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Property profile & analytics
OFF-MARKET
Estimated value
$5,950,000
Apartment buildings
2850 Middlefield Rd Palo Alto, CA 94306-2512
Individually Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US09-2608433
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1986
Construction
WOOD
Total area
82,169 SF
Lot
3.47 ac (151,153 SF)
Zoning code
RM3
APN
132-03-195
UPID
US09-2608433
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
-
Southwood Apartments Apartment Complex Apartment Building
-
Southwood Apartments Fitness Center Gym & Fitness Center
-
Synergy Housing Corporate Office Business Park
-
Twillage Marketing & Advertising (Bike/Boat/Book/etc) Store
-
Kevin Duffield Photography Photography Service (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.95M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.95M
Owner & transaction history
Richard Tod Spieker · 2 yrs held
Richard Tod Spieker
since 2024
Last sale
$6.0M
4 recorded transactions
Zoning & alternative use
RM3 · 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
$5,950,000
ML approach
$5,950,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$5.95M
Range $5.36M – $6.55M · ±10% · vs last sale $5.95M (Feb 13 2024)
Last sale anchor
$5.95M
Feb 13 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
$72 / 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
$315,728
Tax year 2024
Assessed value
$26,617,979
Assessed 2024
Previous assessed
$26,617,979
+0.0% YoY
Effective rate
1.19%
On assessed value
Assessed land
$6,916,458
Assessed improvement
$19,701,521
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
1986
Construction
WOOD
Heating
CENTRAL
Cooling
YES
Stories
3
Units
100
Total area
82,169 SF
Lot
3.47 ac (151,153 SF)
Zoning code
RM3
APN
132-03-195
UPID
US09-2608433
Jurisdiction
SANTA CLARA
Zoning & alternative use
RM3 · Palo Alto, CA
Zoning RM3 · permitted uses
RM3 · 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.
Building & site characteristics
From public records
Year built
1986
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
3
Units
100
Lot
3.47 ac
Current owner
From public records · entity-resolved
Richard Tod Spieker
Individual
Free & Clear · 2 yrs held
Mailing address
1020 CORPORATION WAY, PALO ALTO, CA 94303-4328
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 14, 2024
—
Richard Tod Spieker
—
Deed
related
$28,990,000 · Citizens Bank NA
Feb 13, 2024
$5,950,000
Richard Tod Spieker
Eqr Southwood Limited Partnership
Grant Deed
—
—
—
Apartments Southwood
—
Deed Of Trust
related
$10,000 · Mid Peninsula Bank
—
—
Southwood Ap
—
Deed Of Trust
related
$11,500,000 · Ryoshin Investment
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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