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727-729 Waverley St 8 Unit Apartment Building $3,700,000 ($462,500/Unit) 3.51% Cap Rate Palo Alto, CA 94301
Investment Highlights
- Six 1-bed, 1-bath units + Two nonconforming Bachelor Studios (bedroom + bathroom only)
- 7,500 sf lot with RM-30 Zoning in a predominantly residential University South neighborhood
- 3 units are available for immediate rent increases + 2 already vacant and available for peak market rent
- Well maintained property with updated electrical panels, new rear stairway with SB721 clearance, and numerous other repairs done as needed
- Below market rents with LOTS of potential to increase cash flow for a new owner
- 1-Time-Only Open House: Thurs, 6/25/26, 11am - Noon
Executive Summary
727-729 Waverley St offers apartment investors an exceptional opportunity to acquire an income-producing property in one of the strongest rental markets in the world. Located just two blocks from the heart of downtown Palo Alto in the University South Neighborhood where only 7 multifamily (5+ units) properties have sold in the past 10 years. The property consists of six 1-bedroom, 1-bathroom units and two nonconforming bachelor studios (bedroom and bathroom only). Situated on a 7,500-square-foot lot with RM-30 zoning in the predominantly residential University South neighborhood, the property has been well maintained with updated electrical panels, a new rear stairway (all sb721 required EEEs passed inspection in "sound condition"), and numerous additional repairs completed as needed. Current rents are below market, presenting significant upside potential for a new owner, with three units immediately available for rent increases. Residents also benefit from an on-site leased coin-operated laundry facility serving all units. Contact Listing Agents for complete Offering Memorandum and Full Due Diligence / Disclosure File.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,700,000 | Property Subtype | Apartment |
| Price Per Unit | $462,500 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 3.51% | Lot Size | 0.17 AC |
| Gross Rent Multiplier | 18.48 | Building Size | 3,535 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1904 |
| Zoning | RM30 - Multi Family Dwelling | ||
| Price | $3,700,000 |
| Price Per Unit | $462,500 |
| Sale Type | Investment |
| Cap Rate | 3.51% |
| Gross Rent Multiplier | 18.48 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 3,535 SF |
| No. Stories | 2 |
| Year Built | 1904 |
| Zoning | RM30 - Multi Family Dwelling |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,278 | 534 |
| Studios | 2 | $1,300 | 165 |
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Very walkable
80/100
Moderately drivable
70/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 120-16-059 | Total Assessment | $3,825,000 |
| Land Assessment | $2,692,800 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,132,200 | Tax Year | 2025 |
Property Taxes
Parcel Number
120-16-059
Land Assessment
$2,692,800
Improvements Assessment
$1,132,200
Total Assessment
$3,825,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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727-729 Waverley St
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