537 Mariposa Avenue
Mountain View, CA 94041
Sq. Feet 12,935
655 Mariposa Avenue is a well-maintained two-story apartment building totaling approximately 5,788 square feet of living space situated on a 13,360 square foot lot in highly desirable Mountain View, California.
The unit mix consists of one three-bedroom/two bathroom house-style unit, and eight one-bedroom/one bathroom apartment units. The building lies on a clean concrete perimeter foundation with asphalt driveway and is constructed of wood framing with stucco exterior. For the tenant's convenience there are eight off-street and covered parking spaces as well as an on-site coin operated laundry facility. The front owner’s unit has a fenced in patio, and all units look-out on the mature landscaping, which give its tenants a quiet secluded feel. This incredibly well-maintained property will give the new owner an excellent turnkey investment opportunity with minimal maintenance. All rents have been kept slightly under market rates, providing long-term lasting tenancy with the opportunity for future upside.
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 3% by the end of 2014.
Cap Rate: 4.24% NOI: $127,003 Livable Sq. Ft: 5,788
Built in 1961 9 units Lot Sq. Ft: 13,360