536-542 Everett Avenue, Palo Alto | $3,098,000
Remodeled 5-plex with Excellent Unit Mix in Prime Downtown Palo Alto on a 5,250sf lot
536-542 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 1961 and thoughtfully updated over time — including newer windows installed in 2023 — every unit has been nicely remodeled, with several offering in-unit laundry and the remainder served by an on-site shared laundry room.
The unit mix consists of two 2-bedroom/1-bath units, two 1-bedroom/1-bath units, and one studio, totaling 3,596 SF across the building, on a 5,250 SF lot. The property is fully occupied by excellent, well-qualified tenants, with strong upside supported by proven July 2026 signed market rents. 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:
Two 2BR/1BA units
Two 1BR/1BA units
One studio
3,596 SF total building square footage
Investment Highlights:
- Fully occupied with excellent tenants
- Great upside on rents, with proven July 2026 signed market rents
- Deep renter pool from nearby major employers and transit
- Stable in-place cash flow plus proven upside — a compelling risk-adjusted return
- 4 individual garage bays onsite, plus shared laundry room
- Nicely remodeled units throughout, newer windows (2023)
Location Highlights:
- Walkable, amenity-rich downtown Palo Alto location — consistently among the region's most renter-preferred neighborhoods
- Downtown position connecting residents to Palo Alto's best dining, retail, and business districts within a few blocks
- Immediate access to major employment centers — short commutes and durable, built-in demand
- 4 individual garage bays for residents, plus street parking and an adjacent parking garage
- Multifamily vacancy among the lowest in the metro — strong absorption, limited competing supply
- Full-service grocery, farmers' markets, everyday retail, and top restaurants all within minutes
- 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
 + '.png' | assetPath }})
 : (('sitetheorycore/images/shapeholder-' + ((model.data.version.timeCustom || _.get(model.data, 'version.meta.position') || _.get(model.data, 'version.meta.emails[0].value') || _.get(model.data, 'version.meta.phones[0].value') || model.data.version.text || model.data.version.pullout || model.data.version.citation) && model.data.contentType.class == 'sitetheory-core-bundle-content-module' ? 'cinema' : 'panorama') + '.png' | assetPath)) }})
 }})
 : (('sitetheorycore/images/shapeholder-' + ((model.data.version.timeCustom || _.get(model.data, 'version.meta.position') || _.get(model.data, 'version.meta.emails[0].value') || _.get(model.data, 'version.meta.phones[0].value') || model.data.version.text || model.data.version.pullout || model.data.version.citation) && model.data.contentType.class == 'sitetheory-core-bundle-content-module' ? 'cinema' : 'panorama') + '.png' | assetPath)) }})
 ? ('sitetheorycore/images/shapeholder-' + _.get(model.data, 'version.meta.ratio') + '.png' | assetPath) : ('sitetheorycore/images/shapeholder-' + _.get(model.data, 'version.imageRatio') + '.png' | assetPath) ) }})
: (model.data.version.imageRatio === 'natural' ? model.data.version.images[0]._thumbnailUrl : ('sitetheorycore/images/shapeholder-' + ((model.data.version.timeCustom || _.get(model.data, 'version.meta.position') || _.get(model.data, 'version.meta.emails[0].value') || _.get(model.data, 'version.meta.phones[0].value') || model.data.version.text || model.data.version.pullout || model.data.version.citation) && model.data.contentType.class == 'sitetheory-core-bundle-content-module' ? 'cinema' : 'panorama') + '.png' | assetPath)) }})
