1047 Rich Ave
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1047 Rich Ave
14 Unit Block of Flats £3,645,180 (£260,370/Unit) 4.81% Net Initial Yield Mountain View, CA 94040
Investment Highlights
- The subject property is located in the highly-renowned Mountain View Los Altos High School District known for innovative programs and STEM learning.
- Mountain View has experienced an unparalleled surge in rent prices following the pandemic.
- The subject property offers close proximity to countless lifestyle amenities in its downtown district.
- Investors have the opportunity to acquire a well-situated multifamily asset located in the heart of Silicon Valley.
- 1047 Rich Ave features convenient community amenities such as private covered carports, storage lockers and an on-site laundry facility.
Executive Summary
1047 Rich Ave is a stunning 14-unit apartment community located in the thriving city of Mountain View, CA.
Situated on a 19,402 square foot parcel of land, the subject property was originally constructed in 1958 and features a gross building area of approximately 7,096 square feet, offering its tenants beautifully designed two-bedroom, one-bedroom and studio floor plans. The subject property also offers tenants convenient community amenities such as private covered carports, storage lockers and an on-site laundry facility.
1047 Rich Ave is located in the city of Mountain View in the South Bay's Santa Clara County. This well-positioned market rests directly below Palo Alto, one of the strongest residential markets in all of California. The city of Mountain View has been credited with many of the new technologies and markets originating in Silicon Valley. While leading the region in innovation and ideas, Mountain View harbors some of the nation’s top tech employers including Google, Microsoft, LinkedIn, Symantec, and Intuit.
In addition to the countless tech employers, the subject property is also located within walking distance to Downtown Mountain View (1 mile) and the San Antonio Shopping Center (1.9 miles). Downtown Mountain View and Castro Street play a unique role within the community and offer more than 20 retailers and 70 restaurants. The downtown area boasts the City Civic Center and the Center of Performing Arts landmark, providing a myriad of high-end dining, shopping, and entertainment options.
The investment appeal of this asset is driven by Mountain View’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of Silicon Valley, 1047 Rich Ave is a highly coveted place to call home for South Bay renters due to its close proximity to major employers, transportation corridors, as well as its extensive dining, shopping, and entertainment options.
The investment appeal of this asset is driven by Mountain View’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of Silicon Valley, 1047 Rich Ave is a highly coveted place to call home for South Bay renters due to its close proximity to major employers, transportation corridors, as well as its extensive dining, shopping, and entertainment options.
Situated on a 19,402 square foot parcel of land, the subject property was originally constructed in 1958 and features a gross building area of approximately 7,096 square feet, offering its tenants beautifully designed two-bedroom, one-bedroom and studio floor plans. The subject property also offers tenants convenient community amenities such as private covered carports, storage lockers and an on-site laundry facility.
1047 Rich Ave is located in the city of Mountain View in the South Bay's Santa Clara County. This well-positioned market rests directly below Palo Alto, one of the strongest residential markets in all of California. The city of Mountain View has been credited with many of the new technologies and markets originating in Silicon Valley. While leading the region in innovation and ideas, Mountain View harbors some of the nation’s top tech employers including Google, Microsoft, LinkedIn, Symantec, and Intuit.
In addition to the countless tech employers, the subject property is also located within walking distance to Downtown Mountain View (1 mile) and the San Antonio Shopping Center (1.9 miles). Downtown Mountain View and Castro Street play a unique role within the community and offer more than 20 retailers and 70 restaurants. The downtown area boasts the City Civic Center and the Center of Performing Arts landmark, providing a myriad of high-end dining, shopping, and entertainment options.
The investment appeal of this asset is driven by Mountain View’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of Silicon Valley, 1047 Rich Ave is a highly coveted place to call home for South Bay renters due to its close proximity to major employers, transportation corridors, as well as its extensive dining, shopping, and entertainment options.
The investment appeal of this asset is driven by Mountain View’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of Silicon Valley, 1047 Rich Ave is a highly coveted place to call home for South Bay renters due to its close proximity to major employers, transportation corridors, as well as its extensive dining, shopping, and entertainment options.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £3,645,180 | Apartment Style | Low Rise |
| Price Per Unit | £260,370 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.45 AC |
| Net Initial Yield | 4.81% | Building Size | 7,096 SF |
| Gross Rent Multiplier | 13.45 | Average Occupancy | 93% |
| No. Units | 14 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 2.11/1,000 SF |
| Price | £3,645,180 |
| Price Per Unit | £260,370 |
| Sale Type | Investment |
| Net Initial Yield | 4.81% |
| Gross Rent Multiplier | 13.45 |
| No. Units | 14 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 7,096 SF |
| Average Occupancy | 93% |
| Number of Floors | 2 |
| Year Built | 1958 |
| Parking Ratio | 2.11/1,000 SF |
Unit Amenities
- Balcony
- High Speed Internet Access
- Smoke Free
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Storage Space
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
| 2+1 | 1 | - | - |
Walk Score ®
Very Walkable (85)
Bike Score ®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 189-32-002 | Total Assessment | £1,298,554 |
| Land Assessment | £432,847 | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £865,706 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
189-32-002
Land Assessment
£432,847
Improvements Assessment
£865,706
Total Assessment
£1,298,554
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
zoning
| Zoning Code | R3-1* |
| R3-1* |
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