440 N Rengstorff Ave
Mountain View, CA 94043
Multifamily Property For Sale · 16 Units

Marcus & Millichap has been selected to exclusively market for sale 440 North Rengstorff Avenue, a wonderful, 16 unit, value add and development opportunity located in the thriving city of Mountain View, California . This very low density apartment complex is in the heart of Mountain View near Google’s headquarters . This asset is well positioned for significant added value through renovation, or potential re-development. It is a full acre lot that is almost a perfect square, which is extremely rare . The current zoning of R3-2.5 allows for a maximum of 15 single family homes to be built upon approval from the City . Many similarly low density apartment complexes in the area have been developed into high density single family row houses . 333 N . Rengstorff Avenue, located across the street, has approved plans for 29 row houses and sold in May 2018 for $22,500,000 ($13 .08M/acre, $300/SqFt land, and $776K for land for each row house) . 440 North Rengstorff Avenue allows the investor to operate the property as apartments for cash flow while simultaneously taking the property though the entitlement process to get approval for high density single family homes, potentially creating millions of dollars of value . More information on zoning can be found on the following pages titled Mountain View R3 Zoning District Standards . 440 North Rengstorff Avenue is situated on two separate, contiguous parcels totaling 43,200 square feet (0 .992 acres) and has a gross building area of 12,720 square feet, averaging approximately 795 square feet per unit . Each parcel is 21,600 square feet. There are four (4) four-unit buildings and two community laundry rooms . The property has been maintained by professional management and the current owner of more than 25 years . The subject property has all two-bedroom/one-bath single story cottage units with large fenced backyards, and each unit benefits from two assigned parking spaces . The subject property feeds into Monta Loma Elementary (842 API), Crittenden Middle (805 API), and Los Altos High (895 API) . The robust job growth, shortage of housing units, rent growth, and redevelopment optionality make 440 North Rengstorff Avenue a great opportunity for both the cash flow and appreciation minded investor.