Bought with RECIP • Out of Area Office
For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $6,467,681
Property Type Commercial
Sub Type Five or More Units
Listing Status Sold
Purchase Type For Sale
Square Footage 6,774 sqft
Price per Sqft $954
MLS Listing ID ML81921601
Sold Date 05/04/23
Bedrooms 2
Full Baths 1
Year Built 1938
Lot Size 0.542 Acres
Property Sub-Type Five or More Units
Property Description
Once-in-a-lifetime oppty to acquire an irreplaceable asset in Palo Alto (next to Stanford University). 1341 Stanford (7 Homes), 2050 Hanover (6 Homes) available separately or together (13 Detached Homes). Individually-addressed, detached rental homes w/ front & back yards 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 CAP Rate (Avg Rent @ $6/SF): 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 and ADUs. Oversized Parcels offer tremendous future potential/possibilities. Co-List w/ Mark Zamudio
Location
State CA
County Santa Clara
Area College
Zoning R1
Rooms
Kitchen Countertop - Granite, Countertop - Marble, Dishwasher, Exhaust Fan, Garbage Disposal, Hookups - Gas, Microwave, Oven Range - Gas, Pantry, Refrigerator
Interior
Heating Central Forced Air - Gas
Cooling Central AC, Central Forced Air - Gas
Flooring Hardwood
Laundry Washer / Dryer
Exterior
Parking Features Detached Garage, Off-Street Parking, Uncovered Parking
Garage Spaces 6.0
Utilities Available Individual Electric Meters, Individual Gas Meters, Natural Gas, Public Utilities
Roof Type Composition,Shingle
Building
Foundation Crawl Space
Sewer Sewer - Public
Water Individual Water Meter, Public
Others
Restrictions None
Tax ID 137-06-076
Security Features Security Lights
Special Listing Condition Not Applicable
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
© 2025 MLSListings Inc. All rights reserved.
GET MORE INFORMATION
