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628 Waverley St 14 Unit Apartment Building $5,995,477 CAD ($428,248 CAD/Unit) 5.87% Cap Rate Palo Alto, CA 94301
INVESTMENT HIGHLIGHTS
- Close proximity to Stanford University, Shopping & Medical Center.
- Less then one mile away from the Palo Alto Caltrain Station
- One block away from Downtonw Palo Alto
- Truly a One of a Kind Building.
EXECUTIVE SUMMARY
Step into one of Palo Alto’s most distinctive multifamily opportunities. Ideally located at 628 Waverly Street, this two-story, 14-unit property sits just one block from Downtown Palo Alto, offering unmatched walkability to world-class dining, entertainment, and major tech and academic employers. The building features a desirable unit mix consisting of one two-bedroom/one-bath unit, three one-bedroom/one-bath units, and ten studio units, appealing to a wide range of tenants in a market known for strong occupancy and premium rents. Five units are located on the ground floor and nine on the second floor, including the majority of the studio residences.
A standout component of the building is Unit C, the property’s only two-bedroom unit, which offers a rare two-level configuration with living space on the first floor and a finished basement serving as an additional living and bedroom area. Unit E also offers a unique layout, being on the first floor, and its bathroom located on the upper-level and exclusive to that studio. The property includes a shared laundry room, a detached garage currently utilized by the owner, and a spacious basement used for management storage and housing five water heaters servicing the building. Added income exists through the implementation of RUBS utility bill-back, enhancing overall operating performance.
With its extraordinary location near Stanford University and countless high-profile Silicon Valley employers, this asset benefits from exceptional demand drivers tied to education, innovation, and high-earning professional demographics. The combination of irreplaceable positioning, flexible unit mix, and value-add potential makes 628 Waverly Street an outstanding and rare investment opportunity in the heart of Palo Alto.
A standout component of the building is Unit C, the property’s only two-bedroom unit, which offers a rare two-level configuration with living space on the first floor and a finished basement serving as an additional living and bedroom area. Unit E also offers a unique layout, being on the first floor, and its bathroom located on the upper-level and exclusive to that studio. The property includes a shared laundry room, a detached garage currently utilized by the owner, and a spacious basement used for management storage and housing five water heaters servicing the building. Added income exists through the implementation of RUBS utility bill-back, enhancing overall operating performance.
With its extraordinary location near Stanford University and countless high-profile Silicon Valley employers, this asset benefits from exceptional demand drivers tied to education, innovation, and high-earning professional demographics. The combination of irreplaceable positioning, flexible unit mix, and value-add potential makes 628 Waverly Street an outstanding and rare investment opportunity in the heart of Palo Alto.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$502,816
|
$107.67
|
| Other Income |
$32,302
|
$6.92
|
| Vacancy Loss |
$15,084
|
$3.23
|
| Effective Gross Income |
$520,033
|
$111.36
|
| Taxes |
$71,796
|
$15.37
|
| Operating Expenses |
$96,317
|
$20.62
|
| Total Expenses |
$168,113
|
$36.00
|
| Net Operating Income |
$351,920
|
$75.36
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $502,816 |
| Annual Per SF | $107.67 |
| Other Income (CAD) | |
|---|---|
| Annual | $32,302 |
| Annual Per SF | $6.92 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $15,084 |
| Annual Per SF | $3.23 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $520,033 |
| Annual Per SF | $111.36 |
| Taxes (CAD) | |
|---|---|
| Annual | $71,796 |
| Annual Per SF | $15.37 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $96,317 |
| Annual Per SF | $20.62 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $168,113 |
| Annual Per SF | $36.00 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $351,920 |
| Annual Per SF | $75.36 |
PROPERTY FACTS
| Price | $5,995,477 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $428,248 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.87% | Building Size | 4,250 SF |
| Gross Rent Multiplier | 11.92 | Average Occupancy | 85% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1904 |
| Property Subtype | Apartment | Parking Ratio | 0.24/1,000 SF |
| Zoning | CDC | ||
| Price | $5,995,477 CAD |
| Price Per Unit | $428,248 CAD |
| Sale Type | Investment |
| Cap Rate | 5.87% |
| Gross Rent Multiplier | 11.92 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,250 SF |
| Average Occupancy | 85% |
| No. Stories | 2 |
| Year Built | 1904 |
| Parking Ratio | 0.24/1,000 SF |
| Zoning | CDC |
AMENITIES
UNIT AMENITIES
- Ceiling Fans
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | $4,351 CAD | - |
| 1+1 | 3 | $3,699 CAD | - |
| Studios | 10 | $2,366 CAD | - |
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Walk Score®
Walker's Paradise (98)
Bike Score®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Number | 120-16-021 | Total Assessment | $1,165,433 CAD (2025) |
| Land Assessment | $957,848 CAD (2025) | Annual Taxes | $71,796 CAD ($16.89 CAD/SF) |
| Improvements Assessment | $207,586 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
120-16-021
Land Assessment
$957,848 CAD (2025)
Improvements Assessment
$207,586 CAD (2025)
Total Assessment
$1,165,433 CAD (2025)
Annual Taxes
$71,796 CAD ($16.89 CAD/SF)
Tax Year
2024
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628 Waverley St
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