Renovated Multi-Unit Apartment
For Sale
$3,395,000
116 Pine Street, Redwood City, CA 94063
Fully renovated 10-unit building with a mix of one- and two-bedroom apartments near downtown Redwood City amenities.
Property Size6,300 SF
Price / SF$538.89
Days on Market236
Property Features for 116 Pine Street
General Information
Standard status
Active
Size
6,300 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$38,462
Amenities
3
Flat
1 Parking Spaces. Carport.
Building Details
Year Built
1953
Listing Agency:
Cornish & Carey Commercial
(650) 322-2600
Listed By:
Steve Zirelli · License #01929245
(650) 224-3118
Source:
Xome
Added: Jan 13
Changed: Sep 5
Last Checked: Sep 6 at 5:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cornish & Carey Commercial
Investment Insights
Based on property information with market context.
116 Pine Street is a downtown Redwood City apartment building offering 10 fully renovated units. The updates include renovated kitchens and baths, along with refreshed floors and doors, and electrical improvements. The unit mix consists of three 2-bedroom, 1-bath apartments and seven 1-bedroom, 1-bath apartments, providing a balanced residential configuration for prospective tenants.
The property is set one block from the Elko Yards development project, described as an 8-acre, $600,000,000 initiative. Public remarks also cite a WalkScore of 94, with close proximity to dining, shopping, and entertainment options in Downtown Redwood City. The asset is positioned between San Francisco and San Jose, aligning it with the broader demand drivers of the mid-Peninsula.
For investors and buyers, this is a straightforward opportunity to acquire a renovated multifamily asset with an in-place mix of one- and two-bedroom units. With unit interiors refreshed across kitchens, baths, finishes, and electrical, the building is designed to support day-to-day leasing needs while maintaining a consistent residential standard across the full portfolio. The downtown adjacency to established amenities and the nearby Elko Yards project can help support long-term tenant relevance in the area.
The property is set one block from the Elko Yards development project, described as an 8-acre, $600,000,000 initiative. Public remarks also cite a WalkScore of 94, with close proximity to dining, shopping, and entertainment options in Downtown Redwood City. The asset is positioned between San Francisco and San Jose, aligning it with the broader demand drivers of the mid-Peninsula.
For investors and buyers, this is a straightforward opportunity to acquire a renovated multifamily asset with an in-place mix of one- and two-bedroom units. With unit interiors refreshed across kitchens, baths, finishes, and electrical, the building is designed to support day-to-day leasing needs while maintaining a consistent residential standard across the full portfolio. The downtown adjacency to established amenities and the nearby Elko Yards project can help support long-term tenant relevance in the area.
Key Highlights
- 10‑unit multifamily building built in 1953 in downtown Redwood City
- All 10 units fully renovated, including kitchens, baths, floors, doors, and electrical
- Unit mix: three 2 bed, 1 bath units and seven 1 bed, 1 bath units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$171,468
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,429,360
$3.4M
Cap Rate 7%
$2,449,543
$2.4M
Cap Rate 9%
$1,905,200
$1.9M
Market Conditions
NOI Build-Up for 6,300 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$328.9K $52.20/SF
− Vacancy
−$17.1K −$2.71/SF
EGI
$311.8K $49.49/SF
− OpEx
−$140.3K −$22.27/SF
NOI
$171.5K $27.22/SF
Area
San Mateo County, CA
Vacancy
5.20%
Lease Rate
$52.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,429,360
Cap Rate 7%
$2,449,543
Cap Rate 9%
$1,905,200
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.14M – $2.86M
NOI $171,468 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.00M
$4.38M – $5.84M
NOI $350,292 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 94063, CA
35,836
Population
12,162
Households
2.9
Avg Household Size
34
Median Age
35%
College-Educated
74%
High-School Grad
6.5 sq mi
ZIP Area
5,513
Density / Sq Mi
$115,528
Median Household Income
$50,960
Median Earnings
$2,802
Median Rent
$1,077,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 10-unit building with a mix of one- and two-bedroom apartments near downtown Redwood City amenities.
Where is this apartment building located?
The property is located at 116 Pine Street Redwood City, CA.
What is the asking price?
The asking price for this property is $3,395,000.
What are key features of this property?
This property features: 10‑unit multifamily building built in 1953 in downtown Redwood City; All 10 units fully renovated, including kitchens, baths, floors, doors, and electrical; Unit mix: three 2 bed, 1 bath units and seven 1 bed, 1 bath units
