Description
Why Buy When You Can Build? Rarely Available, Double-Lot (16,640 SF) w/ Medical/Office Property. Opportunity to Develop: 9 Townhouses OR 23 Condos A+ Location in Quiet, Desirable Oak Knoll/Edgewood Park. Transit-Oriented Location. Walkscore: 93. Walk to Downtown Redwood City, Cal-Train Station. Excellent, Irreplaceable Tree-Lined Street West of El Camino. Little to No New Construction Condo or Townhouse Inventory. OPTION 1: 9 Townhomes - Already Submitted Plans (About 80% Approved): Eight (8) 4 BR/2.5 BA with 2,074 SF/Unit, and One (1) 3 BR/3 BA with 1,623 SF/Unit OPTION 2: 23 Condos - Includes: 15 Units + 8 Density Bonus Units - (8) 3 BR/2 BA, (8) 2 BR/2 BA, and (7) 1 BR/1 BA Units Recent Zoning Upgrade Offers 40 DU/Acre: 15 Units + 8 Density Bonus Units - 23 Total Units EXISTING CASHFLOW: ±4,918 SF Medical Office Building (6-Units) is Partially Vacant. 4-Units Currently Occupied by Single Tenant at $5,100/Month (MTM Lease). Pro-Forma Rent: $16,000 ($3.25/SF) to $17,000 ($3.50/SF)
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Listing Agent: Don Sung
Listing Office: Colliers Parrish International
Attribution contact: 650-380-5188
