$16,498,000

1775 Marco Polo Way, Burlingame CA, 94010

Price per sqft$714.97

Built in1957

Property size23,075 sqft

Property typeCommercial

Listed by Sam Runco CA DRE# 01977683 with Marcus & Millichap 650-759-3414

Overview

Active

Listed Aug 3, 2026

Updated Aug 4

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.

Additional information

MLS^® ID: ML82056372

Interior Features

Bathrooms: 0
Cooling: Yes
Heating: Yes
Basement: No

Exterior Features

Lot Size: 0.89 Acres

Other Property Details

Taxes: $189,507
Tax Frequency: Annually
Maintenance Expense: $20,000

Listed by Sam Runco CA DRE# 01977683 with Marcus & Millichap 650-759-3414

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 8/4/2026. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

Data last updated on 8/4/2026 at 8:42 AM UTC Last Checked: 8:42 AM UTC