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1007 Hemlock Avenue, California, Millbrae, - bed, bath

home-pic
ACTIVE$5,478,000
1007 Hemlock Avenue, California
0Bed
0Bath
9,350Sqft
11,031Lot
Year Built
1985
Close
-
List price
$5.48M
Original List price
$5.48M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML81916660
Home ConditionExcellent
Features
View-

About this home

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.

Price History

Date
Event
Price
01/19/23
Listing
$5,478,000
Condition Rating
Excellent
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.
Pros & Cons

Pros

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.
Abundant Parking & On-Site Amenities: Features 11 carports plus 6 guest spaces, an on-site laundry room, and 12 storage closets, significantly enhancing tenant convenience and property appeal.
Desirable Unit Mix: All 11 units are consistent 2-bedroom, 1-bath layouts of approximately 850 sqft, a popular and easily marketable configuration for renters.

Cons

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.

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