Five-Unit Apartment
For Sale
$2,500,000
217 Alden ST, Redwood City, CA 94063
Five apartments with a two-bedroom, one-bath mix in a well-located Redwood City property near downtown and transit.
Property Size4,992 SF
Days on Market66
Property Features for 217 Alden ST
General Information
Standard status
Active
Size
4,992 SF
Property subtype
FiveOrMoreUnits
Building Details
Building Size
4,992 SF
Year Built
1946
Listing Agency:
Corcoran Icon Properties
Listed By:
Steve Belluomini · License #01095848
(650) 281-8877
Source:
Johnpaye
Added: Jul 18
Changed: Sep 19
Last Checked: Sep 21 at 7:35AM
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 Corcoran Icon Properties
Investment Insights
Based on property information with market context.
This five-unit apartment building offers a two-bedroom, one-bath unit mix and a total building size listed as +-4,992 SF. The property was built in 1946 and sits on an A+-5,000 SF lot.
Located near downtown Redwood City, the building is described as walkable to the Caltrain station and the Sequoia Station retail district. The surrounding area is tied in the remarks to employment demand from Oracle, Electronic Arts, and Box, as well as Stanford in Redwood City.
Designed for an owner who wants durable residential rental housing, the unit mix provides a consistent two-bedroom product across the five units.
Located near downtown Redwood City, the building is described as walkable to the Caltrain station and the Sequoia Station retail district. The surrounding area is tied in the remarks to employment demand from Oracle, Electronic Arts, and Box, as well as Stanford in Redwood City.
Designed for an owner who wants durable residential rental housing, the unit mix provides a consistent two-bedroom product across the five units.
Key Highlights
- +-4,992 SF five‑unit apartment building
- Five‑unit apartment building with two‑bedroom, one‑bath unit mix
- A+-5,000 SF lot
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
$135,868
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
5.43%
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%
$2,717,360
$2.7M
Cap Rate 7%
$1,940,971
$1.9M
Cap Rate 9%
$1,509,644
$1.5M
Market Conditions
NOI Build-Up for 4,992 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
$260.6K $52.20/SF
− Vacancy
−$13.6K −$2.71/SF
EGI
$247.0K $49.49/SF
− OpEx
−$111.2K −$22.27/SF
NOI
$135.9K $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%
$2,717,360
Cap Rate 7%
$1,940,971
Cap Rate 9%
$1,509,644
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.26M
NOI $135,868 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.97M
$3.47M – $4.63M
NOI $277,564 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,586
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five apartments with a two-bedroom, one-bath mix in a well-located Redwood City property near downtown and transit.
Where is this apartment building located?
The property is located at 217 Alden ST Redwood City, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: +-4,992 SF five‑unit apartment building; Five‑unit apartment building with two‑bedroom, one‑bath unit mix; A+-5,000 SF lot
