Four-Unit Apartment
For Sale
$2,030,000
2916 Curtis Ave, Redwood City, CA 94063
Four-unit residential income property with three 2-bedroom units and one 1-bedroom unit.
Property Size4,292 SF
Days on Market49
Property Features for 2916 Curtis Ave
General Information
Standard status
Active
Size
4,292 SF
Property subtype
Multifamily
Occupancy
97%
Additional Details
Multifamily Units
4
Amenities
Well-maintained fourplex in a high-demand Redwood City submarket
Exceptional unit mix of three 2BD/1BA units and one 1BD/1BA unit
Prime Peninsula location near major employment centers and transit
Building Details
Building Size
4,292 SF
Units
4
Listing Agency:
Marcus & Millichap
Listed By:
Fred Rubio III · License #License(s): CA: 01984041
(650) 391-1734
Source:
Marcusmillichap
Added: Jul 24
Changed: Sep 7
Last Checked: Sep 10 at 5:34AM
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.
2916 Curtis Avenue is a four-unit apartment building offering three 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The property has undergone significant capital improvements, including a roof upgrade, new washer/dryer, a new hot water tank, fresh exterior paint, garage and interior unit improvements, upgraded electrical panels, and new railings.
The asset is located in Redwood City, California and presented as a well-located rental building within one of the Peninsulas consistently strong rental markets.
With its mix of floor plans and recent upgrades, the building is positioned for straightforward operation and maintenance.
The asset is located in Redwood City, California and presented as a well-located rental building within one of the Peninsulas consistently strong rental markets.
With its mix of floor plans and recent upgrades, the building is positioned for straightforward operation and maintenance.
Key Highlights
- Four‑unit apartment building (1971) with three 2 bed, 1 bath units and one 1 bed, 1 bath unit
- Capital improvements include roof upgrade, new washer/dryer, new hot water tank, and fresh exterior paint
- Upgraded electrical panels plus new railings
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
$124,725
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
6.14%
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%
$2,494,500
$2.5M
Cap Rate 7%
$1,781,786
$1.8M
Cap Rate 9%
$1,385,833
$1.4M
Market Conditions
NOI Build-Up for 4,292 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
$190.6K $44.40/SF
− Vacancy
−$12.4K −$2.89/SF
EGI
$178.2K $41.51/SF
− OpEx
−$53.5K −$12.45/SF
NOI
$124.7K $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%
$2,494,500
Cap Rate 7%
$1,781,786
Cap Rate 9%
$1,385,833
Alternative Uses
Best Use
Multifamily LT 5
$1.78M
$1.56M – $2.08M
NOI $124,725 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,816 @ 7.0% cap · market cap 5.75%
Theoretical Best
Warehouse
$3.41M
$2.98M – $3.98M
NOI $238,643 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,668
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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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?
Quadplex - Four-unit residential income property with three 2-bedroom units and one 1-bedroom unit.
Where is this quadplex located?
The property is located at 2916 Curtis Ave Redwood City, CA.
What is the asking price?
The asking price for this property is $2,030,000.
What are key features of this property?
This property features: Four‑unit apartment building (1971) with three 2 bed, 1 bath units and one 1 bed, 1 bath unit; Capital improvements include roof upgrade, new washer/dryer, new hot water tank, and fresh exterior paint; Upgraded electrical panels plus new railings
