Quadplex Residential Income
938 Alice Lane Menlo Park, CA 94025
938 Alice Lane, Menlo Park, CA, 94025
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For Sale
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Four legal units plus a non-conforming unit are split across three structures with private garages.
Property Size4,162 SF
Price / SF$768.86
Days on Market49
Property Features for 938 Alice Lane
General Information
- Standard status
- Active
- Size
- 4,162 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1922
Listing agency
Marcus & Millichap - Palo Alto
(650) 391-1700
Listed by
Jimmy Castellanos · License #02024152
Source
Crexi
Added: Jun 3 Updated: Jul 21 at 12:38PM Checked: Jul 21 at 12:38PM
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 Marcus & Millichap - Palo Alto
Investment Insights
Based on property information with market context.
This residential income property includes four legal units plus one non-conforming unit across three separate structures. The configuration comprises a two-bedroom single-family home, duplex-style residences, an attached apartment, and a detached cottage, providing a mix of layouts within a single income asset. The property includes private garages and is described as being configured to support privacy and day-to-day functionality among the units.
The asset is located in Menlo Park near Downtown Menlo Park, Stanford University, Stanford Medical Center, and the Menlo Park Caltrain station. The surrounding area is noted for proximity to major employment and research destinations, including Stanford Research Park and the Silicon Valley innovation corridor.
With approximately 4,162 square feet of rentable space on a 15,301 square foot lot, the property offers a low-density, multi-structure setup intended to appeal to long-term tenants.
The asset is located in Menlo Park near Downtown Menlo Park, Stanford University, Stanford Medical Center, and the Menlo Park Caltrain station. The surrounding area is noted for proximity to major employment and research destinations, including Stanford Research Park and the Silicon Valley innovation corridor.
With approximately 4,162 square feet of rentable space on a 15,301 square foot lot, the property offers a low-density, multi-structure setup intended to appeal to long-term tenants.
Key Highlights
- Built in 1922: four legal units plus one non‑conforming unit across three separate structures
- Approximately 4,162 SF of rentable space on a 15,301 SF lot
- Unit mix includes a 2‑bedroom single‑family home, duplex‑style residences, an attached apartment, and a detached cottage
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $184.8k | $44.40 |
| − Vacancy | −$12.0k | −$2.89 |
| EGI | $172.8k | $41.51 |
| − OpEx | −$51.8k | −$12.45 |
| NOI | $120.9k | $29.06 |
4,162 SF · lease $44.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.73M
$1.51M – $2.02M
NOI $120,947 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,277 @ 7.0% cap · market cap 3.54%
Theoretical Best
Warehouse
$3.31M
$2.89M – $3.86M
NOI $231,415 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
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FAQs
What type of property is this?
Quadplex - Four legal units plus a non-conforming unit are split across three structures with private garages.
Where is this quadplex located?
The property is located at 938 Alice Lane Menlo Park, CA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Built in 1922: four legal units plus one non‑conforming unit across three separate structures; Approximately 4,162 SF of rentable space on a 15,301 SF lot; Unit mix includes a 2‑bedroom single‑family home, duplex‑style residences, an attached apartment, and a detached cottage
