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$3,500,000
Est. payment /mo
8 Beds
4,080 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 4,080 sqft
Price per Sqft $857
MLS Listing ID ML82004513
Bedrooms 8
HOA Y/N No
Year Built 1964
Lot Size 7,436 Sqft
Acres 0.17
Property Sub-Type Quadruplex
Property Description
Welcome to 933 Florence Lane, a 4,080 SqFt fourplex located in the heart of Downtown Menlo Park walking distance to Caltrain and Santa Cruz Avenue. All units are two-bedroom/two-bathroom and have private outdoor space and a one-car garage and tandem parking space. The current owner and his family built the property in 1964. Recent improvements include new electrical panels, copper plumbing, dual pane windows, central heating systems, and exterior paint. Opportunity to add value by renovating the unit interiors with luxury finishes and installing air conditioners, electric car chargers, and in-unit laundry to meet the demand of high-income technology employees. Additionally, a new owner can create accessory dwelling units through garage conversions. The property is located near to Stanford Shopping Center, Stanford University, Stanford Hospital, VC Firms on Sand Hill Road, and Meta's headquarters. The strong rent growth, shortage of housing units, proximity to hi-tech employers employers, and value-add and ADU potential make 933 Florence Lane a great opportunity for both the cash flow and appreciation-minded investor. Offering Memorandum available. Cap Rate: 2.42% (Current), 4.61% (Market). GRM: 24.2 (Current), 15.51 (Market). Monthly Rent: $12,050 (Current), $18,800 (Market).
Location
State CA
County San Mateo
Zoning R3
Interior
Heating Forced Air
Cooling Ceiling Fan(s)
Flooring Tile
Fireplace No
Exterior
Exterior Feature Back Yard
Building
New Construction No
Schools
School District Sequoia Union High
Others
Tax ID 071302040
Virtual Tour https://player.vimeo.com/video/1079248842
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Listed by Ismael Benhamida • Compass