220 College Ave - Apartments FOR SALE


Palo Alto, CA 94306- Evergreen Park
$3,800,000 USD
650-515-6555
220 College Ave, Palo Alto, CA for Sale
$3,800,000 USD
Apartments - FOR SALE
1/5
null | 3.84% Cap Rate

220 College Ave
Palo Alto, CA 94306
Evergreen Park


HIGHLIGHTS

  • Excellent Unit Mix: (4) Two-Bedroom / One-Bath & (2) One- Bedroom / One-Bath
  • Great in-place rents with best-in-class tenant profiles creating ability to add significant value with high-end renovations and reach top market rents
  • New Roof in 2023 - New Water Heater in 2022 - New Washer & Dryer in 2025
  • Fully upgraded Electrical System (Main & Subpanels) - 2025
  • 2 units with complete remodel and 2 units with general kitchen & bath updates
  • Walking distance to California Avenue

OVERVIEW

220 College Avenue is an incredible opportunity to acquire a prime turn-key 6-unit apartment building in an outstanding Palo Alto location. (4) Two-Bedroom / One-Bath & (2) One-Bedroom / One-Bath, strategically positioned on a quiet cul-de-sac walking distance to all the shopping, dining & entertainment amenities of California Avenue. Strong in-place rents with best-in-class tenant profiles creating ability to add significant value with high-end renovations and achieve top market rents. All units have received some updates: 4 units have at least kitchen & bath updates and the other two have some interior updates. Many more updates to the major building systems: New Roof in 2023, Fully upgraded Electrical System (Main & Subpanels) in 2025, New Water Heater in 2022 and New Washer & Dryer in 2025, New Driveway Ramp - 2025. Dual pane windows throughout. Add ADU in tuck-under carport parking area! Ideal location in the epicenter of Silicon Valley, Evergreen Terrace neighborhood of Palo Alto, surrounded by major tech companies and good jobs. Within a ½ mile walk of: Stanford campus, California Ave, Caltrain Station, Peers Park, Jerry Bowden Park, Graduate housing, Sundance Steakhouse and other shopping and dining on El Camino Real, Stanford Business Park & Palo Alto High School.

FOR SALE DETAILS

PRICE

$3,800,000 USD

PRICE/SF

$779 USD /SF

# OF UNITS

6

PRICE/UNIT

$633,333

CAP RATE

3.84%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1968

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,712 SF

ZONING

R3, Palo Alto

APN/PARCEL ID

124-27-023

ASK ABOUT THIS PROPERTY

Matthew ThomsonARA NewmarkMore Info
650-515-6555

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Matthew ThomsonARA NewmarkMore Info
650-515-6555

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.