3051 Edison Way

APN: 060-041-080

Parcel Size: ±23,316 Sq. Ft. / 0.54 Acre (Per Public Record)

Units: 78 (26 Studio, 51 1-BR, 1 2-BR)

Affordability: Per SB 35

Zoning: Commercial Mixed Use-3 District (Unincorporated San Mateo County) 

Appraised Value: $9,200,000

Premier Properties, as the exclusive listing broker, is pleased to present the opportunity to acquire the fully-entitled project to construct a 100% affordable / workforce housing community at 3051 Edison Way in the unincorporated North Fair Oaks neighborhood of Redwood City. The 78-unit development is designed to be an inclusive mixed-income building serving low and moderate income levels. The development plans include resident amenities, an on-site manager unit, case worker offices, secure vehicle and bike parking, open space, and an improved streetscape.

The proposed project is six stories, with five levels of residential over a concrete podium parking structure. 3051 Edison Way is conveniently located in a transit-rich area just a quarter mile from the SamTrans Mobility Hub on Middlefield Road and less than a five-minute drive away from the Redwood City CalTrain Station. The site is walking distance from public schools, grocery stores, pharmacies, and picturesque downtown Redwood City and just a short drive from Meta’s campus as well as other major employers on the Peninsula.

The affordable housing community project at 3051 Edison Way is fully entitled under SB35, complies with the North Fair Oaks Community Plan, and has been endorsed by The Greenbelt Alliance. The property is currently collecting $10,000/month from a parking lease, and the project site comes with over $1,000,000 in funding commitments. This represents a unique opportunity to purchase a well-situated site with entitlements that will never expire.