474 Matadero AvePalo Alto, CA 94306
- Residential income properties
- 3,186 SF
Property Details for 474 Matadero Ave
- Year built
- 1950
- Property size (Sq ft)
- 3,186 SF
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
Description
This exceptional 4-unit apartment building in Palo Alto, California, presents a compelling value-add investment opportunity. Located at 474 Matadero Ave, this two-story, 3,186 square foot building sits on a 5,401 square foot lot and boasts a permitted RM4 zoning. The property features four spacious one-bedroom units, each with in-unit laundry. Two units have undergone extensive renovations, offering a contemporary feel and the potential for conversion to two-bedroom units, increasing rental income. Significant capital improvements include new dual-pane windows, updated electrical systems, and tankless water heaters in select units. The property also provides four parking spaces, one per unit. With a current NOI of $80,833 and a pro-forma NOI of $96,506, the property offers a 2.70% cap rate and a pro-forma cap rate of 3.22%. The asking price is $2,998,000, representing a price per unit of $749,500 and a price per square foot of $940.99. Its prime location, steps from downtown Palo Alto and Stanford University, ensures high occupancy rates and strong rental demand. One unit will be delivered vacant. This property is ideally situated near major tech employers, top-rated schools, and vibrant shopping and dining, making it an attractive investment for both seasoned investors and those seeking a high-return property in a desirable location. The building was constructed in 1950 and has an APN of 132-40-011. This is a rare opportunity to acquire a well-maintained multifamily property in the heart of Palo Alto.
Location Insight
- City
- Palo Alto
- County
- Santa Clara
- State
- California
- Latitude
- 37.4194
- Longitude
- -122.134
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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