Downtown Redwood City Apartment
For Sale
$3,100,000
128 Roosevelt Ave, Redwood City, CA 94061
Value-add 10-unit apartment community built in 1951 with one-bedroom, one-bath units on a 9,967 sq. ft. parcel.
Property Size6,976 SF
Lot Size0.23 Acres
Price / SF$444.38
Days on Market45
Property Features for 128 Roosevelt Ave
General Information
Standard status
Active
Size
6,976 SF
Lot size
0.23 Acres
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
10
Amenities
Significant Upside Potential – With current rents at $1,277 per unit versus market comparables near $2,450, the property offers a compelling repositioning opportunity.
Desirable Amenities – Features include a private laundry room, ten reserved carport parking spaces, and large individual storage lockers, ensuring tenant satisfaction and operational efficiency.
Exceptional Downtown Redwood City Location - Within walking distance of premier dining, shopping, and entertainment destinations including Courthouse Square, Vesta, Timber & Salt, Donato Enoteca, and
Rare Offering – 128 Roosevelt Avenue is being offered for the first time in approximately 54 years, presenting a unique chance to acquire a value-add asset in a high-demand market.
Premier Market in a Thriving Economy – Redwood City is supported by a robust job market with proximity to major employers such as Oracle, Meta, Google, Apple, Stanford Health Care, and Box, fueling sustained renter demand and long-term appreciation.
Building Details
Year Built
1951
Units
10
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Palo Alto
Listed By:
Jimmy Castellanos · License #License(s): CA: 02024152
(650) 391-1777
Source:
Marcusmillichap
Added: Jul 23
Changed: Sep 4
Last Checked: Aug 15 at 4:57AM
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 - Palo Alto
Investment Insights
Based on property information with market context.
128 Roosevelt Avenue is a 10-unit apartment community offering one-bedroom, one-bathroom residences. The property was built in 1951 and totals approximately 6,976 square feet of building area across a 9,967 square foot parcel, per county records.
The building is located in Downtown Redwood City. The property has been held under the same ownership for over 50 years.
This is a value-add opportunity featuring 10 individual apartment homes in a small multifamily configuration.
The building is located in Downtown Redwood City. The property has been held under the same ownership for over 50 years.
This is a value-add opportunity featuring 10 individual apartment homes in a small multifamily configuration.
Key Highlights
- 10‑unit apartment community built in 1951 in downtown Redwood City
- Ten (10) one‑bedroom, one‑bath units
- Approximately 6,976 building SF on a 9,967 SF parcel (per county records)
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
6.12%
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 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.54M
$4.85M – $6.46M
NOI $387,878 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
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 - Value-add 10-unit apartment community built in 1951 with one-bedroom, one-bath units on a 9,967 sq. ft. parcel.
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 $3,100,000.
What are key features of this property?
This property features: 10‑unit apartment community built in 1951 in downtown Redwood City; Ten (10) one‑bedroom, one‑bath units; Approximately 6,976 building SF on a 9,967 SF parcel (per county records)
