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Glendora Apartments 3223 Glendora Dr 9 Unit Apartment Building $6,387,300 CAD ($709,700 CAD/Unit) 3.59% Cap Rate San Mateo, CA 94403
Investment Highlights
- Significant upside in rents.
- Prime location with immediate access to Laurelwood Shopping Center and College of San Mateo.
- SB 721 Completed.
- New subpanels & New Roof.
Executive Summary
Open House: Monday (26th), 12 pm - 1:30 pm
3223 Glendora Drive is a well-maintained 9-unit apartment property located in a prime San Mateo neighborhood directly adjacent to the Laurelwood Shopping Center. The asset reflects true pride of ownership and offers a compelling blend of stability, unit size, and rental upside.
The unit mix consists of seven spacious one-bedroom/one-bath units and two two-bedroom/one-bath units. The one-bedroom units range approximately 750–800 square feet, while the two-bedroom units are approximately 950 square feet—sizes that are well above typical market averages and highly attractive to long-term tenants.
The property is very well maintained and features tuck-under parking with one enclosed garage space currently being leased as storage, providing valuable off-street parking in a supply-constrained area. Tenants benefit from a quiet rear courtyard and backyard area, enhancing livability and tenant retention.
Current rents are below market, offering approximately 24% upside through rent growth, positioning the property as an ideal opportunity for an investor seeking both immediate cash flow and long-term value appreciation in one of San Mateo’s most desirable submarkets.
3223 Glendora Drive is a well-maintained 9-unit apartment property located in a prime San Mateo neighborhood directly adjacent to the Laurelwood Shopping Center. The asset reflects true pride of ownership and offers a compelling blend of stability, unit size, and rental upside.
The unit mix consists of seven spacious one-bedroom/one-bath units and two two-bedroom/one-bath units. The one-bedroom units range approximately 750–800 square feet, while the two-bedroom units are approximately 950 square feet—sizes that are well above typical market averages and highly attractive to long-term tenants.
The property is very well maintained and features tuck-under parking with one enclosed garage space currently being leased as storage, providing valuable off-street parking in a supply-constrained area. Tenants benefit from a quiet rear courtyard and backyard area, enhancing livability and tenant retention.
Current rents are below market, offering approximately 24% upside through rent growth, positioning the property as an ideal opportunity for an investor seeking both immediate cash flow and long-term value appreciation in one of San Mateo’s most desirable submarkets.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$357,047
|
$41.27
|
| Other Income |
$3,533
|
$0.41
|
| Vacancy Loss |
$10,712
|
$1.24
|
| Effective Gross Income |
$349,869
|
$40.44
|
| Taxes |
$71,545
|
$8.27
|
| Operating Expenses |
$49,035
|
$5.67
|
| Total Expenses |
$120,580
|
$13.94
|
| Net Operating Income |
$229,289
|
$26.50
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $357,047 |
| Annual Per SF | $41.27 |
| Other Income (CAD) | |
|---|---|
| Annual | $3,533 |
| Annual Per SF | $0.41 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $10,712 |
| Annual Per SF | $1.24 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $349,869 |
| Annual Per SF | $40.44 |
| Taxes (CAD) | |
|---|---|
| Annual | $71,545 |
| Annual Per SF | $8.27 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $49,035 |
| Annual Per SF | $5.67 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $120,580 |
| Annual Per SF | $13.94 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $229,289 |
| Annual Per SF | $26.50 |
Property Facts Under Contract
| Price | $6,387,300 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $709,700 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 3.59% | Building Size | 8,652 SF |
| Gross Rent Multiplier | 17.89 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Zoning | R30000, San Mateo | ||
| Price | $6,387,300 CAD |
| Price Per Unit | $709,700 CAD |
| Sale Type | Investment |
| Cap Rate | 3.59% |
| Gross Rent Multiplier | 17.89 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 8,652 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | R30000, San Mateo |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Storage Space
- Granite Countertops
- Range
- Tub/Shower
- Double Pane Windows
- Patio
- Skylights
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 700 - 850 |
| 2+1 | 2 | - | 950 |
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Property Taxes
| Parcel Number | 041-263-290 | Total Assessment | $5,902,950 CAD |
| Land Assessment | $4,336,972 CAD | Annual Taxes | $71,545 CAD ($8.27 CAD/SF) |
| Improvements Assessment | $1,565,978 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
041-263-290
Land Assessment
$4,336,972 CAD
Improvements Assessment
$1,565,978 CAD
Total Assessment
$5,902,950 CAD
Annual Taxes
$71,545 CAD ($8.27 CAD/SF)
Tax Year
2025
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Glendora Apartments | 3223 Glendora Dr
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