321 Grand Blvd
San Mateo, CA 94401
321 Grand Blvd. in San Mateo presents a rare investment opportunity in one of the Bay Area's most coveted submarkets. This well maintained triplex, under the same ownership for over five decades, offers stable in-place income and tremendous income upside.
The property has a one-bedroom/one-bathroom standalone cottage in the and a duplex building with a one-bedroom/one-bathroom unit and a two-bedroom/one-bathroom unit. The buildings total 1,852 square feet and are situated on a generous 7,631 square foot lot. Currently, all three of the units are occupied, providing steady rental income.
The property also presents an excellent opportunity for owner-occupancy in the future, in which case the property would be eligible for conventional financing of up to 80% loan-to-value. With the cost of a single family home averaging $1,671,000 in San Mateo and $2,800,000 in Burlingame, 321 Grand Blvd. provides the opportunity for home ownership at a reduced cost.
Additionally, a preliminary feasibility study from an ADU consultancy indicate that up to four accessory dwelling units can be added in the back of the property, which would drive substantial income and appreciation. The property also includes a three vehicle carport in the back, and ample space for additional storage and uncovered parking spaces.
Ideally located in San Mateo's North Central neighborhood, 321 Grand Blvd. is located one mile from Downtown Burlingame's restaurants and boutiques. Nearby Downtown San Mateo further expands the amenities within reach by offering a thriving business district, diverse culinary scene, and rich cultural attractions. The property offers convenient access to Highway 101 and Caltrain for quick commutes to San Francisco, Silicon Valley, and the Peninsula's major employment centers. Coyote Point Recreation Area is 2.1 miles away, and San Francisco International Airport is 5.3 miles away.
The combination of steady income from the leased units, the ability to owner-occupy a unit in the future and the potential to add value through the development of accessory dwelling units offers both immediate returns and long-term appreciation potential. The strong rent growth, shortage of housing units, proximity to large Silicon Valley employers, and ADU potential make 321 Grand Blvd. an exceptional investment for both the cash flow and appreciation-minded investor.