280 Waverley St, Menlo Park, CA 94025
6 Unit Apartment Building | $3,700,000 ($616,667/Unit) | 3.63% Cap Rate | Menlo Park, CA 94025
For Sale
Active
Asking Price $3,700,000
- Property Type
-
Multifamily
- Square Feet
- 6,935 SF
Listing Contacts
- Property Info
Property Overview
First time to market since 1957! This 6-unit apartment building has been owned by the same family
since constructed in 1957. It has been well maintained and is currently professionally managed. The
property is located in the highly desirable Linfield Oaks area of Menlo Park. The property is just 1.2
miles from Downtown Menlo Park and just 1.4 miles from Downtown Palo Alto.
The 6-unit building contains large attractive units, most with private decks or patios. The unit mix
consists of one large 2 bedroom/2 bath unit with a large, private redwood deck; two large 2
bedroom/1 bath units, one with a private deck and the other with a private patio; and three large 1
bedroom/1bath units, two with private patios. The average rent for the one bedroom units is $2,533
and the average rent for the two bedroom units is $2,998. Two of the 6 units have been renovated
(Units 2 & 6). There is upside potential in the other units through renovation and raising rents to
market levels. Market rents for renovated units in this area are as follows: 2BR/2BA $3,695; 2BR/1BA
$3,500; 1BR/1BA $2,448.
All the units have forced air heating and individual hot water heaters. All but one have either a
private patio or deck. Most have dishwashers. All have a tuck-under parking space and a storage
closet. There is also an on-site laundry room which is currently offered at no-charge to tenants but
could be monetized to bring in an additional $1,800 annually.
Constructed in 1957, the 6,935 SF property (footprint size of building) sits on a 9,000 SF lot (based on
county records). The building is stucco over wood frame on a concrete perimeter foundation with an
asphalt shingle roof. The building has been well maintained and has had numerous improvements
over the years.
The property is ideally situated close to both the Downtowns of Menlo Park and Palo Alto, just 2.8
miles from Stanford University, 2.3 miles from Stanford Shopping Center and just 15-30 minutes to
major high-tech employers such as Facebook, Google, Linked-In, Apple, Netflix and countless other
employers from Silicon Valley up through San Francisco.
since constructed in 1957. It has been well maintained and is currently professionally managed. The
property is located in the highly desirable Linfield Oaks area of Menlo Park. The property is just 1.2
miles from Downtown Menlo Park and just 1.4 miles from Downtown Palo Alto.
The 6-unit building contains large attractive units, most with private decks or patios. The unit mix
consists of one large 2 bedroom/2 bath unit with a large, private redwood deck; two large 2
bedroom/1 bath units, one with a private deck and the other with a private patio; and three large 1
bedroom/1bath units, two with private patios. The average rent for the one bedroom units is $2,533
and the average rent for the two bedroom units is $2,998. Two of the 6 units have been renovated
(Units 2 & 6). There is upside potential in the other units through renovation and raising rents to
market levels. Market rents for renovated units in this area are as follows: 2BR/2BA $3,695; 2BR/1BA
$3,500; 1BR/1BA $2,448.
All the units have forced air heating and individual hot water heaters. All but one have either a
private patio or deck. Most have dishwashers. All have a tuck-under parking space and a storage
closet. There is also an on-site laundry room which is currently offered at no-charge to tenants but
could be monetized to bring in an additional $1,800 annually.
Constructed in 1957, the 6,935 SF property (footprint size of building) sits on a 9,000 SF lot (based on
county records). The building is stucco over wood frame on a concrete perimeter foundation with an
asphalt shingle roof. The building has been well maintained and has had numerous improvements
over the years.
The property is ideally situated close to both the Downtowns of Menlo Park and Palo Alto, just 2.8
miles from Stanford University, 2.3 miles from Stanford Shopping Center and just 15-30 minutes to
major high-tech employers such as Facebook, Google, Linked-In, Apple, Netflix and countless other
employers from Silicon Valley up through San Francisco.
Property Details
- Class
- C
- Year Built
- 1957
- Stories
- 2
- Lot Size (sq. ft)
- 9,148 SF
- Units
- 6
Highlights
- Excellent Unit Mix: (1) 2BD/2BA, (2) 2BR/1BA, (3) 1BD/1BA
- Large units, most with private patios or decks
- Highly desirable rental location
- On-site laundry facility
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