201 Okeefe St East Palo Alto, CA 94303-2166

Property Details for 201 Okeefe St

Year built

1962

Lot size

0.46 lot acres

Property size

25,285 SF

Property type

Apartment buildings

APN

063-442-270

APU

63442270

Description

This exceptional investment opportunity presents a portfolio of three stabilized apartment buildings totaling 62 units in desirable East Palo Alto, CA. The portfolio boasts a combined 68,337 net rentable square feet situated on a 62,700 square foot lot, with a current NOI of $800,074 and a pro-forma NOI of $1,356,590, representing a 4.49% cap rate and a pro-forma cap rate of 7.62%. The buildings, constructed between 1962 and 1963, consist of three stories each and feature a mix of one- and two-bedroom units, as well as studios. Amenities include parking (a total of 70 stalls across the three buildings), elevators in two of the buildings, and a pool in one building. Currently operating at 100% occupancy (as of June 4, 2024), this portfolio offers significant upside potential. The asking price is $17,800,000, translating to $287,097 per unit and $275.16 per square foot of land value. The properties are conveniently located near Menlo Park, offering easy access to Palo Alto and benefit from planned developments including new commercial office space, residential units, and retail, promising increased rental demand and future appreciation. Seller financing is available with 35-40% down and approximately 3.5% interest-only for approximately five years. While marketed as a portfolio, the seller will consider offers on individual assets. The portfolio's location, strong occupancy, and potential for value enhancement make it an attractive investment opportunity. Parcel numbers are 063-442-280 and 063-442-270.