Description

This well-maintained 5-unit multifamily property offers investors a rare combination of in-place stability and proven upside in one of the Bay Area's most resilient rental submarkets. Located just a few blocks from University Avenue's dining, shops, and retail, this offers a desirable walk to downtown Palo Alto location. Built in 1925 and thoughtfully updated over time, including a new electrical panel, new HVAC systems in each unit. Every 1-bed unit has been nicely remodeled, with all units offering remodeled kitchens and baths, in-unit washer and dryer, and A/C. The unit mix consists of four spacious 1-bedroom/1-bath units and one studio, totaling 3,540 SF in the building. The property is occupied with excellent, well-qualified tenants, currently at under-market rents. All 5 units are nicely remodeled with great natural light and fabulous floor plans. Deep renter pool from nearby major employers and CalTrain accessibility. 2-car garage onsite, which could be rented for added income or converted to an ADU. Two additional driveway parking spots. This property can be purchased individually as a 5-unit multifamily property or as a combined 12-unit portfolio with the adjacent 4-plex at 311-317 Ramona Street and triplex at 270 Everett. Incredible opportunity!