100-106 N Bayshore Blvd

San Mateo, CA 94401

$9,450,000B

38 bd · 4.0 ba · 22,548 sqft · Built 1960 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $190,512/mo
• Mortgage (P&I): −$49,557
• Tax + insurance: −$8,062
• HOA: −$0
• Vac / Maint / Mgmt: −$40,008
• Net cashflow: $92,885/mo
• Annual: $1,114,622/yr
• Cap rate: 18.14%
• Cash-on-cash: 42.32%
• DSCR: 2.88
• 1% rule: 2.02%
• Cash to close: $2,646,000

Investor read

• This is a 34×4bd/4.0ba + 4×1bd/1.0ba units multifamily listed at $9.45M.
• At list price, monthly cash flow is $93k ($1.11M/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($191k rent vs $9.45M).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $65k of loan paydown is wiped out by about $284k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#56 in CA, #2,095 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• San Mateo Union High (suburban): math 50% / reading 70% proficiency, ranked #178 of 1,400 in CA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: San Mateo High (1,613 students, 29% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+4.6%/yr); 58 active listings in the ZIP; high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.95M; list at $9.45M implies a 385% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $2.65M cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.1% vs local median 1.2% in San Mateo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $190,512/mo this rent would consume 1870% of the median local household income ($122k/yr) (locally 2173% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.