1640 Bay RdEast Palo Alto, CA 94303

This exceptional 71-unit apartment building in East Palo Alto, CA, presents a compelling investment opportunity. Priced at $21,500,000, this fee-simple property boasts a 3.34% cap rate and a strong NOI of $719,052 (pro-forma NOI of $750,330). The 29,185 square foot complex, built in 1964, sits on a 0.67-acre lot (APN: 063-221-070) and features a mix of 56 one-bedroom/one-bath units and 15 studio apartments. All units are currently 100% occupied. Amenities include on-site laundry, 24-hour surveillance, patios/balconies, individually metered utilities, and ample parking with storage. The units feature carpet, linoleum kitchens and bathrooms, wall furnaces, and basic appliances. Conveniently located near Highway 101 and the Ravenswood Retail Center (including major retailers like Home Depot, Best Buy, and Nordstrom Rack), this property benefits from its proximity to significant tech employers such as Facebook, Oracle, and Google, as well as Ravenswood Health Care Center. The property's wood frame construction, stucco exterior, and flat roof are key features. The price per unit is $302,817, and the price per square foot is $392.95. This investment is particularly attractive to those interested in Low Income Housing Tax Credit deals due to the low market velocity and strong employment base in the area.