10-Unit Apartment
For Sale
$2,688,000
128 ROOSEVELT AVE, Redwood City, CA 94061
Established multifamily property with one-bedroom residences in downtown Redwood City.
Property Size6,976 SF
Lot Size0.23 Acres
Price / SF$385.32
Days on Market22
Property Features for 128 ROOSEVELT AVE
General Information
Standard status
Active
Size
6,976 SF
Lot size
0.23 Acres
Property subtype
Multi-Family
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Amenities
3
Building Details
Year Built
1951
Listing Agency:
Marcus & Millichap
(408) 483-5040
Listed By:
Jimmy Castellanos · License #02024152
(408) 483-5040
Source:
Xome
Added: Jul 19
Changed: Aug 9
Last Checked: Aug 9 at 8:05AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Built in 1951, this apartment property contains 10 one-bedroom, one-bathroom residences within approximately 6,976 square feet of building area. The improvements occupy a 9,967-square-foot parcel at 128 Roosevelt Avenue in Redwood City, with the property identified as being in the downtown area.
The asset has remained under the same ownership for over 50 years, providing a long-held multifamily property with a consistent physical configuration. Its unit mix, building scale, and central Redwood City setting define the offering.
The asset has remained under the same ownership for over 50 years, providing a long-held multifamily property with a consistent physical configuration. Its unit mix, building scale, and central Redwood City setting define the offering.
Key Highlights
- 10 one‑bedroom, one‑bathroom apartment residences
- Approximately 6,976 building square feet
- 9,967‑square‑foot parcel
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
$189,866
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
7.06%
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%
$3,797,320
$3.8M
Cap Rate 7%
$2,712,371
$2.7M
Cap Rate 9%
$2,109,622
$2.1M
Market Conditions
NOI Build-Up for 6,976 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
$364.1K $52.20/SF
− Vacancy
−$18.9K −$2.71/SF
EGI
$345.2K $49.49/SF
− OpEx
−$155.3K −$22.27/SF
NOI
$189.9K $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%
$3,797,320
Cap Rate 7%
$2,712,371
Cap Rate 9%
$2,109,622
Alternative Uses
Best Use
Apartment 5plus
$2.71M
$2.37M – $3.16M
NOI $189,866 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.54M
$4.85M – $6.46M
NOI $387,878 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,853
Businesses Nearby
Explore this area
Business Placement
Demographics for 94061, CA
36,704
Population
14,122
Households
2.6
Avg Household Size
38
Median Age
51%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
9,411
Density / Sq Mi
$141,599
Median Household Income
$66,388
Median Earnings
$2,818
Median Rent
$1,938,300
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 - Established multifamily property with one-bedroom residences in downtown Redwood City.
Where is this apartment building located?
The property is located at 128 ROOSEVELT AVE Redwood City, CA.
What is the asking price?
The asking price for this property is $2,688,000.
What are key features of this property?
This property features: 10 one‑bedroom, one‑bathroom apartment residences; Approximately 6,976 building square feet; 9,967‑square‑foot parcel
