Multifamily

South Thompson Cottages

481-493 Thompson Ave, Mountain View, CA 94043

Listing Price: $7,750,000

Cap Rate
3.64%
Number of Units
12
GRM
18.23
Occupancy
97.0%
Price/Unit
$645,833
Price/Gross SF
$895.33
Gross SF
8,656

Investment Overview

The South Thompson Cottages is a wonderful 12-unit apartment portfolio located in the highly desirable and thriving city of Mountain View, California. Built in 1963, the three individual fourplex buildings total 8,656 square feet and are situated on three separate parcels with a combined lot size of 37,117 square feet. The subject property has a superior unit mix consisting of 11 two-bedroom/one-bathroom units and one two-bedroom/two-bathroom unit. It is located off of a quiet suburban street comprised of mainly single-family homes. These single-story cottages have two large sliding glass doors to access the spacious, private backyards that are shaded by citrus trees, and give the entire property a garden feel.

Current ownership of over 20 years has consistently improved and maintained the property. The units have been renovated with laminate flooring, interior paint, updated kitchen appliances including dishwashers, cabinets, and backsplashes, and the bathrooms have been remodeled. Exterior capital improvements include dual pane windows and sliding glass doors in all 12 units, roof and gutter replacement, and exterior paint. The South Thompson Cottages offers the investor the opportunity to add further value by adding in-unit washer/dryers and continuing the repositioning of the property to the high specification preferences of Silicon Valley technology employees. Additionally, each property can be sold individually providing the investor with a flexible exit strategy. Further, this asset is well positioned for potential redevelopment. Multiple nearby properties alongside North Rengstorff Avenue and the surrounding streets have been redeveloped into single family townhouse communities. More information on zoning can be found on the page titled "City of Mountain View R3 Zoning District Standards".

The South Thompson Cottages is strategically located in the heart of Mountain View one block from the Safeway Shopping Center at West Middlefield Avenue and North Rengstorff Avenue, 0.8 miles from the San Antonio CalTrain Station, one mile from Highway 101, and 1.2 miles to El Camino Real. It is located off a quiet suburban street comprised of mainly single-family homes. The property feeds into Monta Loma Elementary, Crittenden Middle, and highly prestigious and top-rated Los Altos High.

Many of the largest technology companies have operations in and around Mountain View including Google, Apple, Facebook, and Microsoft. South Thompson Cottages is located approximately 1.3 miles from Googles headquarters. The prestigious location, apartment income upside, development potential, and flexible exit strategy make the South Thompson Cottages a great opportunity for both the cash flow and appreciation-minded investor.

Investment Highlights

  • Portfolio of Three Separate Fourplexs - Can Be Sold Individually or Together
  • .85 Acre Lot with Significant Redevelopment Potential
  • Twelve Single Story Cottage-Style Two Bedroom Units with Private Backyards
  • Significant Capital Improvements - Roofs, Dual Pane Windows and Remodeled Units
  • Rent Upside and Repositioning Opportunity
  • Feeds to Prestigious Los Altos High School, and 1.3 Miles from Google's Headquarters

Exclusively Listed By

Financing By

Listing Price: $7,750,000

Cap Rate
3.64%
Number of Units
12
GRM
18.23
Occupancy
97.0%
Price/Unit
$645,833
Price/Gross SF
$895.33
Gross SF
8,656

Investment Highlights

  • Portfolio of Three Separate Fourplexs - Can Be Sold Individually or Together
  • .85 Acre Lot with Significant Redevelopment Potential
  • Twelve Single Story Cottage-Style Two Bedroom Units with Private Backyards
  • Significant Capital Improvements - Roofs, Dual Pane Windows and Remodeled Units
  • Rent Upside and Repositioning Opportunity
  • Feeds to Prestigious Los Altos High School, and 1.3 Miles from Google's Headquarters

Investment Overview

The South Thompson Cottages is a wonderful 12-unit apartment portfolio located in the highly desirable and thriving city of Mountain View, California. Built in 1963, the three individual fourplex buildings total 8,656 square feet and are situated on three separate parcels with a combined lot size of 37,117 square feet. The subject property has a superior unit mix consisting of 11 two-bedroom/one-bathroom units and one two-bedroom/two-bathroom unit. It is located off of a quiet suburban street comprised of mainly single-family homes. These single-story cottages have two large sliding glass doors to access the spacious, private backyards that are shaded by citrus trees, and give the entire property a garden feel.

Current ownership of over 20 years has consistently improved and maintained the property. The units have been renovated with laminate flooring, interior paint, updated kitchen appliances including dishwashers, cabinets, and backsplashes, and the bathrooms have been remodeled. Exterior capital improvements include dual pane windows and sliding glass doors in all 12 units, roof and gutter replacement, and exterior paint. The South Thompson Cottages offers the investor the opportunity to add further value by adding in-unit washer/dryers and continuing the repositioning of the property to the high specification preferences of Silicon Valley technology employees. Additionally, each property can be sold individually providing the investor with a flexible exit strategy. Further, this asset is well positioned for potential redevelopment. Multiple nearby properties alongside North Rengstorff Avenue and the surrounding streets have been redeveloped into single family townhouse communities. More information on zoning can be found on the page titled "City of Mountain View R3 Zoning District Standards".

The South Thompson Cottages is strategically located in the heart of Mountain View one block from the Safeway Shopping Center at West Middlefield Avenue and North Rengstorff Avenue, 0.8 miles from the San Antonio CalTrain Station, one mile from Highway 101, and 1.2 miles to El Camino Real. It is located off a quiet suburban street comprised of mainly single-family homes. The property feeds into Monta Loma Elementary, Crittenden Middle, and highly prestigious and top-rated Los Altos High.

Many of the largest technology companies have operations in and around Mountain View including Google, Apple, Facebook, and Microsoft. South Thompson Cottages is located approximately 1.3 miles from Googles headquarters. The prestigious location, apartment income upside, development potential, and flexible exit strategy make the South Thompson Cottages a great opportunity for both the cash flow and appreciation-minded investor.

Exclusively Listed By

Financing By

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