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813 Cowper St - 813 Cowper St 8 Unit Apartment Building Offered at $5,700,000 at a 4.93% Cap Rate Palo Alto, CA 94301
INVESTMENT HIGHLIGHTS
- Prime Palo Alto Location in the Heart of Downtown
- All Units Have In-Unit Laundry
- First Time Offered for Sale in Over 20 Years
- Excellent Property Layout & Renovated Units Attracting High Quality Residents
- Strong In-Place Rents ($4,070 Avg. Per Unit Per Month)
EXECUTIVE SUMMARY
Email jcastellanos@marcusmillichap.com for OM and DD file.
The Castellanos Team is pleased to present 813 Cowper Street, an eight-unit multifamily property located in the heart of Downtown Palo Alto. Built in 1956, the property consists of three well maintained buildings with a total of eight units, including five large one bedroom apartments and three two bedroom residences. The front duplex features a two bedroom unit and a one bedroom unit, offering a more residential feel compared to a typical apartment layout. In addition, the property includes a charming cottage style unit that provides added privacy and character.
Each unit is equipped with an unit washer and dryer, an amenity that is both rare and highly desirable in this submarket, along with garage and carport parking. With single family home values in the 94301 ZIP code averaging approximately $5.3 million according to Zillow, the property offers investors a compelling opportunity to acquire durable income and long term downside protection in one of the most supply constrained markets in the country.
The Castellanos Team is pleased to present 813 Cowper Street, an eight-unit multifamily property located in the heart of Downtown Palo Alto. Built in 1956, the property consists of three well maintained buildings with a total of eight units, including five large one bedroom apartments and three two bedroom residences. The front duplex features a two bedroom unit and a one bedroom unit, offering a more residential feel compared to a typical apartment layout. In addition, the property includes a charming cottage style unit that provides added privacy and character.
Each unit is equipped with an unit washer and dryer, an amenity that is both rare and highly desirable in this submarket, along with garage and carport parking. With single family home values in the 94301 ZIP code averaging approximately $5.3 million according to Zillow, the property offers investors a compelling opportunity to acquire durable income and long term downside protection in one of the most supply constrained markets in the country.
PROPERTY FACTS
| Price | $5,700,000 | Property Type | Multifamily |
| Price Per Unit | $712,500 | Building Size | 6,282 SF |
| Sale Type | Investment | Average Occupancy | 87% |
| Cap Rate | 4.93% | No. Stories | 2 |
| Gross Rent Multiplier | 14.53 | Year Built | 1956 |
| No. Units | 8 | ||
| Zoning | RM-30 | ||
| Price | $5,700,000 |
| Price Per Unit | $712,500 |
| Sale Type | Investment |
| Cap Rate | 4.93% |
| Gross Rent Multiplier | 14.53 |
| No. Units | 8 |
| Property Type | Multifamily |
| Building Size | 6,282 SF |
| Average Occupancy | 87% |
| No. Stories | 2 |
| Year Built | 1956 |
| Zoning | RM-30 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $3,890 | - |
| 2+1 | 1 | $3,816 | - |
| 2+2 | 2 | $4,741 | - |
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Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (98)
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813 Cowper St - 813 Cowper St
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