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Marcus & Millichap is excited to bring to market 1596 Ontario Drive, a stunning apartment complex located in the Cupertino School District boundary of Sunnyvale, California. The subject property was built in 1962 and consists of 4,246 square feet (per county assessor) of living space on a 10,800 square foot lot (per county assessor). The asset accommodates an attractive unit mix of one two-bedroom/two-bath, two two-bedroom/one-bath, and two one-bedroom/one-bath units. In addition, there is a total of eight private parking spaces with additional parking on street grade. 1596 Ontario Drive has schools located in highly acclaimed Cupertino Union School District. The property feeds into Chester W. Nimitz Elementary School (879 API), Cupertino Middle School (934 API), and Homestead High School (873 API).
The subject property is located approximately two miles from Apple’s highly anticipated spaceship campus in Cupertino. This new campus, said to employ around 14,000 workers, is a great example of how the South Bay tech market serves as an incubator for tremendous upside in commercial and residential rent growth. Furthermore, this complex is within a short walking distance away from public transits, recreational parks, and major retailers.
Sunnyvale is a major city in the Silicon Valley and the seventh most populous city in the San Francisco Bay Area. Many of the largest technology companies have operations in and around Sunnyvale including Google, Apple, LinkedIn, Amazon, Microsoft, and Yahoo. The robust high tech job growth, shortage of housing units, rent growth, and proximity to large Silicon Valley employers make 1596 Ontario Drive a truly remarkable opportunity for any type of investor.
