Renovated Duplex with Separate
For Sale
$2,349,000
Pending
6971 Nueva Avenue, Redwood City, CA 94061
Two independent residences support flexible occupancy and rental use.
Property Size3,013 SF
Days on Market100
Property Features for 6971 Nueva Avenue
General Information
Standard status
Pending
Size
3,013 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4BR/3BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1948
Listing Agency:
KW Bay Area Estates
(408) 687-2026
Listed By:
Julie Wyss · License #01350871
(408) 687-2026
Source:
Exitrealty
Added: May 23
Changed: Aug 29
Last Checked: Aug 29 at 8:25PM
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 KW Bay Area Estates
Investment Insights
Based on property information with market context.
This duplex contains two separate residences totaling 3,013 square feet, with 7 bedrooms and 5 bathrooms. The larger Unit 71 encompasses approximately 2,000 square feet, with 4 bedrooms, 3 bathrooms, and a fully permitted renovation completed in 2019. Unit 69 provides approximately 1,000 square feet with 3 bedrooms and 2 bathrooms.
Separate driveways and garages create distinct access and privacy for each residence. The property is located at 6971 Nueva Avenue in Redwood City, near downtown, Caltrain, shopping, dining, and major Silicon Valley commute routes. The two-unit configuration supports owner occupancy, extended-family living, or leasing one residence while occupying the other.
Separate driveways and garages create distinct access and privacy for each residence. The property is located at 6971 Nueva Avenue in Redwood City, near downtown, Caltrain, shopping, dining, and major Silicon Valley commute routes. The two-unit configuration supports owner occupancy, extended-family living, or leasing one residence while occupying the other.
Key Highlights
- Duplex with 2 separate residences totaling 3,013 square feet
- 7 bedrooms and 5 bathrooms across both units
- Unit 71: approximately 2,000 sq ft, 4 bedrooms, 3 bathrooms
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
$87,557
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
3.73%
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%
$1,751,140
$1.8M
Cap Rate 7%
$1,250,814
$1.3M
Cap Rate 9%
$972,856
$972.9K
Market Conditions
NOI Build-Up for 3,013 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
$133.8K $44.40/SF
− Vacancy
−$8.7K −$2.89/SF
EGI
$125.1K $41.51/SF
− OpEx
−$37.5K −$12.45/SF
NOI
$87.6K $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%
$1,751,140
Cap Rate 7%
$1,250,814
Cap Rate 9%
$972,856
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.09M – $1.46M
NOI $87,557 @ 7.0% cap · market cap 3.73%
Second Best
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,005 @ 7.0% cap · market cap 3.49%
Theoretical Best
Warehouse
$2.39M
$2.09M – $2.79M
NOI $167,528 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Explore this area
Business Placement
Demographics for 94061, CA
36,704
Population
14,122
Households
2.6
Avg Household Size
38
Median Age
51%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
9,411
Density / Sq Mi
$141,599
Median Household Income
$66,388
Median Earnings
$2,818
Median Rent
$1,938,300
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 - Two independent residences support flexible occupancy and rental use.
Where is this duplex located?
The property is located at 6971 Nueva Avenue Redwood City, CA.
What is the asking price?
The asking price for this property is $2,349,000.
What are key features of this property?
This property features: Duplex with 2 separate residences totaling 3,013 square feet; 7 bedrooms and 5 bathrooms across both units; Unit 71: approximately 2,000 sq ft, 4 bedrooms, 3 bathrooms
