183 Everett Ave Palo Alto, CA 94301

Property Details for 183 Everett Ave

Year built

1905

Lot size

0.07 lot acres

Property size

1,335 SF

Property type

Commercial real estate

APN

120-25-039

Description

This exceptional investment opportunity presents a three-unit apartment building located at 183 Everett Ave, Palo Alto, CA 94301. The property, situated on a 0.07-acre lot, boasts a total of 1,335 square feet of net rentable space. Built in 1905, the property consists of two one-story buildings and features a mix of unit sizes, including a two-bedroom, one-bathroom unit; a one-bedroom, one-bathroom unit; and a studio unit. The current occupancy is 100%, generating a Net Operating Income (NOI) of $74,673, with a pro-forma NOI of $83,985. The asking price is $2,700,000, representing a price per square foot of $2,022.47 and a price per unit of $900,000. The property's current cap rate is 2.77%, with a pro-forma cap rate of 3.11%. The permitted zoning is RM4. The property is ideally located in the heart of Downtown Palo Alto, offering convenient access to restaurants, shops, Stanford University, and the Stanford Shopping Center. All units have been upgraded with modern kitchens, bathrooms, flooring, and in-unit washers and dryers. The pro-forma NOI includes estimated income from a potential Accessory Dwelling Unit (ADU). This property offers a compelling combination of location, income, and potential for future appreciation, making it an attractive investment opportunity in a highly desirable market. The Santa Clara County Assessor's Parcel Number (APN) is 120-25-039.