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1927 Palm Avenue, San Mateo, California 94403, San Mateo, 94403 - bed, bath

1927 Palm Avenue, San Mateo, California 94403 home-pic-0
ACTIVE$1,688,000
1927 Palm Avenue, San Mateo, California 94403
0Bed
0Bath
2,137Sqft
4,750Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Prime Investment Opportunity: Positioned as a very attractive investment in a highly desirable and sought-after rental submarket, offering significant potential for savvy investors.
Top Cons:
Requires Capital Investment: While offering value-add potential, achieving maximized rental income and property value will necessitate additional capital investment for unit upgrades and repositioning.

Compared to the nearby listings

Price:$1.69M vs avg $1.76M ($-72,000)33%
Size:2,137 sqft vs avg 2,520 sqft33%
Price/sqft:$790 vs avg $69867%

More Insights

Built in 1954 (71 years old).
Condition: Built in 1954, this duplex is an older property. While the exterior appears well-maintained with recent upgrades like dual-pane windows and new sewer laterals, the interior photos of the vacant unit reveal very dated kitchens and bathrooms, likely from the 1950s-1970s. These areas, along with some flooring and light fixtures, are functional but significantly outdated in style and features, requiring substantial modernization for 'value-add' and rental repositioning as noted in the description. The property is livable and maintained, but its major interior components show clear signs of age and are not up to current quality standards, fitting the 'Fair' category.
Year Built
1954
Close
-
List price
$1.69M
Original List price
$1.75M
Price/Sqft
$790
HOA
-
Days on market
-
Sold On
-
MLS number
ML82020863
Home ConditionFair
Features
View-

About this home

1927-1929 Palm Ave Duplex represents a very attractive investment and outstanding opportunity for the savvy investor. Located in a very desirable and sought after rental submarket, this duplex offers value-add upside through unit upgrades and rental repositioning. The units have been well maintained and have superior tenant profiles affording stable income and worry free operation. All units feature spacious 2 bedroom and 1 bathroom units featuring their own water heater. There is a common backyard for relaxing and entertaining and separate 1 car attached garages which include washer and dryer hookups. The units also boast dual pane windows and all utilities (PG&E & Water) are separately metered. Near Central Park and the vibrant downtown scene with nearby dining and shopping. CalTrain, Highways 101 and 92 are just minutes away with SFO and Bart less than 10 miles away as well. 1931 & 1933 Palm Ave duplexes are just across the beautiful paver driveway/courtyard and are also for sale by the same owner. These two duplexes can be sold in combination or separately via a driveway easement and maintenance agreement. The last set of interior photos are of 1927 when it was vacant. NEW Sewer Laterals!

Condition Rating
Fair
Built in 1954, this duplex is an older property. While the exterior appears well-maintained with recent upgrades like dual-pane windows and new sewer laterals, the interior photos of the vacant unit reveal very dated kitchens and bathrooms, likely from the 1950s-1970s. These areas, along with some flooring and light fixtures, are functional but significantly outdated in style and features, requiring substantial modernization for 'value-add' and rental repositioning as noted in the description. The property is livable and maintained, but its major interior components show clear signs of age and are not up to current quality standards, fitting the 'Fair' category.
Pros & Cons

Pros

Prime Investment Opportunity: Positioned as a very attractive investment in a highly desirable and sought-after rental submarket, offering significant potential for savvy investors.
Strong Rental Fundamentals: Benefits from superior tenant profiles, ensuring stable income and worry-free operation, coupled with separately metered utilities for tenant accountability.
Value-Add Potential: Offers clear value-add upside through unit upgrades and rental repositioning, allowing investors to significantly increase cash flow and property value.
Excellent Location & Accessibility: Strategically located near Central Park, downtown amenities, dining, shopping, and major transportation hubs including CalTrain, Highways 101/92, SFO, and BART.
Key Property Upgrades & Features: Includes recent upgrades such as new sewer laterals and dual-pane windows, along with practical features like separate attached garages with laundry hookups and individual water heaters.

Cons

Requires Capital Investment: While offering value-add potential, achieving maximized rental income and property value will necessitate additional capital investment for unit upgrades and repositioning.
Recent Price Adjustment: The property has undergone a recent price reduction from its original listing, which may suggest an initial overpricing or a need to attract more buyer interest.
Age of Property: Built in 1954, the property's age, despite being well-maintained, implies that interior finishes and some systems may be dated, aligning with the need for value-add upgrades.

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