1775 Marco Polo Way presents a compelling acquisition opportunity for nonprofit operators and mission-driven investors seeking a stabilized, income-secure affordable housing asset in one of the Peninsulas most supply-constrained rental markets. The property is 75% occupied with approximately 87% occupied units leased to Housing Choice Voucher holders, with rents paid… Read More directly by the Housing Authority of the County of San Mateo (HACSM) and other subsidized housing programs. Current income is not projected it is contracted and government-backed, reflected in the actual rent roll. The remaining 10 units are vacant and unencumbered, available for immediate lease up by the acquiring entity at current 2026 HUD Small Area Fair Market Rents for zip code 94010 (Studio: $2,520 1BR: $3,020 2BR: $3,660). The primary value driver for a qualifying nonprofit buyer is the California property tax welfare exemption under Revenue and Taxation Code Section 214. At $189,507 annually, a 75% exemption reduces this expense line to $47,377 a conservative assumption, as many qualifying nonprofit operators achieve full exemption upon conversion. Combined with stabilized voucher income, the pro forma generates NOI of $1,122,996 and a capitalization rate of 6.81% at the asking price of $16,498,000. Read Less
Courtesy of Marcus & Millichap, Sam Runco 650-759-3414
Listing Snapshot
Days Online
0
Last Updated
Property Type
Five Or More Units
Square Ft.
23,075
Lot Size
0.89 Acres
Year Built
1957
MLS Number
ML82056372
30 Days Snapshot Of 94010
$4.44M
-11%
(avg) sold price
33
-13%
homes sold
29
+38%
(avg) days on market
Snapshot
Area Map
Additional Details
Lot
Max Area: 38904.00, Max Area Units: Square Feet, Lot is 0.8931129476584 acres
Accessibility Features
None
Unit One
600 approximate square feet, 1 bedroom
Unit Two
850 approximate square feet, bedrooms: 2
Unit Three
350 approximate square feet
Building
23,075 structure square feet, Age: 69, Built in 1957, 2 buildings, 40 minimum units in complex
Cooling
None
Foundation
Other
Garage
Covered Parking
Water Features
Other
Heating
Wall Furnace
Tenant Pays
Utilities - Electric
Miscellaneous
Total expenses: 365875
Pool
Pool - Fenced
Property
Zoning: R-3
Roof
Tar and Gravel
Security Features
None
Taxes
Annual tax amount: $189,507
Sewer
Other
Utilities
Master Electric, Master Gas, Master Water, Other
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