cbc - sale brochure (p)test...om nrt steiners jewelry building 227-231 south san mateo drive san...

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STEINERS JEWELRY BUILDING

227-231 South San Mateo DriveSan Mateo, CA 94401

BUILDING SIZE5,229 SF

ASKING PRICE$4,200,000

FEATURES

• Rare Commercial Building in Downtown San Mateo

• Over 5,200 SF of Leasable Space

• Two Buildings, Two Separate Parcels, One Shared Roof

• Upgraded 2005: Structural, Seismic, Electrical, Lighting,

3 ADA Bathrooms, Interior & Exterior finishes

• Zoned CBD - C2 Commercial Business District

AREA

Located in the Central Business District of Downtown

San Mateo between Second and Third Avenue

OFFICE

Gregory CohnCommercial Broker Associate650 685 [email protected] #00871792

©2020 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker Commercial logos aretrademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company ownedoffices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which areindependently owned and operated. The Coldwell Banker System fully supports the principles of the EqualOpportunity Act.

COLDWELL BANKER COMMERCIALNRT181 Second Ave Ste 100, San Mateo, CA 94401650.558.6800

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Gregory CohnCommercial Broker Associate650 685 [email protected] #00871792©2020 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker Commercial logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the EqualOpportunity Act.

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OFFERING SUMMARY

Sale Price: 4,200,000

Cap Rate: 4.28%

NOI: $179,844

Building Size: 5,229

Lot Size: 0.11 Acres

Year Built: 1920

Renovated: 2005

Zoning: CBD - C2

Market: San Francisco

Submarket:San Mateo Central

County

Price / SF: $803.21

PROPERTY OVERVIEWThis rare investment opportunity is located in the Central Businessdistrict of Downtown San Mateo between Second Avenue and ThirdAvenue and is surrounded by retail shops, restaurants, bars, Century12 movie theatre, and a nearby Caltrain station that services thePeninsula to San Francisco and Silicon Valley. Zoned CBD CentralBusiness District C2, the zoning allows for a broad array of usesincluding restaurant, financial, health, and some office uses. Buyer toindependently research zoning and use.

Improvements consist of two freestanding commercial buildings ofreinforced brick/concrete construction that share one roof. Bothbuildings make up a total frontage of 48 feet on So. San Mateo Drive.227 So. San Mateo Drive is currently occupied by Grape & Grain, a±1,498 SF wine bar and 231 So. San Mateo Drive is owner-occupiedby Steiner’s Jewelry ±3,729 SF on two levels; 2,784 SF ground floorand 945 SF finished mezzanine. The buildings were extensivelyupdated in 2005 including structural, seismic, electrical, lighting,HVAC, 3 ADA bathrooms, substantial interior finishes, and exteriorfacelift.

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227-231 South San Mateo Drive, San Mateo, CA 94401


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Sale Price $4,200,000

Lease Rate $3.98 / SF NNN

LOCATION INFORMATION

Building Name Steiners Jewelry Building

Street Address 227-231 So. San Mateo Drive

City, State, Zip San Mateo, CA 94401

County San Mateo

Market San Francisco

Sub-market San Mateo Central County

Cross-Streets Second and Third Avenue

Side of the Street East

BUILDING INFORMATION

NOI (1) $179,844

Cap Rate* 4.28

Occupancy % 100.0%

Tenancy Multiple

Ceiling Height 15 ft

Minimum Ceiling Height 8 ft

Number of Floors 2

Average Floor Size 3,529 SF

Year Built Circa 1920

Year Last Renovated 2005

Framing Woodframe/Stucco andReinforced Masonry

Condition Good

Roof Tar & Gravel

Free Standing Yes

Number of Buildings 2

PROPERTY INFORMATION

Property Type Retail

Property Subtype Street Retail

APN # 034-171-130 & 034-171-140

Lot Frontage 48 ft

Lot Depth 100 ft

Amenities Property was extensivelyupdated 2005 to include

seismic retrofit and full interiorremodel of both 227 and 231

So. San Mateo Drive

Power Yes

PARKING & TRANSPORTATION

Street Parking Yes

UTILITIES & AMENITIES

Central HVAC Yes

Broadband Cable

Restrooms Three ADABathrooms

Gas / Propane Yes

FOOTNOTES

(1) Income is Estimated at $3.50/SF NNN Basedon 4,282 SF of Ground Floor Retail Space

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POPULATION 1 MILE 2 MILES 3 MILES

Total Population 32,373 79,463 125,536

Average age 38.6 39.2 39.9

Average age (Male) 36.8 37.5 38.5

Average age (Female) 41.1 41.3 41.4

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES

Total households 13,629 32,314 50,987

# of persons per HH 2.4 2.5 2.5

Average HH income $106,514 $116,653 $124,507

Average house value $779,961 $808,124 $815,118

* Demographic data derived from 2010 US Census

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