Multi-Family Properties in Trouble

Most multifamily properties purchased in the Peninsula in the past few years probably aren’t cash flow positive. Here are a few highlights of multifamily properties that are listing for below their last sale price now.

127 N Fremont St, San Mateo, 94401 – $11,000 below last sale price

356 Ramona Ave, San Mateo, 94401 – $201k below last sale price

150 N. Ellsworth, San Mateo, 94401 – $20k below last sale price

911 9th Ave, San Mateo, 94402 – $120k below last sale price

341 N Claremont, San Mateo, 94401 – $99k below last sale price - been on the market for over a year.

217 Vera Ave, Redwood City, 94061 – $209k below last price

These aren’t exactly very good investments at the current price points. Each has a capitalization rate of -2 to 4 percent since property tax is pretty high on some of them. I think it will take a couple more years for investment properties to get attractive again on the peninsula.

December 1, 2008 | Filed Under City of Redwood City, City of San Mateo, Dollar Loss: $100k to $200k, Dollar Loss: $50k to $100k, Last Sale in 2007, Last sale in 2008, Loss: 10 to 20%, Loss: 20% to 30%, Sqft: 1500 to 2000, Sqft: 2000 to 3000

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One Response to “Multi-Family Properties in Trouble”

911 9th Ave, San Mateo, CA 94402 : San Mateo Home Sellers in Trouble - Bay Area Real Estate Bubble Updates on February 20th, 2009 8:24 pm

[...] first mentioned this home in the post about multifamily properties. Now it is down another $300k. This is another short sale. It is in a decent neighborhood near [...]

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