18-Unit Apartment
New
For Sale
$6,300,000
2451 Middlefield Rd, Redwood City, CA 94063
A varied studio and one-bedroom layout is paired with on-site parking and updated kitchens and bathrooms in some apartments.
Property Size15,680 SF
Price / SF$401.79
Days on Market7
Property Features for 2451 Middlefield Rd
General Information
Standard status
Active
Size
15,680 SF
Total Parking Spaces
18
Property subtype
5 Or More Units
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
10 x 1BR/1BA, 8 x studio
Multifamily Units
18
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1964
Listing Agency:
BQ Group
Listed By:
Zhenhua Tao
(510) 366-0071
Source:
Fohlrealty
Added: Oct 16
Changed: Oct 22
Last Checked: Oct 22 at 4:47AM
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 BQ Group
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Investment Insights
Based on property information with market context.
Built in 1964, the 15,680-square-foot apartment property contains 18 residences: eight studios and ten one-bedroom, one-bathroom units. Eighteen parking spaces are provided on site. Some apartments have received kitchen and bathroom upgrades, and the property lies within a federally designated Opportunity Zone.
The property at 2451 Middlefield Rd is directly opposite Costco Wholesale. Downtown Redwood City, Highway 101, El Camino Real, and Caltrain are nearby, with access to employment centers in Palo Alto, Menlo Park, and San Francisco.
The property at 2451 Middlefield Rd is directly opposite Costco Wholesale. Downtown Redwood City, Highway 101, El Camino Real, and Caltrain are nearby, with access to employment centers in Palo Alto, Menlo Park, and San Francisco.
Key Highlights
- 18 apartments: eight studios and ten one‑bedroom, one‑bathroom units
- 18 on‑site parking spaces
- 15,680 square feet; built in 1964
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$426,764
Cap Rate
6.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,535,280
$8.5M
Cap Rate 7%
$6,096,629
$6.1M
Cap Rate 9%
$4,741,822
$4.7M
Market Conditions
NOI Build-Up for 15,680 SF
Gross rent
$818.5K $52.20/SF
− Vacancy
−$42.6K −$2.71/SF
EGI
$775.9K $49.49/SF
− OpEx
−$349.2K −$22.27/SF
NOI
$426.8K $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 Rate 5%
$8,535,280
Cap Rate 7%
$6,096,629
Cap Rate 9%
$4,741,822
Alternative Uses
Best Use
Apartment 5plus
$6.10M
$5.33M – $7.11M
NOI $426,764 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$12.45M
$10.90M – $14.53M
NOI $871,837 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
18
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,450
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - A varied studio and one-bedroom layout is paired with on-site parking and updated kitchens and bathrooms in some apartments.
Where is this apartment building located?
The property is located at 2451 Middlefield Rd Redwood City, CA.
What is the asking price?
The asking price for this property is $6,300,000.
What are key features of this property?
This property features: 18 apartments: eight studios and ten one‑bedroom, one‑bathroom units; 18 on‑site parking spaces; 15,680 square feet; built in 1964
