MARCH 2016 – San Mateo, CA – NAI Northern California announced today that it has closed the sale of 456 Studio Circle, a six-unit multi-family complex located in San Mateo, California.
Built in 1959 and consisting of (4) one bed/bath units and (2) two bed/bath units, the multi-family complex is located in the San Mateo/Burlingame border within walking distance to downtown Burlingame. Featuring rents 40% below market, the sale’s price per unit, about $367,000 is within the top 30% of all Class C apartments sold in San Mateo in the last 14 months.
Mike Priolo, Investment Advisor for NAI Northern California, represented both buyer and seller in the $2.2M sale. “This sale is the latest of several recent major transactions we’ve represented in San Mateo, demonstrating a clear demand for multi-family inventory in this market,” commented Priolo.
A veteran real estate professional with over nine years of experience in the Bay Area, Mr. Priolo specializes in the sale and acquisition of multi-family and NNN assets, consistently exceeding his client’s expectations through his dedicated focus and market expertise.
About NAI Northern California
NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.