1047 Rich Ave - Apartments FOR SALE


Mountain View, CA 94040
$4,620,000 USD
650-492-0934
1047 Rich Ave, Mountain View, CA for Sale
$4,620,000 USD
Apartments - FOR SALE
1/11
null | 4.81% Cap Rate

1047 Rich Ave
Mountain View, CA 94040


HIGHLIGHTS

  • The subject property is located in the highly-renowned Mountain View Los Altos High School District known for innovative programs and STEM learning.
  • Investors have the opportunity to acquire a well-situated multifamily asset located in the heart of Silicon Valley.
  • Mountain View has experienced an unparalleled surge in rent prices following the pandemic.
  • 1047 Rich Ave features convenient community amenities such as private covered carports, storage lockers and an on-site laundry facility.
  • The subject property offers close proximity to countless lifestyle amenities in its downtown district.

OVERVIEW

1047 Rich Ave is a stunning 14-unit apartment community located in the thriving city of Mountain View, CA. Situated on a 19,402 square foot parcel of land, the subject property was originally constructed in 1958 and features a gross building area of approximately 7,096 square feet, offering its tenants beautifully designed two-bedroom, one-bedroom and studio floor plans. The subject property also offers tenants convenient community amenities such as private covered carports, storage lockers and an on-site laundry facility. 1047 Rich Ave is located in the city of Mountain View in the South Bay's Santa Clara County. This well-positioned market rests directly below Palo Alto, one of the strongest residential markets in all of California. The city of Mountain View has been credited with many of the new technologies and markets originating in Silicon Valley. While leading the region in innovation and ideas, Mountain View harbors some of the nation’s top tech employers including Google, Microsoft, LinkedIn, Symantec, and Intuit. In addition to the countless tech employers, the subject property is also located within walking distance to Downtown Mountain View (1 mile) and the San Antonio Shopping Center (1.9 miles). Downtown Mountain View and Castro Street play a unique role within the community and offer more than 20 retailers and 70 restaurants. The downtown area boasts the City Civic Center and the Center of Performing Arts landmark, providing a myriad of high-end dining, shopping, and entertainment options. The investment appeal of this asset is driven by Mountain View’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of Silicon Valley, 1047 Rich Ave is a highly coveted place to call home for South Bay renters due to its close proximity to major employers, transportation corridors, as well as its extensive dining, shopping, and entertainment options. The investment appeal of this asset is driven by Mountain View’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of Silicon Valley, 1047 Rich Ave is a highly coveted place to call home for South Bay renters due to its close proximity to major employers, transportation corridors, as well as its extensive dining, shopping, and entertainment options.

FOR SALE DETAILS

PRICE

$4,620,000 USD

PRICE/SF

$651 USD /SF

# OF UNITS

14

PRICE/UNIT

$330,000

CAP RATE

4.81%

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.45 AC

LAND SF

19,602 SF

ZONING

R3-1*

APN/PARCEL ID

189-32-002

ASK ABOUT THIS PROPERTY

Adam LevinLevin JohnstonMore Info
650-492-0934

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Adam LevinLevin JohnstonMore Info
650-492-0934

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.