252-262 Everett Avenue, Palo Alto | $3,098,000
Remodeled Downtown Palo Alto 5-plex with Option to Add ADU or Rent Garages
252-262 Everett Avenue
Located just a few blocks from University Avenue's dining, shops, and retail, this well-maintained 5-unit multifamily property offers investors a rare combination of in-place stability and proven upside in one of the Bay Area's most resilient rental submarkets. Built in 1925 and thoughtfully updated over time — including a new electrical panel and new HVAC systems — every unit has been nicely remodeled, with all units offering in-unit laundry and A/C.
The unit mix consists of four 1-bedroom/1-bath units and one studio, totaling 3,260 SF rentable across the building, on a 3,987 SF corner lot. The property is nearly fully occupied by excellent, well-qualified tenants, currently at under-market rents, with strong upside supported by proven signed market rents at sister properties nearby. 94301 has posted consistent year-over-year rent growth, outperforming the broader metro and reflecting strong submarket fundamentals — stable cash flow today, plus a clear path to further rent growth.
Unit Mix:
Four 1BR/1BA units
One studio
3,260 SF total rentable square footage, 3,540 SF total building
3,987 SF corner lot
Investment Highlights:
Total of 5 units: 4 occupied with excellent, well-qualified tenants + one 1BD/1BA ready for leasing at market rent
Great upside on rents — currently under market on 4 units, with proven rents supported by recent leasing at sister properties
Deep renter pool from nearby major employers and transit
Stable in-place cash flow plus proven upside — a compelling risk-adjusted return
2-car garage onsite, which could be rented for added income or converted to an ADU
All units feature in-unit laundry and A/C — rare, highly desirable amenities for downtown Palo Alto
New electrical panel and new HVAC systems
Can be purchased individually or as a combined 12-unit portfolio with the adjacent 4-plex at 311-317 Ramona Street and triplex at 270 Everett
Location Highlights:
Walkable, amenity-rich downtown Palo Alto location — consistently among the region's most renter-preferred neighborhoods and connecting residents to Palo Alto's best dining, retail, and business districts within a few blocks
Corner lot with immediate access to major employment centers and CalTrain — short commutes and durable, built-in demand
2-car garage plus street parking and nearby parking options
Multifamily vacancy among the lowest in the metro — strong absorption, limited competing supply
One of the nation's most supply-constrained, high-barrier-to-entry housing markets, where limited new construction continues to support long-term multifamily demand
94301 has posted consistent year-over-year rent growth, outperforming the broader metro and proving strong submarket fundamentals
Portfolio Opportunity:
252-262 Everett Avenue can be purchased together with the adjacent 4-plex at 311-317 Ramona Street and triplex at 270 Everett, combining for a total of 12 units between the three properties — an exceptional opportunity to acquire a concentrated income portfolio in downtown Palo Alto. Whether acquired individually or as a combined portfolio, this offering delivers location, condition, and income potential in a corner of the market where opportunities like this rarely come available.
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