Marcus & Millichap has been selected to exclusively market for sale 266 Tyrella Avenue, a 26,029 square foot lot located in the in the heart of the thriving city of Mountain View, California. The current zoning of R3-1 allows for a maximum of 16 for-sale rowhouses to be built, upon approval from the city (see Mountain View Municipal Code (MVMC) SEC. 36.10.75. – Density). The property is prime for a multi-family development consisting of rowhouses, townhouses or apartments. The lot is a rectangular shape allowing for utilization of the entire space.
266 Tyrella is in close proximity to some of the most prominent tech companies in the world. Within 10 miles of the property are the world headquarters of Google, Apple and Facebook. Other notable companies include Intel, Stanford Healthcare, Intel, Lockheed Martin, Yahoo!, Hewlett Packard and many more. The property is also only one mile from downtown Mountain View with its abundant retail and dining options. The Mountain View Caltrain Station and VTA Light Rail, also in Downtown, provide a convenient public transit option up the peninsula and San Francisco to the north and to Sunnyvale, Santa Clara and Downtown San Jose to the south.
In recent years, there have been various smaller rowhouse/townhouse developments around the city of Mountain View. Since January 1, 2019, there have been at least 15 sales of rowhouses that were constructed over the last four years. Those sales have sold at an approximate value of $1,000 per foot for homes ranging from 1,300 to 1,900 square feet in livable space. Currently on the site is a four-unit apartment building that covers approximately 14% of the lot. The four units are all two-bedroom one-bathroom units with large fenced in yards. The units generate approximately $81,000 in annual gross income.
The population of Mountain View is a highly educated, affluent group. Average median income exceeds $120,000 annually and almost 70% of the population has a bachelor’s degree or graduate degree. The subject property feeds into Edith Landels Elementary (856 API), Crittenden Middle (805 API), and Mountain View High (861 API).
The robust job growth, shortage of housing units, and limited development opportunities make 266 Tyrella Avenue an incredible investment and redevelopment opportunity.
