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1450-1480 Hess Road, Redwood City 2 Multifamily Properties Offered at $8,500,000 in Redwood City, CA
Investment Highlights
- Roof: Sloped, Comp Shingles
- Individually Metered for Electric and Gas
- SB-721 & Contractor and Termite Report: Both on File and Available by Request
- Two Laundry Rooms: Owned, Coin-Operated Machines
- Subpanels: Siemans, Circuit Breakers
- Parking: 4 Enclosed Garages; 17 Carports
Executive Summary
1450–1480 Hess Road is a well-located 22-unit apartment community situated on two (2) parcels in Redwood City’s desirable Palm Park neighborhood. Offered at $8,500,000, the property consists of 22-units across approximately 18,557 square feet of building area on a 22,241-square-foot lot. The unit mix includes seventeen (17) 1-bedroom/1-bath units and five (5) 2-bedroom/1-bath units.
The property offers an attractive combination of unit mix, parking, storage and tenant amenities, including four (4) enclosed garages, seventeen (17) carports, two (2) on-site laundry rooms with owned coin-operated machines, tenant storage, and a large owner workshop/storage room. Electric and gas are individually metered, and the property has Siemens circuit-breaker sub-panels and service equipment panels. SB-721 documentation, contractor report and pest report have been completed and are on file.
The property generates approximately $670,620 in scheduled gross annual income, with a pro forma NOI of approximately $391,600, a 4.61% cap rate and 12.67 current GRM at the $8,500,000 asking price. Conveniently located near El Camino Real, shopping, dining, downtown Redwood City and major Peninsula employment centers, with access to Caltrain, Highway 101 and I-280.
The property offers an attractive combination of unit mix, parking, storage and tenant amenities, including four (4) enclosed garages, seventeen (17) carports, two (2) on-site laundry rooms with owned coin-operated machines, tenant storage, and a large owner workshop/storage room. Electric and gas are individually metered, and the property has Siemens circuit-breaker sub-panels and service equipment panels. SB-721 documentation, contractor report and pest report have been completed and are on file.
The property generates approximately $670,620 in scheduled gross annual income, with a pro forma NOI of approximately $391,600, a 4.61% cap rate and 12.67 current GRM at the $8,500,000 asking price. Conveniently located near El Camino Real, shopping, dining, downtown Redwood City and major Peninsula employment centers, with access to Caltrain, Highway 101 and I-280.
Taxes & Operating Expenses (Actual - 2025) |
Annual |
|---|---|
| Gross Rental Income |
$632,124
|
| Other Income |
$38,496
|
| Vacancy Loss |
$20,119
|
| Effective Gross Income |
$650,501
|
| Taxes |
$92,999
|
| Operating Expenses |
$165,903
|
| Total Expenses |
$258,902
|
| Net Operating Income |
$391,599
|
Taxes & Operating Expenses (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $632,124 |
| Other Income | |
|---|---|
| Annual | $38,496 |
| Vacancy Loss | |
|---|---|
| Annual | $20,119 |
| Effective Gross Income | |
|---|---|
| Annual | $650,501 |
| Taxes | |
|---|---|
| Annual | $92,999 |
| Operating Expenses | |
|---|---|
| Annual | $165,903 |
| Total Expenses | |
|---|---|
| Annual | $258,902 |
| Net Operating Income | |
|---|---|
| Annual | $391,599 |
Property Facts
| Price | $8,500,000 | Number of Properties | 2 |
| Price / SF | $692.46 / SF | Individually For Sale | 0 |
| Cap Rate | 4.61% | Total Building Size | 12,275 SF |
| Sale Type | Investment | Total Land Area | 0.55 AC |
| Status | Active |
| Price | $8,500,000 |
| Price / SF | $692.46 / SF |
| Cap Rate | 4.61% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 12,275 SF |
| Total Land Area | 0.55 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 1480 Hess Rd, Redwood City, CA 94061 | Multifamily | 6,238 SF | 1960 | - |
| 1450 Hess Rd, Redwood City, CA 94061 | Multifamily | 6,037 SF | 1960 | - |
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