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813 Cowper St 809--823 Cowper St 8 Unit Apartment Building $7,793,211 CAD ($974,151 CAD/Unit) 4.93% Cap Rate Palo Alto, CA 94301
Investment Highlights
- Prime Palo Alto Location in the Heart of Downtown
- All Units Have In-Unit Laundry
- First Time Offered for Sale in Over 20 Years
- Excellent Property Layout & Renovated Units Attracting High Quality Residents
- Strong In-Place Rents ($4,070 Avg. Per Unit Per Month)
Executive Summary
Email jcastellanos@marcusmillichap.com for OM and DD file.
The Castellanos Team is pleased to present 813 Cowper Street, an eight-unit multifamily property located in the heart of Downtown Palo Alto. Built in 1956, the property consists of three well maintained buildings with a total of eight units, including five large one bedroom apartments and three two bedroom residences. The front duplex features a two bedroom unit and a one bedroom unit, offering a more residential feel compared to a typical apartment layout. In addition, the property includes a charming cottage style unit that provides added privacy and character.
Each unit is equipped with an unit washer and dryer, an amenity that is both rare and highly desirable in this submarket, along with garage and carport parking. With single family home values in the 94301 ZIP code averaging approximately $5.3 million according to Zillow, the property offers investors a compelling opportunity to acquire durable income and long term downside protection in one of the most supply constrained markets in the country.
The Castellanos Team is pleased to present 813 Cowper Street, an eight-unit multifamily property located in the heart of Downtown Palo Alto. Built in 1956, the property consists of three well maintained buildings with a total of eight units, including five large one bedroom apartments and three two bedroom residences. The front duplex features a two bedroom unit and a one bedroom unit, offering a more residential feel compared to a typical apartment layout. In addition, the property includes a charming cottage style unit that provides added privacy and character.
Each unit is equipped with an unit washer and dryer, an amenity that is both rare and highly desirable in this submarket, along with garage and carport parking. With single family home values in the 94301 ZIP code averaging approximately $5.3 million according to Zillow, the property offers investors a compelling opportunity to acquire durable income and long term downside protection in one of the most supply constrained markets in the country.
Property Facts
| Price | $7,793,211 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $974,151 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 4.93% | Building Size | 6,282 SF |
| Gross Rent Multiplier | 14.53 | Average Occupancy | 95% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Zoning | RM3, Palo Alto | ||
| Price | $7,793,211 CAD |
| Price Per Unit | $974,151 CAD |
| Sale Type | Investment |
| Cap Rate | 4.93% |
| Gross Rent Multiplier | 14.53 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 6,282 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 1/1,000 SF |
| Zoning | RM3, Palo Alto |
Amenities
Unit Amenities
- Washer/Dryer
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Porch
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $5,318 CAD | - |
| 2+1 | 1 | $5,217 CAD | - |
| 2+2 | 2 | $6,481 CAD | - |
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Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (98)
Property Taxes
| Parcel Number | 120-05-032 | Improvements Assessment | $2,100,807 CAD |
| Land Assessment | $2,041,630 CAD | Total Assessment | $4,142,437 CAD |
Property Taxes
Parcel Number
120-05-032
Land Assessment
$2,041,630 CAD
Improvements Assessment
$2,100,807 CAD
Total Assessment
$4,142,437 CAD
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813 Cowper St | 809--823 Cowper St
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