217 Alden Street, Redwood City, CA 94063 For Sale

217 Alden Street is a fully occupied, five-unit multifamily investment offering immediate cash flow and a clear value-add path in one of the Peninsula's most supply-constrained rental markets. All five units are two-bedroom/one-bath, generating $178,620 in gross annual rent and $117,528 in NOI (4.70% cap rate) at the $2,500,000 asking price.

Located just blocks from downtown Redwood City, the Caltrain station, and the Sequoia Station retail district, the property benefits from a highly walkable location and strong, durable tenant demand driven by nearby employers including Oracle, Electronic Arts, and Box, as well as Stanford in Redwood City. Current rents remain below market — bringing all units to a ±$3,700/month market rate would lift gross income to roughly $222,000 and NOI to approximately $149,808, a pro forma cap rate near 6%.

With R-5 high-density zoning, a defensible in-place cash flow profile, and meaningful mark-to-market upside, 217 Alden Street offers investors a durable, income-producing hold in a constrained Mid-Peninsula housing market with a straightforward path to increased returns through unit turnover.