474 Matadero Ave Palo Alto, CA 94306

Property Details for 474 Matadero Ave

Year built

1950

Property size

3,186 SF

Property type

Commercial real estate

APN

132-40-011

Description

This exceptional 4-unit apartment building in Palo Alto, California, presents a compelling value-add investment opportunity. Located at 474 Matadero Ave, this two-story, 3,186 square foot building sits on a 5,401 square foot lot and boasts a permitted RM4 zoning. The property features four spacious one-bedroom units, each with in-unit laundry. Two units have undergone extensive renovations, offering a contemporary feel and the potential for conversion to two-bedroom units, increasing rental income. Significant capital improvements include new dual-pane windows, updated electrical systems, and tankless water heaters in select units. The property also provides four parking spaces, one per unit. With a current NOI of $80,833 and a pro-forma NOI of $96,506, the property offers a 2.70% cap rate and a pro-forma cap rate of 3.22%. The asking price is $2,998,000, representing a price per unit of $749,500 and a price per square foot of $940.99. Its prime location, steps from downtown Palo Alto and Stanford University, ensures high occupancy rates and strong rental demand. One unit will be delivered vacant. This property is ideally situated near major tech employers, top-rated schools, and vibrant shopping and dining, making it an attractive investment for both seasoned investors and those seeking a high-return property in a desirable location. The building was constructed in 1950 and has an APN of 132-40-011. This is a rare opportunity to acquire a well-maintained multifamily property in the heart of Palo Alto.