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Berkshire Hathaway HomeServices California Properties

1775 Marco Polo Way, Burlingame, CA 94010

$16,498,000 Approx. USD

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Berkshire Hathaway HomeServices California Properties 11828 Rancho Bernardo Rd, Ste 210
San Diego, CA 92128 888-995-7575

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Listing Agent

Sam Runco | sam.runco@marcusmillichap.com
Lic#: 01977683
Broker: Courtesy of Marcus & Millichap
Phone: 650-759-3414

Co Listing Agent

Philip Batlin | pbatlin@marcusmillichap.com
Broker: Courtesy of Marcus & Millichap
Phone: 415-625-2189

Listing Details

Property type: (Commercial)

Property Sub-Type:

Status: Active

Listing ID: ML82056372

Price: $16,498,000

Rental Rate: $16,498,000

Lot Size:

HOA Fee is $0.00

Built in 1957

0.89 acres

County: San Mateo

Zoning: R-3

Heating/cooling: None

Heating description: Wall Furnace

Last Updated: 8/3/2026

Days On Market (DOM): 1

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Lat/Long: 37.590770, -122.386309.
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Lot Details

Easement Present: (Easement present. For more information, contact agent.)

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1775 Marco Polo Way presents a compelling acquisition opportunity for nonprofit operators and mission-driven investors seeking a stabilized, income-secure affordable housing asset in one of the Peninsulas most supply-constrained rental markets. The property is 75% occupied with approximately 87% occupied units leased to Housing Choice Voucher holders, with rents paid directly by the Housing Authority of the County of San Mateo (HACSM) and other subsidized housing programs. Current income is not projected it is contracted and government-backed, reflected in the actual rent roll. The remaining 10 units are vacant and unencumbered, available for immediate lease up by the acquiring entity at current 2026 HUD Small Area Fair Market Rents for zip code 94010 (Studio: $2,520 | 1BR: $3,020 | 2BR: $3,660). The primary value driver for a qualifying nonprofit buyer is the California property tax welfare exemption under Revenue and Taxation Code Section 214. At $189,507 annually, a 75% exemption reduces this expense line to $47,377 a conservative assumption, as many qualifying nonprofit operators achieve full exemption upon conversion. Combined with stabilized voucher income, the pro forma generates NOI of $1,122,996 and a capitalization rate of 6.81% at the asking price of $16,498,000.

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DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor. GET PRE-APPROVED The loan's interest rate will depend upon the specific characteristics of the loan transaction and credit profile up to the time of closing.

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