Property Listing No Longer Available for Sale

440 North Rengstorff Avenue

Mountain View, CA

Multi-family for Sale - $8,288,000 - 12,720 Sq. Ft. on 1.02 acres


Property Info

CIMLS#917801
Location
  440 North Rengstorff Avenue
  Mountain View CA 94043
UpdatedOctober 4th, 2016
TypeMulti-family
Price$8,288,000
Building12,720 Sq. Ft.
Land1.02 acres

Property Description

Open houses: October 6th and October 13th from 12:00-2:00pm

Virtual Tour at www.440NorthRengstorff.com

Marketing package available.

Marcus & Millichap has been selected to exclusively market for sale 440 North Rengstorff Avenue, a wonderful, 16 unit, value add and development opportunity located in the thriving city of Mountain View, California. 440 North Rengstorff Avenue is situated on two separate, contiguous parcels totaling 44,243 square feet (1.02 acres) and has a gross building area of 12,720 square feet, averaging approximately 795 square feet per unit.

There are four four-unit buildings and two community laundry rooms. The property has been maintained by professional management and the current owner of more than 25 years. The subject property has all two-bedroom/one-bathroom single story cottage units with large fenced backyards and each unit benefits from two assigned parking spaces.

This asset is well positioned for significant added value through renovation of the existing structures, or potential re-development. Multiple nearby properties alongside North Rengstorff Avenue and surrounding streets have been developed into single family townhouse communities.

The subject property feeds into Monta Loma Elementary (842 API), Crittenden Middle (805 API), and Los Altos High (895 API). Mountain View apartment rents skyrocketed in 2014 and 2015 and are projected to continue on through 2016. The robust job growth, shortage of housing units, rent growth, and redevelopment optionality make 440 North Rengstorff Avenue a great opportunity for both the cash flow and appreciation minded investor.


Financials

Financial info is pro forma.