201 Okeefe St East Palo Alto, CA 94303-2166
Property profile & analytics
201 Okeefe St East Palo Alto, CA 94303-2166
- Apartment buildings
- 25,285 SF
- 0.46 lot acres
Property ID
US09-1248956
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Apartment buildings
Property Details for 201 Okeefe St
- Year built
- 1962
- Lot size
- 0.46 lot acres
- Property size
- 25,285 SF
- Property type
- Apartment buildings
- APN
- 063-442-270
- APU
- 63442270
Description
This exceptional investment opportunity presents a portfolio of three stabilized apartment buildings totaling 62 units in desirable East Palo Alto, CA. The portfolio boasts a combined 68,337 net rentable square feet situated on a 62,700 square foot lot, with a current NOI of $800,074 and a pro-forma NOI of $1,356,590, representing a 4.49% cap rate and a pro-forma cap rate of 7.62%. The buildings, constructed between 1962 and 1963, consist of three stories each and feature a mix of one- and two-bedroom units, as well as studios. Amenities include parking (a total of 70 stalls across the three buildings), elevators in two of the buildings, and a pool in one building. Currently operating at 100% occupancy (as of June 4, 2024), this portfolio offers significant upside potential. The asking price is $17,800,000, translating to $287,097 per unit and $275.16 per square foot of land value. The properties are conveniently located near Menlo Park, offering easy access to Palo Alto and benefit from planned developments including new commercial office space, residential units, and retail, promising increased rental demand and future appreciation. Seller financing is available with 35-40% down and approximately 3.5% interest-only for approximately five years. While marketed as a portfolio, the seller will consider offers on individual assets. The portfolio's location, strong occupancy, and potential for value enhancement make it an attractive investment opportunity. Parcel numbers are 063-442-280 and 063-442-270.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $11,470,000
- 6.5%
- $10,585,000
- 7%
- $9,830,000
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $9,350,000 Current use
- RESTAURANT
- $17,095,000 Change: +83% Conversion: Difficult
- OFFICE BUILDING
- $16,220,000 Change: +73% Conversion: Moderate
- NEIGHBORHOOD: SHOPPING CENTER
- $13,645,000 Change: +46% Conversion: Difficult
- RETAIL STORES
- $12,860,000 Change: +38% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $11,685,000 Change: +25% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $11,485,000 Change: +23% Conversion: Difficult
- WAREHOUSE, STORAGE
- $9,675,000 Change: +3% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- East Palo Alto
- County
- San Mateo
- State
- California
- Longitude
- -122.15
- Latitude
- 37.4627
- CBSA code
- 41860
- CBSA name
- SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$71,918
$3,684,858
$1,526,167
$5,211,025
-
$0.00
$0.00
$0.00
