Marcus & Millichap is pleased to present 1775 Marco Polo Way, a well-maintained and recently upgraded 40-unit multifamily property situated on a sprawling 0.9-acre lot in the highly desirable city of Burlingame, California. The property features a diverse unit mix that caters to a wide range of tenants: • 12 Studios • 24 One-Bedroom/One-Bathroom Units • 4 Two-Bedroom/Two-Bathroom Units The property is currently 72.5% occupied with approximately 70% of occupied units leased to Housing Choice Voucher holders, with rents paid directly by the Housing Authority of the County of San Mateo (HACSM). Current income is not projected — it is contracted and government-backed, reflected in the actual rent roll. The remaining 11 units are vacant and unencumbered, available for immediate lease-up by the acquiring entity at current 2025 HUD Fair Market Rents for zip code 94010 (Studio: $2,220 | 1BR: $2,710 | 2BR: $3,240). 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 $1,185,890 and a capitalization rate of 7.19% at the asking price of $16,498,000, without reliance on above-market rents, renovation, or speculative assumptions. A buyer achieving full property tax exemption would realize NOI of approximately $1,223,267 and a stabilized cap rate of 7.48%. HACSM payment standards may additionally be set at up to 110% of published FMR for this zip code, providing potential income upside above the conservative base case used in this analysis.