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2451 Middlefield Rd 18 Unit Apartment Building $6,650,000 ($369,444/Unit) 3.34% Cap Rate Redwood City, CA 94063
Investment Highlights
- Convenient location
Executive Summary
Positioned in the heart of the Peninsula, 2451 Middlefield Rd, Redwood City, CA offers an exceptional opportunity to acquire an 18-unit multifamily investment property in a highly desirable Silicon Valley submarket. Priced at $6,650,000 with a projected CAP rate of over 3.7%, this asset delivers stable income with clear upside potential. The property features a well-balanced unit mix of ten (10) one-bedroom/one-bath units and eight (8) studios, along with eighteen (18) on-site parking spaces—a rare and valuable amenity in this area. Many of the units have been upgraded with modern kitchens and bathrooms. Located directly across from Costco Wholesale and just minutes from downtown Redwood City, the property benefits from excellent access to shopping, dining, and entertainment. Nearby Highway 101, El Camino Real, and the Caltrain provide easy commuting to major employment hubs such as Palo Alto, Menlo Park, and San Francisco.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$420,202
|
$26.80
|
| Other Income |
$200
|
$0.01
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$420,402
|
$26.81
|
| Taxes |
$67,967
|
$4.33
|
| Operating Expenses |
$130,345
|
$8.31
|
| Total Expenses |
$198,312
|
$12.65
|
| Net Operating Income |
$222,090
|
$14.16
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $420,202 |
| Annual Per SF | $26.80 |
| Other Income | |
|---|---|
| Annual | $200 |
| Annual Per SF | $0.01 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $420,402 |
| Annual Per SF | $26.81 |
| Taxes | |
|---|---|
| Annual | $67,967 |
| Annual Per SF | $4.33 |
| Operating Expenses | |
|---|---|
| Annual | $130,345 |
| Annual Per SF | $8.31 |
| Total Expenses | |
|---|---|
| Annual | $198,312 |
| Annual Per SF | $12.65 |
| Net Operating Income | |
|---|---|
| Annual | $222,090 |
| Annual Per SF | $14.16 |
Property Facts
| Price | $6,650,000 | Building Class | C |
| Price Per Unit | $369,444 | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 15,680 SF |
| Cap Rate | 3.34% | Average Occupancy | 100% |
| Sale Condition | 1031 Exchange | No. Stories | 3 |
| No. Units | 18 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R-3 | ||
| Price | $6,650,000 |
| Price Per Unit | $369,444 |
| Sale Type | Investment |
| Cap Rate | 3.34% |
| Sale Condition | 1031 Exchange |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 15,680 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1964 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Laundry Facilities
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | $1,795 | - |
| 1+1 | 10 | $2,200 | - |
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 054-091-420 | Total Assessment | $4,386,744 |
| Land Assessment | $2,193,372 | Annual Taxes | $67,967 ($4.33/SF) |
| Improvements Assessment | $2,193,372 | Tax Year | 2025 |
Property Taxes
Parcel Number
054-091-420
Land Assessment
$2,193,372
Improvements Assessment
$2,193,372
Total Assessment
$4,386,744
Annual Taxes
$67,967 ($4.33/SF)
Tax Year
2025
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2451 Middlefield Rd
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