Description

Magnify is pleased to present 403 Vera Ave, a turnkey property walking distance from downtown Redwood City with over $197,000 in gross income (4.7% cap rate). The building was constructed in 1949 and remodeled to the studs in 2022-2023 along with a new-construction ADU. The property features open floor plans with (1) Two-bed+Den/Two-bath and (4) One-bed/One-bath units. Positioned on a prime corner lot with great frontage, each unit offers a spacious backyard or balcony with a large rooftop deck. Amenities include in-unit washer/dryer, air conditioning, dishwashers & luxury kitchens/baths to enhance tenant appeal and retention. The property has undergone substantial capital improvements to deliver strong in-place rents with modernized systems. All units include an electrical re-wiring with 100-amp subpanels, copper repipe with ABS drain/sewer lines, new-construction dual pane windows, fire sprinkling with a 24/7 monitored alarm system, & condo-quality finishes. The building has a new 400 amp main panel (2022), exterior stucco (2022), low maintenance landscaping (2023), and a newer roof (2015) for minimal long-term maintenance. It is also in close proximity to Stanford, Atherton, Palo Alto, & Menlo Park making it a premier Peninsula asset with strong income & high growth potential.