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837 Cowper St 14 Unit Apartment Building $11,000,000 ($785,714/Unit) 4.56% Cap Rate Palo Alto, CA 94301
Investment Highlights
- * Nestled in the heart of Downtown Palo Alto University South, one of Palo Altos most desirable neighborhood
- Built in 1961 on an expansive 17,500 sqft (0.40 acre) lot, this 2-story building features approximately12,830 sqft of living area
- The 1- & 2-bed apartments' actual rents ($2,900 -$5,100/mo) in one of the regions strongest rental markets.
- The property presents a rare opportunity to own a 14-unit multi-family property offering both strong income and long-term growth potential.
- The property's beautifully landscaped grounds are a standout feature with a variety of mature fruit trees
Executive Summary
* Nestled in the heart of Downtown Palo Alto University South, one of Palo Altos most desirable neighborhood and a few minutes away from Palo Alto CALTrain station.
* The property presents a rare opportunity to own a 14-unit multi-family property offering both strong income and long-term growth potential.
* Built in 1961 on an expansive 17,500 sqft (0.40 acre) lot, this 2-story building features approximately12,830 sqft of living area, (740-1100 sqft per unit, buyer to verify square footage).
* All the units have 3-4 sided independent walls & balconies, granite slab, newer appliances and fixtures. Most have dishwasher, washer and dryer in unit.
* The property's beautifully landscaped grounds are a standout feature with a variety of mature fruit trees & a peaceful garden courtyard that creates a serene atmosphere for residents.
* The 1- & 2-bed apartments' actual rents ($2,900 -$5,100/mo) in one of the regions strongest rental markets.
* 11 units were remodeled in 2022-2023 and the rest of 3 units were updated approximately 10 years ago.
* Roof, gutter, furnaces, windows, hot water heaters, circulator etc. were replaced over the years of ownership.
* Ample off-street permitted parking & on-site laundry facilities.
* Deck, property & termite reports available.
* An A+ property.
* The property presents a rare opportunity to own a 14-unit multi-family property offering both strong income and long-term growth potential.
* Built in 1961 on an expansive 17,500 sqft (0.40 acre) lot, this 2-story building features approximately12,830 sqft of living area, (740-1100 sqft per unit, buyer to verify square footage).
* All the units have 3-4 sided independent walls & balconies, granite slab, newer appliances and fixtures. Most have dishwasher, washer and dryer in unit.
* The property's beautifully landscaped grounds are a standout feature with a variety of mature fruit trees & a peaceful garden courtyard that creates a serene atmosphere for residents.
* The 1- & 2-bed apartments' actual rents ($2,900 -$5,100/mo) in one of the regions strongest rental markets.
* 11 units were remodeled in 2022-2023 and the rest of 3 units were updated approximately 10 years ago.
* Roof, gutter, furnaces, windows, hot water heaters, circulator etc. were replaced over the years of ownership.
* Ample off-street permitted parking & on-site laundry facilities.
* Deck, property & termite reports available.
* An A+ property.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Third Party Reports
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $11,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $785,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.40 AC |
| Cap Rate | 4.56% | Building Size | 12,830 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 100% |
| Gross Rent Multiplier | 15.56 | No. Stories | 2 |
| No. Units | 14 | Year Built | 1961 |
| Property Type | Multifamily | Parking Ratio | 1.09/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM20, Palo Alto | ||
| Price | $11,000,000 |
| Price Per Unit | $785,714 |
| Sale Type | Investment |
| Cap Rate | 4.56% |
| Sale Condition | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 15.56 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 12,830 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.09/1,000 SF |
| Zoning | RM20, Palo Alto |
Amenities
- Smoke Detector
Unit Amenities
- Balcony
- Disposal
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Stainless Steel Appliances
- Range
- Deck
- Double Pane Windows
- Smoke Free
- Window Coverings
Site Amenities
- Picnic Area
- Smoke Free
- Trash Pickup - Curbside
- Storage Space
- Fiber Optic Internet
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $3,325 | 740 |
| 2+1 | 2 | $4,500 | 900 |
| 2+2 | 6 | $4,850 | 1,100 |
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Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 120-05-030 | Total Assessment | $4,319,331 (2026) |
| Land Assessment | $872,163 (2026) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,447,168 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
120-05-030
Land Assessment
$872,163 (2026)
Improvements Assessment
$3,447,168 (2026)
Total Assessment
$4,319,331 (2026)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Contact the Sale Advisor
837 Cowper St