For Sale
$2,700,000

183 Everett AvePalo Alto, CA 94301

Prime Palo Alto location, high NOI, strong potential.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a three-unit apartment building located at 183 Everett Ave, Palo Alto, CA 94301. The property, situated on a 0.07-acre lot, boasts a total of 1,335 square feet of net rentable space. Built in 1905, the property consists of two one-story buildings and features a mix of unit sizes, including a two-bedroom, one-bathroom unit; a one-bedroom, one-bathroom unit; and a studio unit. The current occupancy is 100%, generating a Net Operating Income (NOI) of $74,673, with a pro-forma NOI of $83,985. The asking price is $2,700,000, representing a price per square foot of $2,022.47 and a price per unit of $900,000. The property's current cap rate is 2.77%, with a pro-forma cap rate of 3.11%. The permitted zoning is RM4. The property is ideally located in the heart of Downtown Palo Alto, offering convenient access to restaurants, shops, Stanford University, and the Stanford Shopping Center. All units have been upgraded with modern kitchens, bathrooms, flooring, and in-unit washers and dryers. The pro-forma NOI includes estimated income from a potential Accessory Dwelling Unit (ADU). This property offers a compelling combination of location, income, and potential for future appreciation, making it an attractive investment opportunity in a highly desirable market. The Santa Clara County Assessor's Parcel Number (APN) is 120-25-039.

Highlights

  • $2,700,000 asking price for a three-unit apartment building in Palo Alto, CA.
  • 1,335 square feet on a 0.07-acre lot, with a 2.77% cap rate (3.11% pro-forma).
  • 100% occupancy, generating $74,673 NOI ($83,985 pro-forma NOI).
  • Three units: one 2-bed/1-bath, one 1-bed/1-bath, and one studio; potential for a 1-bed/1-bath ADU.
  • Located in Downtown Palo Alto, near Stanford University and Stanford Shopping Center.

Property Details for 183 Everett Ave

Property type
Apartment buildings
Square Feet
1,335 SF
Class
C
Year Built
1905
Buildings
2
Stories
1
Lot Size (sq. ft)
3,049 SF
Units
3

Location Insight

City
Palo Alto
County
Santa Clara
State
California
Latitude
37.446189578317
Longitude
-122.16545560553
183 Everett Ave, Palo Alto, California

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183 Everett Ave
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