$3,500,000
SOLD AUG 23, 2024

318 Emerson St Palo Alto, CA 94301

Downtown North Neighborhood
6 Beds
6 Baths
3,160 Sq Ft
5,650 Sq Ft Lot

Recently Sold

$1,108 Per Sq Ft

20 Days on Market

Highlights

  • Forced Air Heating System
  • 5-minute walk to Palo Alto
  • 2-minute walk to Cogswell Plaza
  • Addison Elementary School Rated A+
  • Ceiling Fan

About This Home

As of August 2024

The R&Z Group of Compass Commercial is excited to bring to market this incredible opportunity at 318 Emerson St, right in the heart of Downtown Palo Alto. This fourplex is a true gem, offering a unique chance for savvy investors to dive into a prime piece of real estate. The property boasts an impressive configuration of (2) 2 bed 2 bath and (2) 1 bed 1 bath units. Additional features include three garage spaces that are currently being leased as storage with the potential to be converted into ADU, a back courtyard, a long driveway, and an on-site washer/dryer. With a spacious 3,160 square feet of living space on a 0.13-acre lot. What makes 318 Emerson St truly stand out is its unbeatable location! Just a stone's throw from Downtown Palo Alto, you'll be within walking distance of top-rated restaurants, trendy shops, and the iconic Stanford Theater. Plus, it's less than a mile from the world-renowned Stanford University and the Stanford Shopping Center. This isn't just a property; it's a gateway to the best of Palo Alto living! Investors will love the consistent and high rental demand, the modern touches in a historical setting, and the proximity to key amenities and landmarks. One unit is currently vacant. Potential seller financing is available.

Last Agent to Sell the Property

Dusty Blackman

Compass License #01999734 Listed on: 06/28/2024

Compass

Co-Listed By

Jodene Collings Hayes

Compass License #01962093

Last Buyer's Agent

Jenny Teng

Compass License #01023687

Compass

Property Details

Home Type

  • Multi-Family

Year Built

  • 1900

Lot Details

  • 5,650 Sq Ft Lot

Parking

  • 3 Car Garage
  • On-Street Parking
  • Off-Street Parking

Home Design

  • Quadruplex
  • Slab Foundation
  • Shingle Roof
  • Composition Roof

Interior Spaces

  • 3,160 Sq Ft Home
  • 2-Story Property
  • Ceiling Fan

Utilities

  • Forced Air Heating System
  • Private Sewer

Listing and Financial Details

  • Total Actual Rent $166,740
  • Month-to-Month Lease Term

Community Details

Overview

Building Details

  • 3 Leased Units
  • Gardener Expense $2,400
  • Insurance Expense $3,954
  • Maintenance Expense $2,400
  • Other Expense $1,023
  • Utility Expense $11,996
  • Operating Expense $62,942
  • Gross Income $168,243

Property Details

Home Type

Multi-Family

Year Built

1900

Lot Details

0

Parking

3

Listing Details

  • Zoning: RM4
  • Subclass: Fourplex
  • Age: 124
  • Listing Class: Residential Income (2-4 Units)
  • Structure Sq Ft: 3160
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1900

Interior Features

  • Living Sq Ft: 3160
  • Stories: 2

Exterior Features

  • Foundation: Concrete Block
  • Roof: Shingle, Composition

Garage/Parking

  • Garage Spaces: 3
  • Parking Spaces: 2
  • Garage Parking Features: On Street, Off-Street Parking

Utilities

  • Cooling System: Ceiling Fan
  • Heating System: Central Forced Air
  • Sewer/Septic System: Sewer - Private

Schools

  • School District: Palo Alto Unified

Lot Info

  • Lot Acres: 0.1297
  • Lot Size Area Minimum Units: Square Feet
  • Minimum Lot Size: 5650.00
  • Lot Size Area Maximum Units: Square Feet
  • Maximum Lot Size: 5650.00

Rental Info

  • Existing Lease Term(s): 1 Year Lease, Month To Month
  • Gross Rent Multiplier: 20.18
  • Number Of Leased: 3

Multi Family

  • Utilities: Public Utilities
  • Expense Insurance: 3954
  • Expense Landscape: 2400
  • Expense Maintenance: 2400
  • Expenses Other: 1023
  • Expenses Total: 62942
  • Expenses Utility: 11996
  • Income Annual Gross: 168243.00
  • Income Annual Rental: 166740
  • Income Gross Scheduled: 173446
  • Income Includes: Rents, Storage Area
  • Income Other: 6706
  • Meters: Master Electric, Master Gas, Master Water
  • Number Of Buildings: 1
  • Operating Expenses Include: Fee - Property Tax, Maintenance - Repair, Services - Gardener, Services - Sewer, Services - Trash Removal, Utilities - Water, Vacancy Factor
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Vacancy Factor: 3

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Range of Values:

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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 Change Sq Ft Price
08/23/2024 08/23/24 Sold $3,500,000 0.0% $1,108 / Sq Ft
07/19/2024 07/19/24 Pending -- -- --
06/28/2024 06/28/24 For Sale $3,500,000 -- $1,108 / Sq Ft
Source: MLSListings

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2024

    Dusty Blackman

    Compass

    (253) 797-7126

    2 in this area

    86 Total Sales

    Dusty Blackman
    Section Image
  • Jodene Collings Hayes

    Seller Co-Listing Agent in 2024

    Jodene Collings Hayes

    Compass

    (425) 238-3898

    2 in this area

    91 Total Sales

    Jodene Collings Hayes
    Section Image
  • Jenny Teng

    Buyer's Agent in 2024

    Jenny Teng

    Compass

    (650) 111-1323

    2 in this area

    20 Total Sales

    Jenny Teng
    Section Image
See All Agents

Map

Source: MLSListings

MLS Number: ML81971494

MLSListings

APN: 120-25-093

California Santa Clara County Palo Alto 94301 Downtown North

318 Emerson St, Palo Alto, CA

This home is located at 318 Emerson St, Palo Alto, CA 94301 and is currently priced at $3,500,000, approximately $1,107 per square foot. This property was built in 1900. 318 Emerson St is a home located in Santa Clara County with nearby schools including Addison Elementary School, Frank S. Greene Jr. Middle, and Palo Alto High School.

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