NOT LISTED FOR SALE

675 University Dr Menlo Park, CA 94025

Downtown Menlo Park Neighborhood

Estimated Value: $2,272,000 - $3,826,910

6 Beds
4 Baths
2,456 Sq Ft
$1,229/Sq Ft Est. Value

Last Sold June 28, 2019

Last sale price $3,250,000 $1,323 Per Sq Ft

Est. 7% decrease in value since last sale

Current estimated payment $19,626/month

114 Days on Market

About This Home

As of June 2019

The 1x1 units have large light filled open floor plans with walk in pantry in kitchen with eating area and a large master bedroom and vanity area off master bathroom. Large walk in storage are on the first floor below the stairwell could be rented as bike locker or storage for additional income. Pitched composite roof and all dual pane windows. Ample parking with 4 carport parking spaces with storage lockers and 2 open parking spaces. The property appears to have all copper plumbing (buyer to verify). All units appear to have hardwood flooring under the carpets throughout the units other than the kitchen and bathroom area (buyer to verify). Rents are well below market. Unit #2 is vacant, financial information assumes market rent. Unit 1 will be vacant by May 31, 2019 and current rent assumes furnished market rent. Market GRM: 17.46 and Market Cap: 4.03%

Last Agent to Sell the Property

Brian Henry

Cornish & Carey Commercial License #01385537 Listed on: 01/22/2019

Last Buyer's Agent

Michael Johnston

Compass License #01131203

Compass

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $45,925

Year Built

  • 1951

Lot Details

  • 7,536 Sq Ft Lot

Parking

  • 4 Carport Spaces

Home Design

  • Quadruplex
  • Composition Roof
  • Concrete Perimeter Foundation

Interior Spaces

  • 2,456 Sq Ft Home
  • 2-Story Property

Flooring

  • Wood
  • Carpet
  • Tile

Utilities

  • Wall Furnace
  • Separate Meters
  • Individual Gas Meter

Listing and Financial Details

  • Total Actual Rent $155,940

Community Details

Overview

Building Details

  • 4 Leased Units
  • Gardener Expense $2,423
  • Insurance Expense $1,000
  • Maintenance Expense $6,559
  • Other Expense $7,339
  • Utility Expense $4,812
  • Trash Expense $422
  • Operating Expense $59,452
  • Gross Income $153,773

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$45,925

Year Built

1951

Lot Details

0

Listing Details

  • Zoning: R30000
  • Subclass: Fourplex
  • Age: 68
  • Listing Class: Residential Income (2-4 Units)
  • Structure Sq Ft: 2456
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1951

Interior Features

  • Living Sq Ft: 2456
  • Stories: 2
  • Flooring: Carpet, Hardwood, Tile

Exterior Features

  • Foundation: Concrete Perimeter
  • Roof: Composition

Garage/Parking

  • Garage Parking Features: Covered Parking
  • Carport Min: 4

Utilities

  • Heating System: Wall Furnace
  • Sewer/Septic System: Sewer - Public

Schools

  • School District: Sequoia Union High

Lot Info

  • Lot Acres: 0.1730
  • Lot Size Area Minimum Units: Square Feet
  • Minimum Lot Size: 7536.00
  • Lot Size Area Maximum Units: Square Feet
  • Maximum Lot Size: 7536.00

Rental Info

  • Existing Lease Term(s): Less Than 1 Yr, Month To Month
  • Gross Rent Multiplier: 21.35
  • Number Of Leased: 4

Multi Family

  • Utilities: Individual Electric Meters, Individual Gas Meters
  • Expense Insurance: 1000
  • Expense Landscape: 2423
  • Expense Maintenance: 6559
  • Expenses Other: 7339
  • Expenses Total: 59452
  • Expenses Utility: 4812
  • Expense Trash: 422
  • Income Annual Gross: 153773.00
  • Income Annual Rental: 155940
  • Income Gross Scheduled: 156911
  • Income Includes: Laundry, Rents
  • Income Other: 971
  • Meters: Master Water, Separate Electric, Separate Gas
  • Number Of Buildings: 1
  • Operating Expenses Include: Insurance, Services - Gardener, Services - Trash Removal, Utilities - Electric, Utilities - Gas, Utilities - Water
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Vacancy Factor: 2

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jan 22, 2019
Closed on
Aug 23, 2019
Sold by
Yap Renato and Yap Julia
Bought by
675 University Drive Llc
Seller's Agent
Brian Henry
Cornish & Carey Commercial
Buyer's Agent
Michael Johnston
Compass
List Price
$3,488,000
Sold Price
$3,250,000
Premium/Discount to List
-$238,000
-6.82%
Current Estimated Value
$3,018,478

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$231,522
Avg. Annual Appreciation
-1.16%

Purchase Details

Listed on
Jan 22, 2019
Closed on
Jun 21, 2019
Sold by
Burke Mary D and Johnston Nancy D
Bought by
Yap Renato and Yap Julia
Seller's Agent
Brian Henry
Cornish & Carey Commercial
Buyer's Agent
Michael Johnston
Compass
List Price
$3,488,000
Sold Price
$3,250,000
Premium/Discount to List
-$238,000
-6.82%

Purchase Details

Closed on
Dec 11, 2018
Sold by
Burke Mary D and Johnston Nancy D
Bought by
Burke Mary D and Johnston Nancy D

Purchase Details

Closed on
Nov 16, 2010
Sold by
Damon Rosemary W
Bought by
Damon Rosemary W

Purchase Details

Closed on
Jan 10, 1996
Sold by
Damon Thomas F and Damon Rosemary
Bought by
Damon Thomas F and Damon Rosemary M
Source: Public Records

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

Purchase History

Date Buyer Sale Price Title Company
675 University Drive Llc -- Old Republic Title Company
Yap Renato $3,250,000 Chicago Title Company
Burke Mary D -- None Available
Burke Mary D -- None Available
Damon Rosemary W -- None Available
Damon Thomas F -- --
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/28/2019 06/28/19 Sold $3,250,000 -3.0% $1,323 / Sq Ft
05/17/2019 05/17/19 Pending -- -- --
05/01/2019 05/01/19 Price Changed $3,350,000 -4.0% $1,364 / Sq Ft
01/22/2019 01/22/19 For Sale $3,488,000 -- $1,420 / Sq Ft
Source: MLSListings

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $45,925 $2,450,000 $1,772,000 $678,000
2023 $45,925 $3,484,654 $2,519,673 $964,981
2022 $43,780 $3,416,328 $2,470,268 $946,060
2021 $42,939 $3,349,342 $2,421,832 $927,510
2020 $42,649 $3,315,000 $2,397,000 $918,000
2019 $13,130 $639,296 $325,025 $314,271
2018 $12,706 $626,761 $318,652 $308,109
2017 $12,356 $614,472 $312,404 $302,068
2016 $11,865 $602,425 $306,279 $296,146
2015 $11,560 $593,377 $301,679 $291,698
2014 $11,126 $581,755 $295,770 $285,985
Source: Public Records

Agents Affiliated with this Home

  • B

    Seller's Agent in 2019

    Brian Henry

    Cornish & Carey Commercial

    Section Image

  • M

    Buyer's Agent in 2019

    Michael Johnston

    Compass

    Section Image
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Map

Source: MLSListings

MLS Number: ML81736065

MLSListings

APN: 071-302-080

California San Mateo County Menlo Park 94025 Downtown Menlo Park

675 University Dr, Menlo Park, CA

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