Description
Why Buy When You Can Build? Rarely Available, Double-Lot (16,640 SF) w/ Medical/Office Property. Opportunity to Develop: 9 Townhouses OR 23 Condos A+ Location in Quiet, Desirable Oak Knoll/Edgewood Park. Transit-Oriented Location. Walkscore: 93. Walk to Downtown Redwood City, Cal-Train Station. Excellent, Irreplaceable Tree-Lined Street West of El Camino. Little to No New Construction Condo or Townhouse Inventory. OPTION 1: 9 Townhomes - Already Submitted Plans (About 80% Approved): Eight (8) 4 BR/2.5 BA with 2,074 SF/Unit, and One (1) 3 BR/3 BA with 1,623 SF/Unit OPTION 2: 23 Condos - Includes: 15 Units + 8 Density Bonus Units - (8) 3 BR/2 BA, (8) 2 BR/2 BA, and (7) 1 BR/1 BA Units Recent Zoning Upgrade Offers 40 DU/Acre: 15 Units + 8 Density Bonus Units - 23 Total Units EXISTING CASHFLOW: 4,918 SF Medical Office Building (6-Units) is Partially Vacant. 4-Units Currently Occupied by Single Tenant at $5,100/Month (MTM Lease). Pro-Forma Rent: $16,000 ($3.25/SF) to $17,000 ($3.50/SF)
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0BEDS
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0.38ACRES
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0BATHS
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01/2 BATHS
Description
Why Buy When You Can Build? Rarely Available, Double-Lot (16,640 SF) w/ Medical/Office Property. Opportunity to Develop: 9 Townhouses OR 23 Condos A+ Location in Quiet, Desirable Oak Knoll/Edgewood Park. Transit-Oriented Location. Walkscore: 93. Walk to Downtown Redwood City, Cal-Train Station. Excellent, Irreplaceable Tree-Lined Street West of El Camino. Little to No New Construction Condo or Townhouse Inventory. OPTION 1: 9 Townhomes - Already Submitted Plans (About 80% Approved): Eight (8) 4 BR/2.5 BA with 2,074 SF/Unit, and One (1) 3 BR/3 BA with 1,623 SF/Unit OPTION 2: 23 Condos - Includes: 15 Units + 8 Density Bonus Units - (8) 3 BR/2 BA, (8) 2 BR/2 BA, and (7) 1 BR/1 BA Units Recent Zoning Upgrade Offers 40 DU/Acre: 15 Units + 8 Density Bonus Units - 23 Total Units EXISTING CASHFLOW: 4,918 SF Medical Office Building (6-Units) is Partially Vacant. 4-Units Currently Occupied by Single Tenant at $5,100/Month (MTM Lease). Pro-Forma Rent: $16,000 ($3.25/SF) to $17,000 ($3.50/SF)
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-12-11T00:26:12.1. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or DeBonis Homes | Coldwell Banker. Licensed in the State of California, USA.