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Miramonte Gardens 1140 Castro St 61 Unit Apartment Building $13,500,000 ($221,311/Unit) 3.71% Cap Rate Mountain View, CA 94040
Investment Highlights
- Adjacent to Cuesta Park and Walking Distance to Downtown Mountain View
- Substantial Rental Upside – Rents are Projected to be 52% below Market | 12% Pro Forma Cap Rate
- Ample Parking Totaling 118 Spaces (Tuck-Under + Open Spaces)
- Rare Opportunity to Acquire a 61-Unit Multifamily Community in Silicon Valley at a Low Basis
- Garden-Style Community with Major Value-Add Potential
Executive Summary
Contact Jimmy at jcastellanos@marcusmillichap.com for OM and tour dates.
Property Facts
| Price | $13,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $221,311 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.84 AC |
| Cap Rate | 3.71% | Building Size | 57,850 SF |
| Gross Rent Multiplier | 13.04 | Average Occupancy | 100% |
| No. Units | 61 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 2.04/1,000 SF |
| Zoning | R31 | ||
| Price | $13,500,000 |
| Price Per Unit | $221,311 |
| Sale Type | Investment |
| Cap Rate | 3.71% |
| Gross Rent Multiplier | 13.04 |
| No. Units | 61 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.84 AC |
| Building Size | 57,850 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 2.04/1,000 SF |
| Zoning | R31 |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Storage Space
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 830 |
| 2+2 | 37 | - | 1,050 |
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Walk Score®
Very Walkable (82)
Bike Score®
Biker's Paradise (94)
Property Taxes
| Parcel Number | 189-61-021 | Improvements Assessment | $2,124,548 |
| Land Assessment | $483,083 | Total Assessment | $2,607,631 |
Property Taxes
Parcel Number
189-61-021
Land Assessment
$483,083
Improvements Assessment
$2,124,548
Total Assessment
$2,607,631
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
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Street
Map
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Miramonte Gardens | 1140 Castro St
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