1007 Hemlock Avenue, California, Millbrae, 94030 - bed, bath
1007 Hemlock Avenue
California
Property Price
SUMMARY
Analysis of 1007 Hemlock Avenue, California is currently available with a list price of $5,478,000. The property maintains a Excellent Condition Rating (95/100), indicating excellent structural integrity and modern finishes throughout. This turnkey property requires minimal updates and is ready for immediate occupancy. Located in a high-demand neighborhood within the California Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Condition Analysis
OVERALL CONDITION SCORE
Property is new construction or fully renovated.
Despite being built in 1985, the property underwent a complete renovation in 2020 due to an electrical fire. This extensive renovation, within the last 5 years, included replacing the roof, stucco, sheetrock, sprinklers, windows, doors, electrical systems, hot water heater, and plumbing throughout. The images confirm the 'virtually new' condition of the interiors, including modern LVP flooring, fresh paint, updated kitchens with stainless steel appliances and clean wood cabinetry, and bathrooms with new vanities, fixtures, and tub/shower surrounds. All components appear new or virtually new, aligning perfectly with the 'Excellent' criteria for a recently and extensively renovated property.
PROSSTRENGTHS & OPPORTUNITIES
- Comprehensive Renovation
The property has undergone a complete, recent renovation (post-2020 fire), replacing major systems and components, ensuring a modern, low-maintenance asset with reduced immediate capital expenditure.
- Vacant Delivery for Optimal Tenancy
Offered completely vacant, allowing a new investor to hand-pick tenants and establish market-rate rents from day one, maximizing potential income and minimizing transition issues.
- Turnkey & Low Maintenance
Extensive updates to exterior and interior components (roof, electrical, plumbing, windows, etc.) position this as a low-maintenance, turnkey investment, reducing ongoing operational burdens.
CONSRISKS & DEFICIENCIES
- Prior Fire History
The disclosure of a 2020 electrical fire, despite full renovation, could be a psychological concern for some buyers or potentially impact insurance considerations.
- Estimated Financial Projections
Income and expenses are 'estimated based on Nov 2022 appraisal,' indicating a lack of current, verifiable operating history, which necessitates thorough financial due diligence by the buyer.
- No Immediate Income Stream
The vacant status, while offering flexibility, means the property will not generate immediate rental income upon closing, requiring the buyer to cover carrying costs during the lease-up phase.
About 1007 Hemlock Avenue
This completely renovated 11-unit apartment building offers the seasoned investor an opportunity to create the perfect tenancy in a low-maintenance newly renovated property. The building is offered vacant & ready for occupancy. Due to a 2020 electrical fire, the building was completely renovated, and most exterior & interior building components have been replaced including a new roof, stucco exterior, sheetrock, sprinklers, windows & doors, electrical systems, hot water heater & plumbing throughout. Lower walkways have fresh cement, upper walkways were refinished and sealed with waterproof coatings. The driveway has a fresh slurry seal, and the parking area has been re-striped. The apartments are all 2-Bedroom, 1 Bath units, ±850sf each and situated on a ±11,031sf, parcel zoned R-3. The building offers 11 carports + 6 guest parking spaces, an on-site laundry room & 12 storage closets. MLS income/expenses are estimated based on Nov 2022 appraisal.
Property Details
Public Facts
- Property Type
- Mixed Use
- Year Built
- 1985
- Lot Size
- 11,031 Sq. Ft.
Interior
- Total Bedrooms
- -
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 0% |
| Baths | - | - | 0% |
| Square foot | - | - | 0% |
| Lot Size | - | - | 0% |
| Price | - | - | 0% |
| Price per sq ft | - | - | 0% |
| Built year | 1985 | - | 0% |
| HOA | $0 | $0 | 0% |
| Days on market | - | - | 0% |
Pricing History
Listed for Sale
Jan 19, 2023
$5,478,000
Initial Listing