NOT LISTED FOR SALE

2869 Alma St Palo Alto, CA 94306

Midtown Palo Alto Neighborhood
8 Beds
4 Baths
3,476 Sq Ft
8,159 Sq Ft Lot

Last Sold February 26, 2021

Last sale price $2,625,000 $755 Per Sq Ft

32 Days on Market

About This Home

As of February 2021

Rare investment opportunity in Palo Alto! This asset consists of (4) spacious 2 bed 1 bath units averaging 869 sq. ft. each. 3 of 4 apartments contain updated interiors including dishwashers, kitchens and baths. The property has dual pane windows and copper plumbing throughout. The tree-lined parcel has an attractive outdoor courtyard with BBQ area and newer fencing. The location benefits from close proximity to Midtown retail amenities, Oregon Expressway, California Avenue CalTrain Station, Stanford University, some of Silicon Valley's top employers, and excellent Palo Alto schools. No Section 1 termite report work!

Last Agent to Sell the Property

Joel Hopman

Newmark Cornish & Carey License #01934574 Listed on: 12/02/2020

Co-Listed By

Justin Bautista

Newmark Cornish & Carey License #01268331

Last Buyer's Agent

Justin Bautista

Newmark Cornish & Carey License #01268331

Property Details

Home Type

  • Multi-Family

Year Built

  • 1955

Lot Details

  • 8,159

Parking

  • 1 Car Garage
  • 3 Carport Spaces
  • Uncovered Parking

Home Design

  • Quadruplex
  • Shingle Roof
  • Composition Roof
  • Concrete Perimeter Foundation

Interior Spaces

  • 3,476 Sq Ft Home
  • 2-Story Property

Additional Features

  • 8,159 Sq Ft Lot
  • Heating System Uses Gas

Listing and Financial Details

  • Total Actual Rent $120,600

Community Details

Overview

Building Details

  • 2 Leased Units
  • Gardener Expense $800
  • Insurance Expense $2,000
  • Maintenance Expense $2,000
  • Other Expense $632
  • Utility Expense $2,334
  • Trash Expense $4,130
  • Operating Expense $43,474
  • Gross Income $117,659

Property Details

Home Type

Multi-Family

Year Built

1955

Lot Details

0

Parking

1

Listing Details

  • Zoning: RM2
  • Subclass: Fourplex
  • Listing Class: Residential Income (2-4 Units)
  • Structure Sq Ft: 3476
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1955

Interior Features

  • Living Sq Ft: 3476
  • Stories: 2

Exterior Features

  • Foundation: Concrete Perimeter
  • Roof: Composition, Shingle

Garage/Parking

  • Garage Spaces: 1
  • Parking Spaces: 3
  • Garage Parking Features: Covered Parking, Uncovered Parking
  • Carport Min: 3

Utilities

  • Heating System: Gas
  • Sewer/Septic System: Sewer - Public

Lot Info

  • Lot Acres: 0.1873
  • Lot Size Area Minimum Units: Square Feet
  • Minimum Lot Size: 8158.00
  • Lot Size Area Maximum Units: Square Feet
  • Maximum Lot Size: 8158.00

Rental Info

  • Existing Lease Term(s): Less Than 1 Yr
  • Gross Rent Multiplier: 21.43
  • Number Of Leased: 2

Multi Family

  • Utilities: Public Utilities
  • Expense Insurance: 2000
  • Expense Landscape: 800
  • Expense Maintenance: 2000
  • Expenses Other: 632
  • Expenses Total: 43474
  • Expenses Utility: 2334
  • Expense Trash: 4130
  • Income Annual Gross: 117659.00
  • Income Annual Rental: 120600
  • Income Gross Scheduled: 121298
  • Income Includes: Laundry, Lease
  • Income Other: 698
  • Meters: Master Water, Separate Common Area, Separate Electric, Separate Gas
  • Number Of Buildings: 1
  • Operating Expenses Include: Fee - Property Tax, Insurance, Maintenance, Maintenance - Repair, Services - Gardener, Utilities
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Vacancy Factor: 3

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
02/26/2021 02/26/21 Sold $2,625,000 +1.0% $755 / Sq Ft
01/04/2021 01/04/21 Pending -- -- --
12/02/2020 12/02/20 For Sale $2,600,000 -- $748 / Sq Ft
Source: MLSListings

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • J

    Seller's Agent in 2021

    Joel Hopman

    Newmark Cornish & Carey

    (650) 688-8536

    1 in this area

    42 Total Sales

    Joel Hopman
    Section Image

  • J

    Seller Co-Listing Agent in 2021

    Justin Bautista

    Newmark Cornish & Carey

    Section Image
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Map

Source: MLSListings

MLS Number: ML81822017

MLSListings

APN: 132-26-022

California Santa Clara County Palo Alto 94306 Midtown Palo Alto

2869 Alma St, Palo Alto, CA

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