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Property profile & analytics
OFF-MARKET
Estimated value
$3,455,000
Industrial properties
949 Industrial Ave Palo Alto, CA 94303-4912
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US10-3176924
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1957
Total area
6,600 SF
Lot
0.24 ac (10,500 SF)
Zoning code
M2S
APN
147-01-043
UPID
US10-3176924
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
-
Synapse Technology Corporation Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.40M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.46M
Owner & transaction history
Richmond Cleaners LLC · 2 yrs held
Richmond Cleaners LLC
since 2023
Last sale
$3.5M
6 recorded transactions
Zoning & alternative use
M2S · Palo Alto, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$3.4M
+58.6%
Warehouse, storage
$2.3M
+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
$3,430,000
ML approach
$3,395,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$2,165,000
Current use
APARTMENT HOUSE (5+ UNITS)
$3,435,000
Change: +59% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,345,000
Change: +8% · Conversion: Easy
Blend value · Realmo final
$3.46M
Range $3.11M – $3.80M · ±10% · vs last sale $3.50M (Oct 13 2023)
Last sale anchor
$3.50M
Oct 13 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
$523 / 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 2023Property tax & assessments
Tax year 2023
Assessed value
$1,510,064
Assessed 2023
Previous assessed
$1,510,064
+0.0% YoY
Assessed land
$819,946
Assessed improvement
$690,118
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
Off-Market
Year built
1957
Heating
NONE
Cooling
NONE
Stories
1
Units
1
Total area
6,600 SF
Lot
0.24 ac (10,500 SF)
Zoning code
M2S
APN
147-01-043
UPID
US10-3176924
Jurisdiction
SANTA CLARA
Zoning & alternative use
M2S · Palo Alto, CA
Zoning M2S · permitted uses
M2S · 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
$2.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.4M
WAREHOUSE, STORAGE
Est. value
$2.3M
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
1957
Heating
NONE
Cooling
Yes
Stories
1
Units
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
Richmond Cleaners LLC
Entity
Mailing address
1390 N MCDOWELL BLVD, PETALUMA, CA 94954-1188
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 13, 2023
$3,500,000
Richmond Cleaners LLC
The Symon Group LLC
Grant Deed
—
Sep 4, 1998
—
Papietro Trust
Papietro,ricahrd & Catherine
Quit Claim Deed
related
—
Sep 8, 1988
$545,000
Richa Papapietro
Gatto,j. Trustee
Grant Deed
—
—
—
Richard Papapietro
—
Deed Of Trust
related
—
—
—
Richard Papapietro
—
Deed Of Trust
related
$368,708 · Bank Of Los Altos
—
—
Symon Group LLC
—
Deed Of Trust
related
$661,810 · John & Sharon Symon Family Trust
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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