JUST LISTED

1640, 1660, 1670 Bay Rd
East Palo Alto, CA
$21,500,000
71 Units

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INVESTMENT HIGHLIGHTS

        •      Cap Rate 3.34%

        •      GRM: 17.94

        •      $302,817 $/Unit

        •      3 Parcels

        •      Unit mix: 15 – Studios

                               56 – 1 Bed/1 Bath

LOCATION HIGHLIGHTS

The offering is comprised of three adjacent buildings totaling seventy-one units with a mix of fifty-six one-bedroom/one-bath units and fifteen studio apartments. The three two-storybuildings have wood frame construction, stucco exteriors, flat tar and gravel roofs, and concrete perimeter foundations residing on a combined 1.49 acres of land. Amenities include on-site laundry facilities, 24-hour surveillance, patio/balconies, individually metered gas and electric, and ample on-site/carport parking spaces with storage units for the tenant’s convenience. The unit interiors are carpet throughout with linoleum kitchen and bathrooms floors, wall furnaces, and basic appliances.

 

The property is located on the east side of Highway 101 and within walking distance of Ravenswood Retail center, home of one of the nations largest Home Depot, as well as Best Buy, Nordstrom Rack, Sports Authority, and several smaller retail stores. Across the street from the Ravenswood Retail center is IKEA, one of the largest retailers in the world.

 

Investors in Low Income Housing Tax Credit deals will benefit from the investments extremely low market velocity, strong tech employment hubs with neighboring Facebook, Oracle, ElectronicArts, Box, Sun Microsystems, Google, and Ravenswood Health Care Center.

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Mike Henshaw

Senior Vice President Investments

Marcus & Millichap

(650) 269-6453 Cell

(650) 391-1770 Direct

mike.henshaw@marcusmillichap.com

License: CA 901134592

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