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Property profile & analytics
OFF-MARKET
Estimated value
$25,305,000
Apartment buildings
1087 Tanland Dr Palo Alto, CA 94303-3776
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US09-2895319
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1963
Construction
WOOD
Total area
54,545 SF
Lot
2.84 ac (123,816 SF)
Zoning code
RM30
APN
127-38-031
UPID
US09-2895319
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$25.31M
CAP Approach
CAP
$15.95M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$25.31M
Owner & transaction history
Spieker Parker LLC · 1 yrs held
Spieker Parker LLC
since 2024
Last sale
$25.3M
7 recorded transactions
Zoning & alternative use
RM30 · Palo Alto, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Palo Alto submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Palo Alto submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$25,305,000
ML approach
$25,305,000
CAP Approach
CAP Return
Estimation
6%
$17,280,000
6.5%
$15,950,000
7%
$14,810,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$28,400,000
Current use
Blend value · Realmo final
$25.31M
Range $22.77M – $27.84M · ±10% · vs last sale $25.30M (Oct 22 2024)
Last sale anchor
$25.30M
Oct 22 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$464 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Assessed value
$52,472,833
Assessed 2023
Previous assessed
$51,443,955
+2.0% YoY
Assessed land
$41,121,094
Assessed improvement
$11,351,739
Applied tax rate
6.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1963
Construction
WOOD
Heating
CENTRAL
Cooling
YES
Stories
2
Units
71
Total area
54,545 SF
Lot
2.84 ac (123,816 SF)
Zoning code
RM30
APN
127-38-031
UPID
US09-2895319
Jurisdiction
SANTA CLARA
Zoning & alternative use
RM30 · Palo Alto, CA
Zoning RM30 · permitted uses
RM30 · Palo Alto, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Palo Alto. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$28.4M
APARTMENT HOUSE (5+ UNITS) Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1963
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
71
Lot
2.84 ac
Current owner
From public records · entity-resolved
Spieker Parker LLC
Entity
Free & Clear · 1 yrs held
Mailing address
1900 S NORFOLK ST STE #150, SAN MATEO, CA 94403-1161
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 22, 2024
$25,303,000
Spieker Parker LLC
Park Village Peninsula LLC
Grant Deed
—
Jul 31, 2020
—
Park Village Peninsula LLC
—
Deed
related
$73,208,000 · Pnc Bk
Jan 18, 2017
—
Park Village Peninsula LLC
—
Grant Deed
related
$19,425,000 · Pnc Bk
May 20, 2004
—
Park Village Peninsula LLC
Park Village Associates LLC
Quit Claim Deed
related
$22,785,000 · Bank Of America
Nov 24, 1998
—
Park Village Associates LLC
—
Deed Of Trust
related
$13,000,000 · Security First Life Insurance
Jun 27, 1996
$3,940,000
Park Village Associates
Tan Trust
Grant Deed
—
Dec 3, 1992
—
Jennifer Tan Trust
Tan F. Trustee
Quit Claim Deed
related
—
Jun 10, 1992
—
Jennifer Tan Trust
Tan F. Trustee
Quit Claim Deed
related
—
Dec 4, 1991
$62,000
Youritan Constru
Tan Trust
Grant Deed
related
—
—
—
Youritan Construction/tan Trust
—
Deed Of Trust
related
$7,350,000 · John Hancock Mutual Life Ins
—
—
Park Village Peninsula LLC
—
Deed Of Trust
related
$73,208,000 · Pnc Bk
—
—
Park Village Peninsula LLC
—
Deed Of Trust
related
$20,641,000 · Arcs Commercial Mortgage Co LP
—
—
Park Village Peninsula LLC
—
Deed Of Trust
related
$22,100,000 · Massachusetts Mutual Life Ins
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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