Investment Overview

1980 California Street is a 23-unit multifamily property located in the Shoreline West neighborhood of Mountain View. The subject property was constructed in 1962 and sits on a 0.72-acre site. The unit mix consists of 17 one-bedroom and six two-bedroom units, with a total gross building area of 16,723 square feet. There are 46 parking spaces on-site, for a ratio of two spaces per unit. The parking includes 18 tuck-under spaces, six shared garage spaces, and 22 open spaces. The owner has completed a comprehensive renovation of the property. Upgrades to the building exterior and infrastructure include: replacing the electrical panels and subpanels and installing new electrical wiring; creating an outdoor lounge and recreation area with sunshades, seating, and a ping pong table; painting the building; installing dual-pane vinyl windows; adding bike storage; putting in secured entries; and providing community Wi-Fi service. All units, except one, have had extensive interior upgrades. Bathrooms have new flooring, counters, cabinets, vanities, fixtures, toilets, and shower surrounds. Kitchens have new counters, cabinets, backsplashes, refrigerators, oven/range units, built-in microwaves, dishwashers, and efficiency combination washers/dryers. The units have new laminate flooring, secure entry hardware, and recessed lighting; most units have wall units for air conditioning. The property is just a short distance from the intersection of El Camino Real and San Antonio Road, a focal point of growth within Mountain View. This area has been transforming into an urban, walkable village. More than 1,500 residential units have been developed here in the last three years, in addition to 360,000 square feet of office space, 107,000 square feet of retail/commercial space, a 1,410-seat movie theater, and a 167-room hotel. There are numerous grocery stores, drug stores, major retailers, and other amenities near the property. Whole Foods, Safeway, Trader Joe’s, Target, Walmart, Kohl’s, CVS, and Walgreens, are all located near San Antonio Road and El Camino Real. Downtown Mountain View is about one mile east of the site; Castro Street is lined with restaurants and shops. Rengstorff Park and the Mountain View Community Center are just north of the property, and Castro Park and Mariposa Park are a few blocks away. 1980 California Street is located in Mountain View, near the borders of Palo Alto and Los Altos. Mountain View was integral to the early history and growth of Silicon Valley and is the location of many high-tech companies. Many of the largest employers in Mountain View are tech companies, including Google, Microsoft, LinkedIn, Intuit, Waymo, Synopsis, and Samsung. Mountain View’s historic and active downtown offers vibrant restaurants and shopping scenes, cultural events, concerts, a weekly farmer’s market, one of Northern California's finest performing arts facilities, and a 60,000-square-foot state-of-the-art library. Mountain View also offers an extensive trail system and city parks, including Shoreline-at-Mountain View, with a golf course, sailing lake, and miles of trails.