183 Everett AvePalo Alto, CA 94301
- Residential income properties
- 1,335 SF
Property Details for 183 Everett Ave
- Year built
- 1905
- Lot size
- 0.07 AC
- Property size (Sq ft)
- 1,335 SF
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
Description
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.
Location Insight
- City
- Palo Alto
- County
- Santa Clara
- State
- California
- Latitude
- 37.4462
- Longitude
- -122.165
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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