lot Acres: 0.1840
  • Lot Size Area Minimum Units: Square Feet
  • Minimum Lot Size: 8023.75
  • Lot Size Area Maximum Units: Square Feet
  • Maximum Lot Size: 8023.75

Rental Info

  • Existing Lease Term(s): Month To Month
  • Gross Rent Multiplier: 13.55
  • Number Of Leased: 4

Multi Family

  • Utilities: Individual Electric Meters, Individual Gas Meters, Public Utilities
  • Expense Insurance: 1320
  • Expense Landscape: 960
  • Expense Maintenance: 1600
  • Expenses Other: 1850
  • Expenses Total: 30918
  • Expenses Utility: 1965
  • Expense Trash: 1290
  • Income Annual Gross: 125296.00
  • Income Annual Rental: 128400
  • Income Gross Scheduled: 129171
  • Income Includes: Laundry, Rents
  • Income Other: 771
  • Meters: Master Water, Separate Electric, Separate Gas
  • Number Of Buildings: 1
  • Operating Expenses Include: Fee - Property Tax, Insurance, Maintenance, Services - Gardener, Services - Sewer, Services - Trash Removal, Utilities, Utilities - Electric, Utilities - Gas, Utilities - Hot Water, Utilities - Water, Vacancy Factor
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Vacancy Factor: 3

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Sep 13, 2016
Closed on
Nov 1, 2016
Sold by
Barrett Steven C
Bought by
Chang Jeremy Yi and Huang Yun Chieh
Seller's Agent
Carlos Azucena
Marcus & Millichap
Buyer's Agent
Raymond Ong
RWC Property Services, Inc.
List Price
$1,750,000
Sold Price
$1,750,000
Current Estimated Value
$2,504,004

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$754,004
Avg. Annual Appreciation
4.08%
Original Mortgage
$802,000
Outstanding Balance
$650,481
Interest Rate
3.75%
Mortgage Type
Adjustable Rate Mortgage/ARM
Estimated Equity
$1,853,523

Purchase Details

Closed on
Feb 9, 2015
Sold by
Barrett Steven C
Bought by
Barrett Steven C

Purchase Details

Closed on
Jan 19, 1996
Sold by
Barrett Alfreda A
Bought by
Barrett Steven C
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Chang Jeremy Yi $1,750,000 First American Title Company
Barrett Steven C -- None Available
Barrett Steven C -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Chang Jeremy Yi $802,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
11/16/2016 11/16/16 Sold $1,750,000 0.0% $370 / Sq Ft
10/21/2016 10/21/16 Pending -- -- --
09/13/2016 09/13/16 For Sale $1,750,000 -- $370 / Sq Ft
Source: MLSListings

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $28,753 $2,031,021 $1,160,584 $870,437
2023 $28,753 $1,952,156 $1,115,518 $836,638
2022 $28,575 $1,913,880 $1,093,646 $820,234
2021 $27,003 $1,876,353 $1,072,202 $804,151
2020 $25,471 $1,857,114 $1,061,208 $795,906
2019 $24,779 $1,820,700 $1,040,400 $780,300
2018 $23,600 $1,785,000 $1,020,000 $765,000
2017 $20,364 $1,750,000 $1,000,000 $750,000
2016 $4,417 $182,324 $45,725 $136,599
2015 $4,597 $179,587 $45,039 $134,548
2014 $4,321 $176,070 $44,157 $131,913
Source: Public Records

Agents Affiliated with this Home

  • Carlos Azucena

    Seller's Agent in 2016

    Carlos Azucena

    Marcus & Millichap

    (650) 391-1700

    33 Total Sales

    Carlos Azucena
    Section Image
  • Raymond Ong

    Buyer's Agent in 2016

    Raymond Ong

    RWC Property Services, Inc.

    (408) 737-1898

    23 Total Sales

    Raymond Ong
    Section Image
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Map

Source: MLSListings

MLS Number: ML81614287

MLSListings

APN: 040-402-250

California San Mateo County San Mateo 94403 Los Prados

1823 El Parque Ct, San Mateo, CA

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