128 Elm Street, San Carlos, CA 94070

Property Description

128-140 Elm Street, a 4-unit apartment community in San Carlos, CA. Located half a mile from downtown San Carlos, the property places residents within walking distance of Laurel Street's restaurants and shops and approximately half a mile from the San Carlos Caltrain Station, which provides direct rail service to San Francisco and San Jose. Boasting a Walk Score of 85, the property also sits less than half a mile from El Camino Real and approximately one mile from U.S. 101, with Natera's San Carlos campus (approximately one mile) and Oracle's Redwood Shores campus (approximately two miles) among the major employers within a short commute. Comprising (4) One-Bedroom, One-Bathroom units, each with a private garage and separately metered gas and electricity, the property offers over 15% in potential rent growth, with in-place rents averaging $2,420 per unit against a projected market rent of $2,800. The resulting $380 monthly gap per unit equates to a 13.57% loss-to-lease and $18,240 in annual revenue upside. With all four units on month-to-month tenancies and no local rent control ordinance in San Carlos, 128-140 Elm Street offers investors a clear path to income growth and presents an owner-user