296 Higdon Avenue
Mountain View, CA 94041
Sq. Feet 9,130
1935 Colony Street is a three unit apartment building with one non-conforming unit located in highly desirable Mountain View, California. Built in 1947, the property consists of a concrete perimeter foundation, wood frame construction, and a stucco exterior. The investment offers one, three-bedroom/two-bath house in the front and two, two-bedroom/one-bath apartment units located directly behind the main house. The grounds consist of 11,787 square feet with 3,442 square feet of living space. The building also offers secluded individual parking spaces for each unit in the rear of the buildings.
The two lots next door totaling 84,436 square feet of land have recently been purchased, bull-dozed and are slated for development of new housing developments. In addition to new windows, over $80,000 in improvements have been added to the property in recent years, totaling $30,000 in interior, and $50,000 in exterior upgrades.
The property is located in close proximity to Google Campus, and all other major employment hubs via Highway 101 & 280. Additionally, Mountain View's low housing affordability coupled with increasing jobs, should yield higher rent growth and decreasing vacancy to under an estimated 2% in 2015.
Cap Rate: 5.19% NOI: $70,089 Livable Sq. Ft: 3,442
Built in 1947 2 units Lot Sq. Ft: 11,787