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5-Unit DOWNTOWN REDWOOD CITY MULTIFAMILY 217 Alden St 5 Unit Apartment Building $2,500,000 ($500,000/Unit) 4.70% Cap Rate Redwood City, CA 94063
Investment Highlights
- Fully occupied 5-unit multifamily property (±4,992 SF) with an all 2BD/1BA unit mix on a ±5,000 SF lot
- Located blocks from downtown Redwood City, the Caltrain station, and Sequoia Station retail — walkable, transit-rich location
- Below-market in-place rents with clear upside: pushing units to ±$3,700/month market rate yields ±$222,000 in gross income and a ~5.99% pro forma cap
- $178,620 gross annual rent and $117,528 NOI, a 4.70% cap rate at the list price
- Strong tenant demand base from Oracle, Electronic Arts, Box, and Stanford in Redwood City
- R-5 high-density zoning in a severely supply-constrained Mid-Peninsula rental market
Executive Summary
217 Alden Street is a fully occupied, five-unit multifamily investment offering immediate cash flow and a clear value-add path in one of the Peninsula's most supply-constrained rental markets. All five units are two-bedroom/one-bath, generating $178,620 in gross annual rent and $117,528 in NOI (4.70% cap rate) at the $2,500,000 asking price.
Located just blocks from downtown Redwood City, the Caltrain station, and the Sequoia Station retail district, the property benefits from a highly walkable location and strong, durable tenant demand driven by nearby employers including Oracle, Electronic Arts, and Box, as well as Stanford in Redwood City. Current rents remain below market — bringing all units to a ±$3,700/month market rate would lift gross income to roughly $222,000 and NOI to approximately $149,808, a pro forma cap rate near 6%.
With R-5 high-density zoning, a defensible in-place cash flow profile, and meaningful mark-to-market upside, 217 Alden Street offers investors a durable, income-producing hold in a constrained Mid-Peninsula housing market with a straightforward path to increased returns through unit turnover.
Located just blocks from downtown Redwood City, the Caltrain station, and the Sequoia Station retail district, the property benefits from a highly walkable location and strong, durable tenant demand driven by nearby employers including Oracle, Electronic Arts, and Box, as well as Stanford in Redwood City. Current rents remain below market — bringing all units to a ±$3,700/month market rate would lift gross income to roughly $222,000 and NOI to approximately $149,808, a pro forma cap rate near 6%.
With R-5 high-density zoning, a defensible in-place cash flow profile, and meaningful mark-to-market upside, 217 Alden Street offers investors a durable, income-producing hold in a constrained Mid-Peninsula housing market with a straightforward path to increased returns through unit turnover.
Property Facts
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $500,000 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 5,000 SF |
| Cap Rate | 4.70% | Average Occupancy | 100% |
| Gross Rent Multiplier | 14 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1946 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-5 | ||
| Price | $2,500,000 |
| Price Per Unit | $500,000 |
| Sale Type | Investment |
| Cap Rate | 4.70% |
| Gross Rent Multiplier | 14 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 5,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1946 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R-5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 5 | - | 1,000 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 052-274-080 | Improvements Assessment | $355,461 |
| Land Assessment | $152,318 | Total Assessment | $507,779 |
Property Taxes
Parcel Number
052-274-080
Land Assessment
$152,318
Improvements Assessment
$355,461
Total Assessment
$507,779
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