Bought with RECIP RECIP • Out of Area Office
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1341 Stanford AVE Palo Alto, CA 94306
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Key Details
Sold Price $7,032,319
Property Type Commercial
Sub Type Five or More Units
Listing Status Sold
Purchase Type For Sale
Square Footage 6,490 sqft
Price per Sqft $1,083
MLS Listing ID ML81921599
Bedrooms 5
Full Baths 3
Year Built 1939
Lot Size 0.755 Acres
Property Sub-Type Five or More Units
Property Description
Once-in-a-lifetime opportunity to acquire an irreplaceable asset in Palo Alto (next to Stanford Univ.). 1341 Stanford (7 Homes), 2050 Hanover (6 Homes) available separately or together (13 Detached Homes). Individually-addressed, detached rental homes w/ front & backyards command higher rents compared to Apts. Low Operating Expense (tenants pay all utilities), low maintenance costs, and headache-free, easy management. Current CAP Rate (Avg Rent @ $3.4/SF): 2.11%/Current GRM: 25.7 AND Pro-Forma CAP Rate (Avg Rent @ $5/SF): 3.76%/Pro-Forma GRM: 17.6. High-End Remodel (Avg Rent @ $6/SF) CAP Rate: 4.77%/Pro-Forma GRM: 15.1. Cost/SF: $1,056/SF / Investors may consider modifying floorplans (add bedrooms & bath) and conduct high-end renovations of kitchen, bathrooms & fence up private backyards to achieve even higher rents. Potential for adding SF/expansion at back of property, also ADUs. Oversized Parcels offer tremendous future potential/possibilities. Co-Listed w/ Mark Zamudio
Location
State CA
County Santa Clara
Area College
Zoning R1
Rooms
Kitchen Dishwasher, Oven Range, Pantry, Refrigerator
Interior
Heating Central Forced Air - Gas, Fireplace
Cooling Central AC, Central Forced Air - Gas
Flooring Hardwood
Laundry Washer / Dryer
Exterior
Parking Features Detached Garage, Off-Street Parking, Uncovered Parking
Garage Spaces 7.0
Community Features Additional Storage
Utilities Available Individual Electric Meters, Individual Gas Meters, Natural Gas, Public Utilities
Roof Type Shingle
Building
Foundation Crawl Space
Sewer Sewer - Public
Water Individual Water Meter, Public
Others
Special Listing Condition Not Applicable
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