115 Cypress Street
Redwood City, CA

Cypress Place Apartments is a wonderful 14-unit apartment complex located in highly desirable Redwood City, California. The complex was built in 1961 and operated by the original owner until it was sold to the current owner in 2011. It is situated on a 15,000 square foot lot and has a gross building area of 15,340 square feet. Cypress Place has a highly desirable unit mix consisting of 6 one-bedroom/one-bathroom units and 8 two-bedroom/one-bathroom units. The units are exceptionally large and seven units have two balconies/patios and seven units have one patio/balcony. Every unit has a large storage locker located in the parking area. Also, residents have access to an onsite community laundry room. Current ownership has spent over $370,000 in capital expenditures including modern electrical panels, complete roof and gutter replacement, concrete replacement, exterior paint, security gate upgrades, and complete renovation of eight units (kitchens and bathrooms, dishwashers, granite/quartz countertops, cabinets, paint, plank flooring, lighting, shower/tub enclosures and other features). Additionally, the property has copper plumbing and has been updated with dual-pane windows. 115 Cypress Street offers the investor the opportunity to add further value and increase income by continuing the repositioning of the property to the preferences of Silicon Valley technology employees.
Location

Redwood City is located at the southern end of the Peninsula that connects San Francisco to the north with the South Bay/San Jose to the south. Due to its location, a number of technology companies have operations in the vicinity of Redwood City. Facebook headquarters is located in neighboring Menlo Park, and Google headquarters is located in nearby Mountain View. Cypress Place Apartments is located next to a neighborhood of single family homes and feeds into Woodside High School. It is walking distance to shopping on Woodside Road and El Camino Real including Starbucks and Safeway, bus lines on El Camino Real, and is 1.5 miles from Downtown Redwood City and the Sequoia Caltrain station. Additional shopping includes a Target located walking distance (0.5 miles) from the subject property, and Costco located less than a mile away.

Redwood City apartment rents and building values have increased significantly in recent years. The robust high tech job growth, shortage of housing units, rent growth, proximity to shopping and public transportation, and core Silicon Valley location make Cypress Place a great opportunity for both the cash-flow and appreciation-minded investor.

Parking
Fourteen assigned tuck-under covered parking spaces in a gated area.

Utilities
Water, sewer, and garbage are provided by the City of Redwood City, and gas and electricity are provided by PG&E. All tenants reimburse owner for water, sewer, and trash through RUBS program managed by Conservice. Tenants are separately metered and directly responsible for PG&E.

Property Details

$6,580,000
List Price
22
Beds
14
Baths
15,340
Square Feet
1961
Year Built
15,000
Lot Size
Core Silicon Valley Location - Close to Facebook and Box headquarters, Menlo Park, and Atherton
Situated Next to a Neighborhood of Single Family Homes and Walking Distance to Shopping and Public Transportation
Fourteen Exceptionally Large Units- 6 One-Bed/One-Bath Units, And 8 Two-Bed/One-Bath Units
Patios/Balconies, Storage Lockers, Community Laundry Room, Gated Parking Area, Copper Plumbing, Dual Pane Windows
Over $370,000 In Recent Capital Improvements - Eight Units Fully Renovated, New Roof and Gutters, Modern Electrical Panels, Paint, Security Gate, and Concrete Replacement.
$33,000 in Current Gross Monthly Income (100% Occupied With Rent Upside)
Feeds Into Woodside High School
Core Silicon Valley Location - Close to Facebook and Box headquarters, Menlo Park, and Atherton
Situated Next to a Neighborhood of Single Family Homes and Walking Distance to Shopping and Public Transportation
Fourteen Exceptionally Large Units- 6 One-Bed/One-Bath Units, And 8 Two-Bed/One-Bath Units
Patios/Balconies, Storage Lockers, Community Laundry Room, Gated Parking Area, Copper Plumbing, Dual Pane Windows
Over $370,000 In Recent Capital Improvements - Eight Units Fully Renovated, New Roof and Gutters, Modern Electrical Panels, Paint, Security Gate, and Concrete Replacement.
$33,000 in Current Gross Monthly Income (100% Occupied With Rent Upside)
Feeds Into Woodside High School
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