1257 Magnolia Avenue, San Carlos, California 94070, San Carlos, 94070 - 4 bed, 4 bath
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San Carlos, California 94070
This High-Potential Investment Opportunity is listed at $3,495,000, aligning closely with the $3,493,316 Fair Market Value. Featuring a 3,210 sq. ft. residence in Condition Rating 3, the property offers immediate utility with a gourmet kitchen and in-ground pool. The primary value lies in the permit-ready plans for nine condominiums, with potential for up to 16 units under current zoning. Located near top-rated schools like Ralston Intermediate and Carlmont High, this is an ideal acquisition for Real Estate Developers or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1257 Magnolia Avenue Subject | $3,495,000* List Price | 4 | 4 | 3,210 | $1,088 | - |
A 176 Exbourne Avenue Sold | $3,100,000 | 5 | 4 | 3,225 | $961 | 1.0 mi |
B 205 Hillcrest Road Sold | $2,900,000 | 5 | 3 | 3,148 | $921 | 0.4 mi |
C 74 Cedar Street Sold | $3,425,000 | 4 | 4 | 2,538 | $1,349 | 0.4 mi |
D 313 Clifton Avenue Sold | $3,750,000 | 5 | 4 | 3,330 | $1,126 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While originally built in 1937, the property has undergone significant renovations including a gourmet kitchen with granite countertops, stainless steel appliances, and updated hardwood flooring throughout. The interior features modern recessed lighting and a primary suite with a jetted tub, indicating the home is well-maintained and move-in ready, likely renovated within the last 5-15 years.
Middle School: Ralston Intermediate School (9/10). High School: Carlmont High School (9/10).
The property includes fully approved, permit-ready plans for nine condominiums, with potential to expand up to 16 units under current housing laws, offering massive investment value.
Situated near downtown San Carlos and public transit, the location qualifies for parking requirement exemptions, maximizing the buildable footprint and appeal for future residents.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 3210, other record living area = 2450.
Originally constructed in 1937, the primary structure may require significant modernization or seismic retrofitting if the buyer chooses to retain the existing home rather than redevelop.
With a list price of nearly $3.5 million, the high entry point necessitates substantial liquid capital and a sophisticated development strategy to ensure a profitable return on investment.
Prime San Carlos location! Spacious 4-bedroom, 3.5-bath home with approximately 3,210 sq. ft. of living space on a 9,344 sq. ft. lot. Features include a gourmet kitchen with center island, granite countertops, and stainless-steel appliances; living room with fireplace; sunroom overlooking the pool; and family room with built-in cabinetry. A flexible ground-floor suite offers potential as a junior ADU. Upstairs are two generous bedrooms plus a primary suite with fireplace, jetted tub, double vanity, and walk-in shower. The park-like yard includes an in-ground pool, and the two-car garage with attached room may offer additional ADU potential. INVESTMENT POTENTIAL: Exceptional development opportunity! Included are fully approved, permit-ready plans for nine condominium units. Additional upside may exist to increase the project to as many as 16 units under current zoning and recent state housing laws. Prime transit-oriented location eliminates parking requirements. Extensive due diligence has been completed, including soils reports, surveys, and other key pre-development work. Close to shopping, dining, transportation, and vibrant downtown San Carlos.
No exterior & parking available.
Grades K-5 • 2.4 mi
Grades K-5 • 2.6 mi
Grades K-6 • 2.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 4.0 | 3.0 | 80% |
| Square foot | 3,210 | 2,110 | 88% |
| Lot Size | 9,344 | 7,016.5 | 69% |
| Price | $3.50M | $2.87M | 76% |
| Price per sq ft | $1.1K | $1.4K | 15% |
| Built year | 1937 | 1955 | 5% |
| HOA | $0 | $0 | 50% |
| Days on market | 18 | 99 | 3% |
May 19, 2026
$3,495,000
Initial Listing
Apr 21, 2016
$2,500,000
Public Record
Oct 15, 2012
$1,300,000
Public Record
Mar 28, 2012
$800,000
Public Record