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403 Vera Ave 5 Unit Apartment Building $4,154,127 CAD ($830,825 CAD/Unit) 4.71% Cap Rate Redwood City, CA 94061
Investment Highlights
- Turnkey Property with over $197K in gross annual income and Like-New Construction with Permits
- Strong Tenant Amenities: In-unit Washer/Dryer, Air Conditioning, Dishwashers, Private Yards or Balcony/Decks, & Luxury Kitchens/Bathrooms
- Prime Peninsula Location: walking distance to Downtown Redwood City and near Stanford University, Atherton, Palo Alto, & Menlo Park
- Premium Asset: New Construction (1) 2BD+Den/2BA + (4) 1BD/1BA with Full Remodel including All Electrical, Plumbing, Sewer, Fire Sprinkling & More
- Low-Maintenance Investment: New 400-amp Main Panel (2022), Exterior Stucco (2022), New-Construction Windows (2022), and Roof (2015)
Executive Summary
Magnify is pleased to present 403 Vera Ave, a turnkey property walking distance from downtown Redwood City with over $197,000 in gross income (4.7% cap rate). The building was constructed in 1949 and remodeled to the studs in 2022-2023 along with a new-construction ADU. The property features open floor plans with (1) Two-bed+Den/Two-bath and (4) One-bed/One-bath units. Positioned on a prime corner lot with great frontage, each unit offers a spacious backyard or balcony with a large rooftop deck. Amenities include in-unit washer/dryer, air conditioning, dishwashers & luxury kitchens/baths to enhance tenant appeal and retention. The property has undergone substantial capital improvements to deliver strong in-place rents with modernized systems. All units include an electrical re-wiring with 100-amp subpanels, copper repipe with ABS drain/sewer lines, new-construction dual pane windows, fire sprinkling with a 24/7 monitored alarm system, & condo-quality finishes. The building has a new 400 amp main panel (2022), exterior stucco (2022), low maintenance landscaping (2023), and a newer roof (2015) for minimal long-term maintenance. It is also in close proximity to Stanford, Atherton, Palo Alto, & Menlo Park making it a premier Peninsula asset with strong income & high growth potential.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,154,127 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $830,825 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 4.71% | Building Size | 3,293 SF |
| Gross Rent Multiplier | 15.1 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1949/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.21/1,000 SF |
| Zoning | R4 | ||
| Price | $4,154,127 CAD |
| Price Per Unit | $830,825 CAD |
| Sale Type | Investment |
| Cap Rate | 4.71% |
| Gross Rent Multiplier | 15.1 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 3,293 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1949/2023 |
| Parking Ratio | 1.21/1,000 SF |
| Zoning | R4 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Washer/Dryer
- Ceiling Fans
- Sprinkler System
- Stainless Steel Appliances
- Yard
- Deck
- Double Pane Windows
- Vinyl Flooring
- Quartz Countertops
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | $5,276 CAD | 776 |
| 1+1 | 4 | $3,997 CAD | 631 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 053-083-070 | Total Assessment | $2,716,835 CAD |
| Land Assessment | $1,690,080 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,026,756 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
053-083-070
Land Assessment
$1,690,080 CAD
Improvements Assessment
$1,026,756 CAD
Total Assessment
$2,716,835 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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403 Vera Ave
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