Park Towers Multifamily Property for Sale
RE/MAX Commercial and Investment Realty is pleased to present Park Towers Apartments investment offering for acquisition. Park Towers Multifamily Property for Sale. This 90 unit apartment complex is located in Palo Alto, which is at the core of the prime Silicon Valley real estate sub market. Park Towers is a 6 story building that was constructed in 1964 and consists of 42 studios and 48 large studio units, possibility to convert to 1 bedroom (check with code), within 57,669 square feet (per tax assessor’s records). In addition to the living area, all units have large balconies with sweeping views. The improvements are situated on a 30,000 square foot parcel that is approximately 150′ by 200′ (per tax assessor’s records). The building is an all electric master metered building that can be converted to individual metering as there are 90 electric meters existing. There is a semi-subterranean parking garage below the livable area of the complex with 88 parking spaces and it is serviced by two elevators. The property is fully occupied with rents that are significantly below market, providing a re positioning investment opportunity for market rate or student housing. PROPERTY TOURS ARE BY APPOINTMENT ONLY WITH LISTING BROKER. The property is in the City of Palo Alto and is just 2 blocks west of Downtown Palo Alto, shops, and theaters, University Avenue between Middlefield Road and Alma Street, just a short bike ride from the renowned campus of Stanford University (15,000 students). Stanford University is the largest employer in Palo Alto with over 10,000 employees. Major employers in the area having their headquarters within a few miles of the property are Google, Facebook, Oracle, Intuit, and Tesla. Palo Alto is the incubation center for hi tech start up companies in Silicon Valley. The average annual household income within a 1 mile radius of the property is $165,000 with 33% of the population earning $200,000 or more per annum. The sales price of a typical single family residence in the area is in excess of $1,200,000 which creates barriers to entry for new homeowners and fuels one of the strongest rental markets in the United States.
- Stephen Lampe
- RE/MAX Commercial & Investment Realty
- (310) 802-2501