Extensively Renovated
For Sale
$1,988,000
501 & 503 Pierce Road, Menlo Park, CA 94025
Each unit offers its own washer and dryer, one-car garage, and private backyard in a down-to-the-studs renovated duplex.
Property Size2,884 SF
Days on Market72
Property Features for 501 & 503 Pierce Road
General Information
Standard status
Active
Size
2,884 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Building Details
Building Size
2,884 SF
Year Built
1990
Year Renovated
2019
Tenancy
Multi
Listing Agency:
The Agency
(650) 823-5441
Listed By:
Tom Correia
(650) 823-5441
Source:
Johnpaye
Added: Jun 2
Changed: Aug 11
Last Checked: Aug 11 at 12:10PM
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 The Agency
Investment Insights
Based on property information with market context.
This extensively renovated duplex at 501–503 Pierce Road was brought down to the studs in 2019 with new electrical, plumbing, roofing, siding, sheetrock, kitchens, bathrooms, flooring, and upgraded heating systems. Built in 1990, the property is configured as two units, with each unit featuring its own washer/dryer, one-car garage, and private backyard, along with access to a spacious front yard.
The duplex is located in Menlo Park near downtown Menlo Park, Palo Alto, Stanford, Caltrain, Meta, and Sand Hill Road. It also provides convenient access to Hwy 101 and I-280, with shopping, restaurants, parks, and the Encinal/Oak Knoll area nearby. Hillview Middle School and Menlo-Atherton High School are also near the property (buyer to verify).
The layout supports flexible use for an owner-occupant, with the option to live in one unit while generating rental income from the other.
The duplex is located in Menlo Park near downtown Menlo Park, Palo Alto, Stanford, Caltrain, Meta, and Sand Hill Road. It also provides convenient access to Hwy 101 and I-280, with shopping, restaurants, parks, and the Encinal/Oak Knoll area nearby. Hillview Middle School and Menlo-Atherton High School are also near the property (buyer to verify).
The layout supports flexible use for an owner-occupant, with the option to live in one unit while generating rental income from the other.
Key Highlights
- 2019 down‑to‑the‑studs renovation with new electrical, plumbing, roofing, siding, and sheetrock
- New kitchens, bathrooms, flooring, and upgraded heating systems completed in 2019
- Two‑unit duplex with each unit having its own washer/dryer
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
$83,808
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
4.22%
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%
$1,676,160
$1.7M
Cap Rate 7%
$1,197,257
$1.2M
Cap Rate 9%
$931,200
$931.2K
Market Conditions
NOI Build-Up for 2,884 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
$128.0K $44.40/SF
− Vacancy
−$8.3K −$2.89/SF
EGI
$119.7K $41.51/SF
− OpEx
−$35.9K −$12.45/SF
NOI
$83.8K $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%
$1,676,160
Cap Rate 7%
$1,197,257
Cap Rate 9%
$931,200
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $83,808 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$1.12M
$981.2K – $1.31M
NOI $78,494 @ 7.0% cap · market cap 3.95%
Theoretical Best
Warehouse
$2.29M
$2.00M – $2.67M
NOI $160,356 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
557
Businesses Nearby
Explore this area
Business Placement
Demographics for 94025, CA
42,354
Population
16,259
Households
2.6
Avg Household Size
39
Median Age
73%
College-Educated
94%
High-School Grad
8.4 sq mi
ZIP Area
5,042
Density / Sq Mi
$215,871
Median Household Income
$98,160
Median Earnings
$3,169
Median Rent
$2,000,001
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?
Duplex - Each unit offers its own washer and dryer, one-car garage, and private backyard in a down-to-the-studs renovated duplex.
Where is this duplex located?
The property is located at 501 & 503 Pierce Road Menlo Park, CA.
What is the asking price?
The asking price for this property is $1,988,000.
What are key features of this property?
This property features: 2019 down‑to‑the‑studs renovation with new electrical, plumbing, roofing, siding, and sheetrock; New kitchens, bathrooms, flooring, and upgraded heating systems completed in 2019; Two‑unit duplex with each unit having its own washer/dryer
