403 Vera AVE, Redwood City, CA 94061
- $2,650,000
- 3,293
- SqFt
Listed by David Katz, 408-438-0585 from Magnify Real Estate
(If provided) CoList: Eric Katz from Magnify Real Estate
- List Price
- $2,650,000
- Price Change
- ▼ $150,000 1782436993
- MLS#
- ML82048912
- Status
- ACTIVE
- Sqft. of Residence
- 3,293
- Lot Size
- 5,625
- Listing Area
- Central Park Etc.
- Year Built
- 1949
Property Description
Magnify is pleased to present 403 Vera Ave, a turnkey property walking distance from downtown Redwood City with over $197,000 in gross income (5.5% cap rate). The building was constructed in 1949 and remodeled to the studs in 2022-2023 along with a new-construction ADU. The property features open floor plans with (1) Two-bed+Den/Two-bath and (4) One-bed/One-bath units. Positioned on a prime corner lot with great frontage, each unit offers a spacious backyard or balcony with a large rooftop deck. Amenities include in-unit washer/dryer, air conditioning, dishwashers & luxury kitchens/baths to enhance tenant appeal and retention. The property has undergone substantial capital improvements to deliver strong in-place rents with modernized systems. All units include an electrical re-wiring with 100-amp subpanels, copper repipe with ABS drain/sewer lines, new-construction dual pane windows, fire sprinkling with a 24/7 monitored alarm system, & condo-quality finishes. The building has a new 400 amp main panel (2022), exterior stucco (2022), low maintenance landscaping (2023), and a newer roof (2015) for minimal long-term maintenance. It is also in close proximity to Stanford, Atherton, Palo Alto, & Menlo Park making it a premier Peninsula asset with strong income & high growth potential.
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Additional Information
- Cooling System
- Ceiling Fan, Window / Wall Unit
- Floor Covering
- Tile, Vinyl / Linoleum, Other
- Foundation
- Concrete Perimeter, Concrete Slab, Post and Pier
- Garage Parking
- Assigned Spaces
- Heating System
- Electric
- Laundry Facilities
- Washer / Dryer
- Living Area
- 3,293
- Lot Size
- 5,625
- Neighborhood
- Central Park Etc.
- Other Utilities
- Public Utilities
- Roof
- Composition, Shingle
- Sewer
- Sewer - Public
- Unincorporated Yn
- Yes
- Zoning
- R4
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