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Property profile & analytics
FOR LEASE
Industrial properties
3950 Fabian Way Palo Palo Alto, CA 94303
Individually Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-2765261
For Lease
1 / 2
$14,905,000
3950 Fabian Way,Unit Palo, Palo Alto, CA 94303
View Listing →
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1991
Construction
TILT-UP CONCRETE
Total area
33,120 SF
Lot
1.51 ac (65,833 SF)
Zoning code
M1S
APN
127-37-023
UPID
US09-2765261
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$13.92M
Blend (final)
Blend
$14.91M
Owner & transaction history
The Girls Middle School · 1 yrs held
The Girls Middle School
since 2025
Last sale
$18.6M
2 recorded transactions
Zoning & alternative use
M1S · Palo Alto, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$17.2M
+58.6%
Warehouse, storage
$11.8M
+8.3%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$10,875,000
Current use
APARTMENT HOUSE (5+ UNITS)
$17,245,000
Change: +59% · Conversion: Difficult
WAREHOUSE, STORAGE
$11,775,000
Change: +8% · Conversion: Easy
Blend value · Realmo final
$14.91M
Range $13.41M – $16.40M · ±10% · vs last sale $18.60M (Mar 30 2025)
Last sale anchor
$18.60M
Mar 30 2025
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
$450 / 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
$128,115
Tax year 2024
Assessed value
$10,720,877
Assessed 2024
Previous assessed
$10,720,877
+0.0% YoY
Effective rate
1.20%
On assessed value
Assessed land
$7,120,820
Assessed improvement
$3,600,057
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
1991
Construction
TILT-UP CONCRETE
Heating
NONE
Cooling
YES
Stories
2
Units
2
Total area
33,120 SF
Lot
1.51 ac (65,833 SF)
Zoning code
M1S
APN
127-37-023
UPID
US09-2765261
Jurisdiction
SANTA CLARA
Zoning & alternative use
M1S · Palo Alto, CA
Zoning M1S · permitted uses
M1S · 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
INDUSTRIAL (GENERAL) Current
Est. value
$10.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$17.2M
WAREHOUSE, STORAGE
Est. value
$11.8M
INDUSTRIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
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
1991
Construction
TILT-UP CONCRETE
Heating
NONE
Cooling
Yes
Stories
2
Units
2
Lot
1.51 ac
Current owner
From public records · entity-resolved
The Girls Middle School
Individual
Mailing address
1950 UNIVERSITY AVE STE #220, EAST PALO ALTO, CA 94303-2279
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
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 30, 2025
$18,600,000
The Girls Middle School
Fabian Partners II
Grant Deed
$21,300,000 · Zb NA
Jul 25, 2013
$4,354,500
Fabian Partners II
California Pacific Coml Corp
Grant Deed
$13,000,000 · Minnesota Life Insurance Co
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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