1410 Hess Rd
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1410 Hess Rd
8 Unit Apartment Building $3,880,000 ($485,000/Unit) 4.10% Cap Rate Redwood City, CA 94061
Investment Highlights
- Turnkey investment with rental upside nestled in Redwood City
- Recent upgrades include remodeled interiors, newly constructed ADU and full electric upgrade with 400 amp main panel and disconnects
- 1.3 miles from downtown Redwood City and the Caltrain Station
- Desirable Unit Mix: (1) 2BD/2BA, (1) 2BD/1BA, and (6) 1BD/1BA units
- Features dual-pane windows, stainless steel appliances, coin-operated laundry, parking spaces, and more
- Easy access to Highways 101, 280, and El Camino Real
Executive Summary
We are pleased to present the opportunity to acquire 1410 Hess Road, an 8-unit trophy asset located in Redwood City. With a newly constructed ADU, and fully renovated interiors, this investment o?ers a rare opportunity to acquire a turnkey asset in one of the most desirable cities on the Peninsula.
Built in 1958, this building spans 5,189 square feet on a spacious 8,625 square foot lot. The unit mix includes (1) two-bedroom/two-bathroom, (1) two-bedroom/one-bathroom, and (6) one-bedroom/one-bathroom units with significant interior remodels. The electric system has been fully upgraded with a new 400 amp main panel and disconnects. The property features dual-pane windows, sleek stainless-steel appliances, a coin-operated laundry room, in-unit laundry machines in the ADU, two private backyards and ample parking with ten total spaces.
Located just 1.3 miles from downtown Redwood City and the Caltrain Station and close proximity to highways 101, 280 and El Camino Real, this property offers easy access to every major city in the Bay Area. 1410 Hess Road is a prime investment opportunity with a blend of classic charm and modern upgrades in a highly-sought after Peninsula neighborhood.
Built in 1958, this building spans 5,189 square feet on a spacious 8,625 square foot lot. The unit mix includes (1) two-bedroom/two-bathroom, (1) two-bedroom/one-bathroom, and (6) one-bedroom/one-bathroom units with significant interior remodels. The electric system has been fully upgraded with a new 400 amp main panel and disconnects. The property features dual-pane windows, sleek stainless-steel appliances, a coin-operated laundry room, in-unit laundry machines in the ADU, two private backyards and ample parking with ten total spaces.
Located just 1.3 miles from downtown Redwood City and the Caltrain Station and close proximity to highways 101, 280 and El Camino Real, this property offers easy access to every major city in the Bay Area. 1410 Hess Road is a prime investment opportunity with a blend of classic charm and modern upgrades in a highly-sought after Peninsula neighborhood.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$234,120
|
$43.23
|
| Other Income |
$12,789
|
$2.36
|
| Vacancy Loss |
$7,024
|
$1.30
|
| Effective Gross Income |
$239,885
|
$44.29
|
| Taxes |
$43,173
|
$7.97
|
| Operating Expenses |
$37,578
|
$6.94
|
| Total Expenses |
$80,751
|
$14.91
|
| Net Operating Income |
$159,134
|
$29.38
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $234,120 |
| Annual Per SF | $43.23 |
| Other Income | |
|---|---|
| Annual | $12,789 |
| Annual Per SF | $2.36 |
| Vacancy Loss | |
|---|---|
| Annual | $7,024 |
| Annual Per SF | $1.30 |
| Effective Gross Income | |
|---|---|
| Annual | $239,885 |
| Annual Per SF | $44.29 |
| Taxes | |
|---|---|
| Annual | $43,173 |
| Annual Per SF | $7.97 |
| Operating Expenses | |
|---|---|
| Annual | $37,578 |
| Annual Per SF | $6.94 |
| Total Expenses | |
|---|---|
| Annual | $80,751 |
| Annual Per SF | $14.91 |
| Net Operating Income | |
|---|---|
| Annual | $159,134 |
| Annual Per SF | $29.38 |
Property Facts
| Price | $3,880,000 | Apartment Style | Low Rise |
| Price Per Unit | $485,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 4.10% | Building Size | 5,189 SF |
| Gross Rent Multiplier | 16.6 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 1.93/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,880,000 |
| Price Per Unit | $485,000 |
| Sale Type | Investment |
| Cap Rate | 4.10% |
| Gross Rent Multiplier | 16.6 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 5,189 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.93/1,000 SF |
Unit Amenities
- Tile Floors
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Yard
- Double Pane Windows
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,335 | 580 - 700 |
| 2+1 | 1 | $2,650 | 775 |
| 2+2 | 1 | $3,000 | 934 |
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Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 053-273-070 | Total Assessment | $3,417,000 |
| Land Assessment | $2,244,000 | Annual Taxes | $43,173 ($8.32/SF) |
| Improvements Assessment | $1,173,000 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
053-273-070
Land Assessment
$2,244,000
Improvements Assessment
$1,173,000
Total Assessment
$3,417,000
Annual Taxes
$43,173 ($8.32/SF)
Tax Year
2023
zoning
| Zoning Code | R2, Redwood City |
| R2, Redwood City |
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