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5-Unit DOWNTOWN REDWOOD CITY MULTIFAMILY 217 Alden St 5 Unit Apartment Building $3,509,575 CAD ($701,915 CAD/Unit) 4.70% Cap Rate Redwood City, CA 94063
Investment Highlights
- Fully occupied 5-unit multifamily property (±4,992 SF) with an all 2BD/1BA unit mix on a ±5,000 SF lot
- Located blocks from downtown Redwood City, the Caltrain station, and Sequoia Station retail — walkable, transit-rich location
- Below-market in-place rents with clear upside: pushing units to market rate and implementing RUBS
- $178,620 gross annual rent and $117,528 NOI, a 4.70% cap rate at the list price
- Strong tenant demand base from Oracle, Electronic Arts, Box, and Stanford in Redwood City
- R-5 high-density zoning in a severely supply-constrained Mid-Peninsula rental market
Executive Summary
217 Alden Street is a fully occupied, five-unit multifamily investment offering immediate cash flow and a clear value-add path in one of the Peninsula's most supply-constrained rental markets. All five units are two-bedroom/one-bath, generating $178,620 in gross annual rent and $117,528 in NOI (4.70% cap rate) at the $2,500,000 asking price.
Located just blocks from downtown Redwood City, the Caltrain station, and the Sequoia Station retail district, the property benefits from a highly walkable location and strong, durable tenant demand driven by nearby employers including Oracle, Electronic Arts, and Box, as well as Stanford in Redwood City. Current rents remain below market.
With R-5 high-density zoning, a defensible in-place cash flow profile, and meaningful mark-to-market upside, 217 Alden Street offers investors a durable, income-producing hold in a constrained Mid-Peninsula housing market with a straightforward path to increased returns through unit turnover.
Located just blocks from downtown Redwood City, the Caltrain station, and the Sequoia Station retail district, the property benefits from a highly walkable location and strong, durable tenant demand driven by nearby employers including Oracle, Electronic Arts, and Box, as well as Stanford in Redwood City. Current rents remain below market.
With R-5 high-density zoning, a defensible in-place cash flow profile, and meaningful mark-to-market upside, 217 Alden Street offers investors a durable, income-producing hold in a constrained Mid-Peninsula housing market with a straightforward path to increased returns through unit turnover.
Property Facts
| Price | $3,509,575 CAD | Building Class | C |
| Price Per Unit | $701,915 CAD | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 5,000 SF |
| Cap Rate | 4.70% | Average Occupancy | 100% |
| Gross Rent Multiplier | 14 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1946 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-5 | ||
| Price | $3,509,575 CAD |
| Price Per Unit | $701,915 CAD |
| Sale Type | Investment |
| Cap Rate | 4.70% |
| Gross Rent Multiplier | 14 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 5,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1946 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R-5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 5 | - | 1,000 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 052-274-080 | Improvements Assessment | $508,987 CAD |
| Land Assessment | $218,105 CAD | Total Assessment | $727,091 CAD |
Property Taxes
Parcel Number
052-274-080
Land Assessment
$218,105 CAD
Improvements Assessment
$508,987 CAD
Total Assessment
$727,091 CAD
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5-Unit DOWNTOWN REDWOOD CITY MULTIFAMILY | 217 Alden St
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