1775 Marco Polo Way, BURLINGAME, CA 94010

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1775 Marco Polo Way, BURLINGAME, CA 94010

(Active)

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Listed by: Sam Runco - Marcus & Millichap

Active

est.$16,498,000/month.

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beds. baths. 23,075 Sqft.

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This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

Mortgage Broker

Ray Avanzino
Polaris Capital Partners
Ray@polariscappartners.com
(650) 576-6531
NMLS# 288504
Company NMLS# 01391664

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or Call Now: (650) 576-6531

1775 Marco Polo Way, BURLINGAME, CA 94010

$16,498,000

Active

est.$16,498,000/month.

Start My Approval

beds baths 23,075 Sq.ft.

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Property details for 1775 Marco Polo Way, BURLINGAME, CA 94010

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.

Broker details: Marcus & Millichap

Listed by: Sam Runco
Co-listing Broker: Marcus & Millichap
Co-listing Agent: Philip Batlin