365 Everett AvePalo Alto, CA 94301

  • Residential income properties
  • 8,746 SF
For Sale
$7,050,000 View listing

Property Details for 365 Everett Ave

Year built
1954
Construction
WOOD
Lot size
0.33 AC
Property size (Sq ft)
8,746 SF
Zone code
RM4
Property type
Residential income properties
Property subtype
Other apartment buildings
APN
120-14-036
APU
12014036

Description

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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $5,500,866
    6.5%
    $5,077,722
    7%
    $4,715,028
  • Comparable approach

    Method
    Valuation
    Relative Method
    $6,931,092
    Geo Method
    $3,780,988
  • Alternative Use

    Use
    Valuation
    Residential
    $5,077,722
    Hospitality
    $4,651,166
    Educational
    $3,869,716
    Medical
    $4,002,801
    Retail
    $6,019,558
365 Everett Ave, Palo Alto, California

Location Insight

City
Palo Alto
County
Santa Clara
State
California
Latitude
37.4485
Longitude
-122.164
CBSA code
41940
CBSA name
SAN JOSE-SUNNYVALE-SANTA CLARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
-
$1,769,992
$1,819,504
$3,589,496
-
-
-
-

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