1650 Bay RdEast Palo Alto, CA 94303

Property Details for 1650 Bay Rd

Year built

1960

Property size (Sq ft)

3,900 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a meticulously maintained, 5-unit apartment building located at 1650 Bay Rd, East Palo Alto, CA 94303. Boasting a total of 3,900 square feet on an 8,970 square foot lot, this property offers a compelling blend of comfort, security, and profitability. The asking price is $1,750,000, translating to $350,000 per unit, with a strong 5.54% cap rate and a Net Operating Income (NOI) of $96,938. Built in 1960 and extensively renovated in 2021, the property features two buildings, each two stories high, and conforms to R30000 zoning. The 3,680 square feet of net rentable space includes five units, each with one dedicated parking space; three of these are covered carports. Recent upgrades include a new roof, dual-pane windows throughout, updated plumbing and electrical systems, a new security gate, and a newly constructed laundry room. Four out of five units underwent recent renovations. All units are currently occupied with tenants paying rent regularly. This turnkey property offers immediate income and significant potential for future appreciation, making it an ideal investment for discerning buyers. The property's APN is 063-221-050.

Location Insight

City

East Palo Alto

County

San Mateo

State

California

Latitude

37.4718

Longitude

-122.138

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