729 Waverley ST, Palo Alto, CA 94301

Property Description

727-729 Waverley St offers apartment investors an exceptional opportunity to acquire an income-producing property in one of the strongest rental markets in the world. Located just two blocks from the heart of downtown Palo Alto in the University South Neighborhood where only 7 multifamily (5+ units) properties have sold in the past 10 years. The property consists of six 1-bedroom, 1-bathroom units and two nonconforming bachelor studios (bedroom and bathroom only). Situated on a 7,500-square-foot lot with RM-30 zoning in the predominantly residential University South neighborhood, the property has been well maintained with updated electrical panels, a new rear stairway (all sb721 required EEEs passed inspection in "sound condition"), and numerous additional repairs completed as needed. Current rents are below market, presenting significant upside potential for a new owner, with three units immediately available for rent increases. Residents also benefit from an on-site leased coin-operated laundry facility serving all units. (note: the property address is 727-729 Waverley, 2 buildings on one lot)