For Sale
$7,050,000

365 Everett AvePalo Alto, CA 94301

11-Unit Apartment Complex, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents an eleven-unit apartment building located at 365 Everett Ave, Palo Alto, CA 94301. The property boasts 8,746 square feet of net rentable space situated on a 0.33-acre lot. Built in 1954, this two-story building features a mix of unit types: one two-bedroom, one-bathroom unit and ten one-bedroom, one-bathroom units. Three units have been recently renovated, featuring upgraded flooring, kitchens, and bathrooms. Amenities include on-site laundry, dedicated carports and parking, and private courtyards and patios for select units. The property enjoys 100% occupancy, generating a current NOI of $262,353 and a pro-forma NOI of $311,427, representing a 3.72% cap rate and a pro-forma cap rate of 4.42%. The asking price is $7,050,000, or $640,909 per unit. The property is zoned RM4 and its convenient location offers easy access to downtown Palo Alto, Stanford University, and the Stanford Shopping Center. This prime location ensures consistent rental demand and strong potential for future appreciation. The property's strong financial performance, desirable location, and attractive amenities make it an ideal addition to any investment portfolio. The APN is 120-14-036.

Highlights

  • $7,050,000 asking price for an 11-unit apartment building in Palo Alto, CA.
  • 3.72% cap rate, 4.42% pro-forma cap rate.
  • 100% occupancy with a current NOI of $262,353 and a pro-forma NOI of $311,427.
  • 8,746 square feet on a 0.33-acre lot, with a price per square foot of $806.08 and a price per unit of $640,909.
  • Located at 365 Everett Ave, Palo Alto, CA 94301, in a prime downtown location near Stanford University and Stanford Shopping Center.
  • Built in 1954, this two-story Class C building features a mix of one- and two-bedroom units, some with recent renovations.

Property Details for 365 Everett Ave

Property type
Apartment buildings
Square Feet
8,746 SF
Class
C
Year Built
1954
Buildings
1
Stories
2
Lot Size (sq. ft)
14,375 SF
Units
11

Location Insight

City
Palo Alto
County
Santa Clara
State
California
Latitude
37.448260058248
Longitude
-122.16338046467
365 Everett Ave, Palo Alto, California

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365 Everett Ave
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