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938 Alice Lane 938 Alice Ln 5 Unit Apartment Building $3,200,000 ($640,000/Unit) 3.77% Cap Rate Menlo Park, CA 94025
Investment Highlights
- Premier Menlo Park Location
- Gut Renovation 20 Years Ago in Two Units
- Original Owner-Builder, First Time Ever Offered for Sale
- Two Duplexes + One Non-Conforming Cottage
- No City Rent Control Regulations
Executive Summary
Contact jcastellanos@marcusmillichap.com for OM.
Jimmy Castellanos is pleased to present 938 Alice Lane, a rare opportunity to acquire a well-located multifamily asset in the heart of Menlo Park, one of the Peninsula’s most affluent and supply-constrained rental markets. The property consists of four legal units plus one non-conforming unit across three separate structures. Originally built in 1922, the improvements include a spacious two-bedroom single-family home and four additional one-bedroom units, totaling approximately 4,162 square feet on a 15,301 square foot lot. The property benefits from a low-density residential setting, private garages, strong curb appeal, and long-term tenant demand.
Jimmy Castellanos is pleased to present 938 Alice Lane, a rare opportunity to acquire a well-located multifamily asset in the heart of Menlo Park, one of the Peninsula’s most affluent and supply-constrained rental markets. The property consists of four legal units plus one non-conforming unit across three separate structures. Originally built in 1922, the improvements include a spacious two-bedroom single-family home and four additional one-bedroom units, totaling approximately 4,162 square feet on a 15,301 square foot lot. The property benefits from a low-density residential setting, private garages, strong curb appeal, and long-term tenant demand.
Property Facts
| Price | $3,200,000 | Property Subtype | Apartment |
| Price Per Unit | $640,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 3.77% | Building Size | 4,162 SF |
| Gross Rent Multiplier | 16.88 | No. Stories | 1 |
| No. Units | 5 | Year Built | 1922 |
| Property Type | Multifamily | Parking Ratio | 1.68/1,000 SF |
| Zoning | R3 - Residential Medium Density | ||
| Price | $3,200,000 |
| Price Per Unit | $640,000 |
| Sale Type | Investment |
| Cap Rate | 3.77% |
| Gross Rent Multiplier | 16.88 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 4,162 SF |
| No. Stories | 1 |
| Year Built | 1922 |
| Parking Ratio | 1.68/1,000 SF |
| Zoning | R3 - Residential Medium Density |
Amenities
Unit Amenities
- Washer/Dryer
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 1 | $4,500 | - |
| 1+1 | 4 | $2,450 | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
40/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 071-302-120 | Improvements Assessment | $186,747 |
| Land Assessment | $85,834 | Total Assessment | $272,581 |
Property Taxes
Parcel Number
071-302-120
Land Assessment
$85,834
Improvements Assessment
$186,747
Total Assessment
$272,581
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938 Alice Lane | 938 Alice Ln
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