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Property profile & analytics
OFF-MARKET
Estimated value
$16,450,000
Apartment buildings
2721 Midtown Ct Palo Alto, CA 94303-3965
Individually Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US09-2790747
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1963
Construction
WOOD
Total area
44,196 SF
Lot
1.55 ac (67,518 SF)
Zoning code
RM30
APN
127-34-099
UPID
US09-2790747
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
Current use
Occupant on record · Public records
-
Midtown Court Apartments Apartment Building
-
Valeria Mesples Architect
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.96M
CAP Approach
CAP
$12.93M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$16.45M
Owner & transaction history
Richard Tod Spieker · 3 yrs held
Richard Tod Spieker
since 2023
Last sale
$20.0M
2 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
$19,370,000
ML approach
$9,955,000
CAP Approach
CAP Return
Estimation
6%
$14,000,000
6.5%
$12,925,000
7%
$12,000,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$23,010,000
Current use
Blend value · Realmo final
$16.45M
Range $14.81M – $18.10M · ±10% · vs last sale $20.00M (Mar 3 2023)
Last sale anchor
$20.00M
Mar 3 2023
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
$372 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$241,652
Tax year 2024
Assessed value
$20,412,944
Assessed 2024
Previous assessed
$20,412,944
+0.0% YoY
Effective rate
1.18%
On assessed value
Assessed land
$14,076,000
Assessed improvement
$6,336,944
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
NONE
Stories
3
Units
46
Total area
44,196 SF
Lot
1.55 ac (67,518 SF)
Zoning code
RM30
APN
127-34-099
UPID
US09-2790747
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
$23.0M
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
3
Units
46
Lot
1.55 ac
Current owner
From public records · entity-resolved
Richard Tod Spieker
Individual
Free & Clear · 3 yrs held
Mailing address
1020 CORPORATION WAY STE #100, PALO ALTO, CA 94303-4317
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 14, 2024
—
Richard Tod Spieker
—
Deed
related
$9,700,000 · Citizens Bank NA
Mar 3, 2023
$20,000,000
Richard Tod Spieker
Midtown Court Associates LLC
Grant Deed
—
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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