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Glendora Apartments 3223 Glendora Dr 9 Unit Apartment Building $6,520,780 CAD ($724,531 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
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.
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 |
$364,509
|
$42.13
|
| Other Income |
$3,607
|
$0.42
|
| Vacancy Loss |
$10,935
|
$1.26
|
| Effective Gross Income |
$357,181
|
$41.28
|
| Taxes |
$73,040
|
$8.44
|
| Operating Expenses |
$50,060
|
$5.79
|
| Total Expenses |
$123,100
|
$14.23
|
| Net Operating Income |
$234,081
|
$27.06
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $364,509 |
| Annual Per SF | $42.13 |
| Other Income (CAD) | |
|---|---|
| Annual | $3,607 |
| Annual Per SF | $0.42 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $10,935 |
| Annual Per SF | $1.26 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $357,181 |
| Annual Per SF | $41.28 |
| Taxes (CAD) | |
|---|---|
| Annual | $73,040 |
| Annual Per SF | $8.44 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $50,060 |
| Annual Per SF | $5.79 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $123,100 |
| Annual Per SF | $14.23 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $234,081 |
| Annual Per SF | $27.06 |
PROPERTY FACTS
| Price | $6,520,780 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $724,531 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 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 | $6,520,780 CAD |
| Price Per Unit | $724,531 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 | 0.22 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
- Laundry Facilities
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 | $6,035,190 CAD |
| Land Assessment | $4,434,130 CAD | Annual Taxes | $73,040 CAD ($8.44 CAD/SF) |
| Improvements Assessment | $1,601,060 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
041-263-290
Land Assessment
$4,434,130 CAD
Improvements Assessment
$1,601,060 CAD
Total Assessment
$6,035,190 CAD
Annual Taxes
$73,040 CAD ($8.44 CAD/SF)
Tax Year
2025
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Glendora Apartments | 3223 Glendora Dr
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