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628 Waverley St 14 Unit Apartment Building $4,295,000 ($306,786/Unit) 5.87% Cap Rate Palo Alto, CA 94301
INVESTMENT HIGHLIGHTS
- Close proximity to Stanford University, Shopping & Medical Center.
- Less then one mile away from the Palo Alto Caltrain Station
- One block away from Downtonw Palo Alto
- Truly a One of a Kind Building.
EXECUTIVE SUMMARY
Step into one of Palo Alto’s most distinctive multifamily opportunities. Ideally located at 628 Waverly Street, this two-story, 14-unit property sits just one block from Downtown Palo Alto, offering unmatched walkability to world-class dining, entertainment, and major tech and academic employers. The building features a desirable unit mix consisting of one two-bedroom/one-bath unit, three one-bedroom/one-bath units, and ten studio units, appealing to a wide range of tenants in a market known for strong occupancy and premium rents. Five units are located on the ground floor and nine on the second floor, including the majority of the studio residences.
A standout component of the building is Unit C, the property’s only two-bedroom unit, which offers a rare two-level configuration with living space on the first floor and a finished basement serving as an additional living and bedroom area. Unit E also offers a unique layout, being on the first floor, and its bathroom located on the upper-level and exclusive to that studio. The property includes a shared laundry room, a detached garage currently utilized by the owner, and a spacious basement used for management storage and housing five water heaters servicing the building. Added income exists through the implementation of RUBS utility bill-back, enhancing overall operating performance.
With its extraordinary location near Stanford University and countless high-profile Silicon Valley employers, this asset benefits from exceptional demand drivers tied to education, innovation, and high-earning professional demographics. The combination of irreplaceable positioning, flexible unit mix, and value-add potential makes 628 Waverly Street an outstanding and rare investment opportunity in the heart of Palo Alto.
A standout component of the building is Unit C, the property’s only two-bedroom unit, which offers a rare two-level configuration with living space on the first floor and a finished basement serving as an additional living and bedroom area. Unit E also offers a unique layout, being on the first floor, and its bathroom located on the upper-level and exclusive to that studio. The property includes a shared laundry room, a detached garage currently utilized by the owner, and a spacious basement used for management storage and housing five water heaters servicing the building. Added income exists through the implementation of RUBS utility bill-back, enhancing overall operating performance.
With its extraordinary location near Stanford University and countless high-profile Silicon Valley employers, this asset benefits from exceptional demand drivers tied to education, innovation, and high-earning professional demographics. The combination of irreplaceable positioning, flexible unit mix, and value-add potential makes 628 Waverly Street an outstanding and rare investment opportunity in the heart of Palo Alto.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$360,204
|
$77.13
|
| Other Income |
$23,140
|
$4.96
|
| Vacancy Loss |
$10,806
|
$2.31
|
| Effective Gross Income |
$372,538
|
$79.77
|
| Taxes |
$51,433
|
$11.01
|
| Operating Expenses |
$68,999
|
$14.77
|
| Total Expenses |
$120,432
|
$25.79
|
| Net Operating Income |
$252,106
|
$53.98
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $360,204 |
| Annual Per SF | $77.13 |
| Other Income | |
|---|---|
| Annual | $23,140 |
| Annual Per SF | $4.96 |
| Vacancy Loss | |
|---|---|
| Annual | $10,806 |
| Annual Per SF | $2.31 |
| Effective Gross Income | |
|---|---|
| Annual | $372,538 |
| Annual Per SF | $79.77 |
| Taxes | |
|---|---|
| Annual | $51,433 |
| Annual Per SF | $11.01 |
| Operating Expenses | |
|---|---|
| Annual | $68,999 |
| Annual Per SF | $14.77 |
| Total Expenses | |
|---|---|
| Annual | $120,432 |
| Annual Per SF | $25.79 |
| Net Operating Income | |
|---|---|
| Annual | $252,106 |
| Annual Per SF | $53.98 |
PROPERTY FACTS
| Price | $4,295,000 | Apartment Style | Low-Rise |
| Price Per Unit | $306,786 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.87% | Building Size | 4,250 SF |
| Gross Rent Multiplier | 11.92 | Average Occupancy | 85% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1904 |
| Property Subtype | Apartment | Parking Ratio | 0.24/1,000 SF |
| Zoning | CDC | ||
| Price | $4,295,000 |
| Price Per Unit | $306,786 |
| Sale Type | Investment |
| Cap Rate | 5.87% |
| Gross Rent Multiplier | 11.92 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,250 SF |
| Average Occupancy | 85% |
| No. Stories | 2 |
| Year Built | 1904 |
| Parking Ratio | 0.24/1,000 SF |
| Zoning | CDC |
AMENITIES
UNIT AMENITIES
- Ceiling Fans
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | $3,117 | - |
| 1+1 | 3 | $2,650 | - |
| Studios | 10 | $1,695 | - |
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Walk Score®
Walker's Paradise (98)
Bike Score®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Number | 120-16-021 | Total Assessment | $831,888 (2025) |
| Land Assessment | $683,713 (2025) | Annual Taxes | $51,433 ($12.10/SF) |
| Improvements Assessment | $148,175 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
120-16-021
Land Assessment
$683,713 (2025)
Improvements Assessment
$148,175 (2025)
Total Assessment
$831,888 (2025)
Annual Taxes
$51,433 ($12.10/SF)
Tax Year
2024
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628 Waverley St
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