Updated Quadplex with Four
For Sale
$1,618,000
2804 Curtis Avenue, Redwood City, CA 94063
Select improvements include kitchen cabinets, water heaters, windows, and exterior paint, with parking on site.
Property Size2,080 SF
Lot Size0.11 Acres
Price / SF$777.88
Days on Market365
Property Features for 2804 Curtis Avenue
General Information
Standard status
Active
Size
2,080 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$23,363
Amenities
ample parking
location
Building Details
Year Built
1955
Listing Agency:
Marcus & Millichap
(650) 391-1746
Listed By:
Carlos Azucena · License #01738155
(650) 391-1746
Source:
Exitrealty
Added: Aug 31, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:56PM
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 1955, this quadplex contains four one-bedroom, one-bathroom residences within 2,080 square feet. The property occupies a 0.11-acre lot, also identified as 5,000 square feet, and includes on-site parking. Improvements include exterior painting, replacement kitchen cabinets, new water heaters, and new windows in select units.
The property is near Downtown Redwood City, providing access to points of interest in the downtown area. It is also located two blocks from the Middlefield Road Improvement Project. The address is 2804 Curtis Avenue in Redwood City, California.
The property is near Downtown Redwood City, providing access to points of interest in the downtown area. It is also located two blocks from the Middlefield Road Improvement Project. The address is 2804 Curtis Avenue in Redwood City, California.
Key Highlights
- Four‑unit property with a mix of four 1‑bedroom, 1‑bathroom units
- 2,080 SF property on a 0.11‑acre (5,000 SqFt) lot
- Exterior paint, kitchen cabinets, water heaters, and select‑unit windows have been upgraded
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
$60,444
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
3.74%
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%
$1,208,880
$1.2M
Cap Rate 7%
$863,486
$863.5K
Cap Rate 9%
$671,600
$671.6K
Market Conditions
NOI Build-Up for 2,080 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
$92.4K $44.40/SF
− Vacancy
−$6.0K −$2.89/SF
EGI
$86.3K $41.51/SF
− OpEx
−$25.9K −$12.45/SF
NOI
$60.4K $29.06/SF
Area
San Mateo County, CA
Vacancy
6.50%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,208,880
Cap Rate 7%
$863,486
Cap Rate 9%
$671,600
Alternative Uses
Best Use
Multifamily LT 5
$863.5K
$755.6K – $1.01M
NOI $60,444 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$808.7K
$707.7K – $943.5K
NOI $56,612 @ 7.0% cap · market cap 3.50%
Theoretical Best
Warehouse
$1.65M
$1.45M – $1.93M
NOI $115,652 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,836
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?
Quadplex - Select improvements include kitchen cabinets, water heaters, windows, and exterior paint, with parking on site.
Where is this quadplex located?
The property is located at 2804 Curtis Avenue Redwood City, CA.
What is the asking price?
The asking price for this property is $1,618,000.
What are key features of this property?
This property features: Four‑unit property with a mix of four 1‑bedroom, 1‑bathroom units; 2,080 SF property on a 0.11‑acre (5,000 SqFt) lot; Exterior paint, kitchen cabinets, water heaters, and select‑unit windows have been upgraded
