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4/03/15
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Park Laurel Apartments, a 26-unit multifamily property in San Mateo, recently traded hands in a deal valued at $10.3 mil, or $396.2k/unit. The property is located at 710 Laurel Ave, in the city’s Central Park area of downtown.
Constructed in 1959 on a 0.53-acre lot, Park Laurel Apartments is a three-story wood-frame building with a flat tar and gravel roof and 26 tuck-under parking spaces. The unit mix consists of six studios, 18 one-bedroom/one-bath apartments and two two-bedroom/one-bath units.
Select units have new carpet, linoleum tile, paint, and granite countertops. Approximately half the units have new windows. Community amenities include an outdoor pool and patio area, individual storage lockers, and on-site laundry facilities.
The property is situated within two blocks of downtown and six-tenths of a mile from a Caltrain station. California State 92, U.S. Route 101 and Interstate 280 are nearby, as is San Francisco International Airport. San Mateo is 20 miles south of San Francisco and 30 miles north of San Jose.
Ted Kokernak, senior vice president investments in Marcus & Millichap’s Palo Alto office, represented the seller, the Brenner Family Partnership. Twelve offers were submitted and MNM Partners LLC was chosen as the buyer.
“Park Laurel Apartments is a transit-oriented multifamily investment real estate asset that offers the buyer a variety of opportunities for value enhancement,” says Kokernak. “The new owner has extensive renovation plans for the property.”
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