East Palo Alto Apartment
For Sale
Contact for pricing
Pending
315 E Okeefe St, East Palo Alto, CA 94303
38-unit apartment complex in East Palo Alto with low vacancy.
Property Size33,095 SF
Lot Size0.88 Acres
Days on Market205
Property Features for 315 E Okeefe St
General Information
Standard status
Pending
Size
33,095 SF
Class
C
Lot size
0.88 Acres
Property subtype
Multifamily
Investment Type
Stabilized
Net Operating Income
$449,137
Building Details
Year Built
62
Units
38
Listing Agency:
Compass
Listed By:
Dan Fitzpatrick · License #01892947
Source:
Crexi
Added: Jan 31
Changed: Aug 8
Last Checked: Aug 23 at 1:14PM
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 Compass
Investment Insights
Based on property information with market context.
The Ardmore is a well-maintained, 38-unit apartment complex in East Palo Alto, featuring a mix of one and two-bedroom units. The property attracts tenants easily, sustaining low vacancy rates and predictable income. Situated on a 0.88-acre lot, the complex includes gated entry and exit driveways, leading to a lower parking level with 42 spaces. The property is in outstanding condition, with recent major improvements including the roof, drainage, water boiler, and seismic retrofitting. Several units have undergone recent renovations with new kitchens, bathrooms, and electrical sub-panels. Amenities include a central pool with a newly installed gate, private balconies (recently inspected and compliant), and an on-site laundry room that generates additional income. Located west of Hwy 101 and north of University Ave, the property is conveniently near major employment, retail, and education hubs. Situated approximately 2 miles from Stanford University, 2.5 miles from Meta headquarters, and 5.5 miles from Google headquarters, the complex is in the heart of the Silicon Valley corridor. The property size is 33095 square feet.
Key Highlights
- Prime location in the heart of Silicon Valley, near Stanford University, Meta, and Google headquarters.
- Impeccably maintained property with recent major improvements including roof, drainage, water boiler, and seismic retrofitting.
- Low vacancy rates and predictable income due to high tenant demand.
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
$629,070
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
6.99%
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%
$12,581,400
$12.6M
Cap Rate 7%
$8,986,714
$9.0M
Cap Rate 9%
$6,989,667
$7.0M
Market Conditions
NOI Build-Up for 33,095 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
$1.19M $36.00/SF
− Vacancy
−$47.7K −$1.44/SF
EGI
$1.14M $34.56/SF
− OpEx
−$514.7K −$15.55/SF
NOI
$629.1K $19.01/SF
Area
Santa Clara County, CA
Vacancy
4.00%
Lease Rate
$36.00 /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%
$12,581,400
Cap Rate 7%
$8,986,714
Cap Rate 9%
$6,989,667
Alternative Uses
Best Use
Apartment 5plus
$8.99M
$7.86M – $10.48M
NOI $629,070 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$19.98M
$17.48M – $23.31M
NOI $1,398,597 @ 7.0% cap · market cap 15.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
730
Businesses Nearby
Explore this area
Business Placement
Demographics for 94303, CA
48,281
Population
15,927
Households
3
Avg Household Size
35
Median Age
48%
College-Educated
85%
High-School Grad
8.4 sq mi
ZIP Area
5,748
Density / Sq Mi
$148,031
Median Household Income
$55,788
Median Earnings
$2,710
Median Rent
$1,825,000
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 - 38-unit apartment complex in East Palo Alto with low vacancy.
Where is this apartment building located?
The property is located at 315 E Okeefe St East Palo Alto, CA.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: Prime location in the heart of Silicon Valley, near Stanford University, Meta, and Google headquarters.; Impeccably maintained property with recent major improvements including roof, drainage, water boiler, and seismic retrofitting.; Low vacancy rates and predictable income due to high tenant demand.
