2109 DUMBARTON Ave East Palo Alto, CA 94303 – Great Investment Property?
2109 DUMBARTON Ave East Palo Alto, CA 94303
Price: $995,000
Last sale:
| Beds: | - |
| Baths: | - |
| Sq. Ft.: | 7,078 |
| $/Sq. Ft.: | $141 |
| Lot Size: | 7,770 Sq. Ft. |
| Year Built: | 1962 |
| Stories: | 2 |
| View: | Neighborhood |
| Neighborhood: | East of U.S. 101 |
Last sale: Aug 01, 2003 Sold $1,000,000
Loss: $5000 or 0.5%
This 9 unit apartment building in East Palo Alto is selling for below its 2003 price. The capitalization rate is almost 8% according to the owner. Unfortunately investment property loans are still pretty expensive now and unless you would need more than $300k for this purchase to be a non-jumbo loan. This could work out for some investor with a lot of cash and experience in property management. The property’s location is not optimal since it is practically on the 101, and it is in East Palo Alto, which has a bad reputation. Recently East Palo Alto has become more gentrified, and perhaps in 20 years or so it would catch up to Palo Alto and Menlo Park? Anyway, this has been on the market for over 4 months, and it could sit longer unless the Feds decide to help out the commercial real estate credit market.
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