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Multifamily

Alamo Park Apartments

620 Alamo Ct, Mountain View, CA 94043

Listing Price: $11,925,000

Cap Rate
4.15%
Occupancy
97.0%

Investment Overview

Alamo Park Apartments is a stunning 25-unit, value add and development opportunity located in the thriving city of Mountain View, California. The subject property is located in the heart of Mountain View and is well positioned for Signifiant added value through redevelopment. The current zoning of R3-1 allows for a maximum of 30 single family homes to be built upon approval from the city*. Alternatively, the subject property is also available for a potential condo conversion*. Alamo Park Apartments allows the investor to operate the property in the interim as apartments for cash ow while simultaneously taking the property through the process of getting approval for 8 potential tuck under Accessory Dwelling Units (ADUs). This asset has the potential to build ADUs within an existing structure during mandatory seismic retrofitting*. This may also allow the property to exceed residential density limits allowing for greater cash flow. Alamo Park Apartments is situated on a large .96 acre parcel of land totaling 41,886square feet and has a gross building area of 19,318 square feet. The subject property consists of beautifully designed, one and two-bedroom floor plans. The robust job growth, shortage of housing units, rent growth, and redevelopment option, makes the subject property a great opportunity for both cash ow and appreciation minded investors. In addition, tech companies such as Google are expecting their workforce to return and live within commuting distance to the Mountain View office by September2 021. 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, Alamo Park Apartments presents an attractive choice for investors due to its close proximity to major employers, transportation corridors, shopping, dining and entertainment options. * Current and pro forma metrics are based on 8 proposed ADU scenario.

Investment Highlights

  • Large 0.96 Acre Lot with R3 Zoning
  • Tremendous Opportunity to Potentially Redevelop to Single Family Homes Upon Approval from the City*
  • Nearby Tech Companies are Seeing the Workforce Return to the Of??ce
  • Potential to Convert the Subject Property to a Condominium Mapped Complex*
  • Additional Opportunity to Reposition the 25 Unit Apartment Complex with Tuck Under ADUs Allowing for Greater Cash Flow*
  • Close Proximity to Many of the Nation's Top Tech Employers Including Intel, Google, Apple, Facebook, LinkedIn, Microsoft, Yahoo, as well as Many Others

Exclusively Listed By

Multifamily

Alamo Park Apartments

Listing Price: $11,925,000

Cap Rate
4.15%
Occupancy
97.0%

Investment Highlights

  • Large 0.96 Acre Lot with R3 Zoning
  • Tremendous Opportunity to Potentially Redevelop to Single Family Homes Upon Approval from the City*
  • Nearby Tech Companies are Seeing the Workforce Return to the Of??ce
  • Potential to Convert the Subject Property to a Condominium Mapped Complex*
  • Additional Opportunity to Reposition the 25 Unit Apartment Complex with Tuck Under ADUs Allowing for Greater Cash Flow*
  • Close Proximity to Many of the Nation's Top Tech Employers Including Intel, Google, Apple, Facebook, LinkedIn, Microsoft, Yahoo, as well as Many Others

Investment Overview

Alamo Park Apartments is a stunning 25-unit, value add and development opportunity located in the thriving city of Mountain View, California. The subject property is located in the heart of Mountain View and is well positioned for Signifiant added value through redevelopment. The current zoning of R3-1 allows for a maximum of 30 single family homes to be built upon approval from the city*. Alternatively, the subject property is also available for a potential condo conversion*. Alamo Park Apartments allows the investor to operate the property in the interim as apartments for cash ow while simultaneously taking the property through the process of getting approval for 8 potential tuck under Accessory Dwelling Units (ADUs). This asset has the potential to build ADUs within an existing structure during mandatory seismic retrofitting*. This may also allow the property to exceed residential density limits allowing for greater cash flow. Alamo Park Apartments is situated on a large .96 acre parcel of land totaling 41,886square feet and has a gross building area of 19,318 square feet. The subject property consists of beautifully designed, one and two-bedroom floor plans. The robust job growth, shortage of housing units, rent growth, and redevelopment option, makes the subject property a great opportunity for both cash ow and appreciation minded investors. In addition, tech companies such as Google are expecting their workforce to return and live within commuting distance to the Mountain View office by September2 021. 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, Alamo Park Apartments presents an attractive choice for investors due to its close proximity to major employers, transportation corridors, shopping, dining and entertainment options. * Current and pro forma metrics are based on 8 proposed ADU scenario.

Exclusively Listed By

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