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2118 Addison Ave, East Palo Alto, California 94303, East Palo Alto, 94303 - 4 bed, 4 bath

2118 Addison Ave, East Palo Alto, California 94303 home-pic-0
ACTIVE$1,200,000
2118 Addison Ave, East Palo Alto, California 94303
4Beds
4Baths
5,000Sqft
5,000Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Multi-Unit Investment Property: The property is a 4-unit apartment community, offering immediate income generation and scalability for investors in a high-demand market.
Top Cons:
Property Age: Built in 1951, the property is over 70 years old, which may imply higher maintenance costs, potential for outdated infrastructure, and a need for significant capital expenditures for modernization.

Compared to the nearby listings

Price:$1.20M vs avg $3.18M ($-1,980,000)28%
Size:5,000 sqft vs avg 1,557.5 sqft98%
Price/sqft:$240 vs avg $1.7K2%

More Insights

Built in 1951 (74 years old).
Condition: The property, built in 1951, has undergone significant recent renovations, making it move-in ready. The kitchen features modern light gray shaker cabinets, wood-look laminate countertops, a white subway tile backsplash, and stainless steel appliances (gas range, microwave, dishwasher). Modern light-colored laminate/vinyl plank flooring is consistent throughout the visible interior spaces, including the bedrooms, which also show fresh paint and recessed lighting. The exterior appears recently updated. While the underlying structure is older, the extensive and contemporary updates to key areas like the kitchen, flooring, and paint align with the 'Good' condition criteria for a property extensively renovated within the last 5-15 years, showing minimal wear and tear.
Year Built
1951
Close
-
List price
$1.2M
Original List price
$1.38M
Price/Sqft
$240
HOA
-
Days on market
-
Sold On
-
MLS number
41107746
Home ConditionGood
Features
View-

About this home

2118 Addison Avenue is a well-positioned 4-unit apartment community in the city of East Palo Alto, California. Situated on a 5,000 square foot lot, the property was built in 1951 and offers a gross building area of approximately 2,064 square feet, featuring a mix of two-bedroom and one-bedroom floor plans designed with comfort and function in mind. Located just one mile from the Ravenswood 101 Shopping Center, tenants enjoy easy access to popular retailers such as Home Depot, IKEA, Target, and the PGA Superstore. T he property is also ideally situated near Highway 101, Stanford University, and many of the nation’s top tech employers, including Google, Apple, Facebook (Meta), Amazon, LinkedIn, SAP, Oracle, Cloudera, Visa, and Sony. East Palo Alto offers a vibrant mix of historic neighborhoods, cultural attractions, and retail conveniences, making it a sought-after location for both living and investing. With strong employment fundamentals, low vacancy rates, and a prime Silicon Valley location, 2118 Addison Avenue presents an excellent opportunity for investors and an attractive housing option for Peninsula residents. Buyer to do their own due diligence to confirm all details.

Nearby schools

2/10
Brentwood Academy
Public,•K-5•0.8mi
8/10
Laurel Elementary School
Public,•K-5•1.3mi
2/10
Willow Oaks Elementary School
Public,•K-8•0.6mi
/10
Ronald Mcnair Academy
Public,•6-8•1.0mi
3/10
Costano Elementary School
Public,•K-8•1.0mi
8/10
Hillview Middle School
Public,•6-8•3.2mi
7/10
Menlo-Atherton High School
Public,•9-12•1.4mi
Condition Rating
Good
The property, built in 1951, has undergone significant recent renovations, making it move-in ready. The kitchen features modern light gray shaker cabinets, wood-look laminate countertops, a white subway tile backsplash, and stainless steel appliances (gas range, microwave, dishwasher). Modern light-colored laminate/vinyl plank flooring is consistent throughout the visible interior spaces, including the bedrooms, which also show fresh paint and recessed lighting. The exterior appears recently updated. While the underlying structure is older, the extensive and contemporary updates to key areas like the kitchen, flooring, and paint align with the 'Good' condition criteria for a property extensively renovated within the last 5-15 years, showing minimal wear and tear.
Pros & Cons

Pros

Multi-Unit Investment Property: The property is a 4-unit apartment community, offering immediate income generation and scalability for investors in a high-demand market.
Strategic Silicon Valley Location: Situated in East Palo Alto, it boasts excellent proximity to major tech employers (Google, Apple, Meta, Amazon, etc.), Stanford University, and Highway 101, ensuring high tenant demand.
Robust Rental Market Fundamentals: The area benefits from strong employment fundamentals and low vacancy rates in a highly sought-after Silicon Valley market, promising stable rental income and potential appreciation.
Convenient Retail Access: Located just one mile from Ravenswood 101 Shopping Center, providing tenants easy access to essential retailers like Home Depot, IKEA, and Target.
Diverse Unit Configuration: The property offers a mix of one-bedroom and two-bedroom floor plans, appealing to a wider range of potential tenants and maximizing occupancy.

Cons

Property Age: Built in 1951, the property is over 70 years old, which may imply higher maintenance costs, potential for outdated infrastructure, and a need for significant capital expenditures for modernization.
Recent Price Reduction: The listing price was recently reduced from $1.375M to $1.2M, potentially indicating a struggle to attract buyers at the initial price or a perceived overvaluation.
Inconsistent Property Type Listing: The property is described as a '4-unit apartment community' but listed with a 'Single Family Residence' sub_type, which is a significant discrepancy that could lead to complications in financing, zoning, or legal classification.

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