479 E O'Keefe St · East Palo Alto, CA 94303

$1,699,961

6 bd · 6.0 ba · 4,306 sqft · MultiFamily public records · 11 Days on market

Built 1964 4,873 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Unlock the potential of 479 E. O'Keefe Street, an exciting opportunity in the heart of East Palo Alto. Conveniently located with easy access to major tech hubs, shopping, dining, and transportation. Occupy one and rent the other 3 for ease of ownership in an evolving community. As an investor, developer, or homeowner, dream big and realize the untapped potential for remodeling or redevelopment. Bring your creativity to make the most of an incredible East Palo Alto address. Don't wait seize this chance to shape your future today! Unit one is owner occupied and isn't included in the income totals. With Unit One leased and rents more in line with market rate, the cap rate would increase to ap

Key facts

• Shopping and dining
• 4,873 sq ft lot
• 6 garage spots

Tags

• EASY ACCESS TO MAJOR TECH HUBS
• SHOPPING AND DINING

Property features AI

Exterior

• Home design: 2-story building; 4 total units in the building
• Construction: Living area approximately 4,306 total square feet
• Exterior features: Property is a multi-family building

Interior

• Interior features: Virtual tour available (external link)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $1.70M.

Deal economics

• At list price, monthly cash flow is $782 ($9k/yr) — positive. Per door: $261/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.59M (6.7% below list).
• Recommended offer: $1.59M (6.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.0% in East Palo Alto — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#204 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities C-, crime F, cost of living F.
• Ravenswood City Elementary (suburban): math 25% / reading 25% proficiency, ranked #390 of 517 in CA (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cesar Chavez Ravenswood Middle (515 students, 80% FRL) — zoned schools at 80% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 76 active listings in the ZIP; high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• At $15,861/mo this rent would consume 126% of the median local household income ($152k/yr) (locally 1381% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $51k of value loss. Plan a longer hold.
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $1,586,100 (6.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.51×
• Total profit: $-232,404
• Equity at exit: $253,470

10-year hold

• IRR: -5.5%
• Equity multiple: 0.65×
• Total profit: $-165,691
• Equity at exit: $146,982

Cash invested: $475,989 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City East Palo Alto: 0 Strongly Tenant-Friendly · D+58

REPC rent control; strict.

Methodology + full state rankings →

ZIP-level market 94303

• Rents YoY: 2.6%
• Active inventory: 76
• Price-to-rent: 26.8×

Monthly cashflow live

• Estimated rent: $15,861 high
• Mortgage (P&I): −$8,915
• Tax est. 1.5%: −$2,125 /mo · $25,499/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,331
• Net cashflow: $782

Break-even live

Break-even rent $14,871

Max offer price $1,699,961

Occupancy floor 90%

Sensitivity live

Price	-10% $1,957	-5% $1,370	+0% $782	+5% $195	+10% $-393
Rent	-10% $-471	-5% $156	+0% $782	+5% $1,409	+10% $2,035
Rate	-1.0pp $1,638	-0.5pp $1,215	base $782	+0.5pp $342	+1.0pp $-107

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$15,861
Total (3 units)			$15,861

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $424,990
• Closing costs: $50,999
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $1,699,961 Active 11 DOM
2. 2026-06-18
   days on market $1,699,961 Active 8 DOM
3. 2026-06-17
   days on market $1,699,961 Active 7 DOM
4. 2026-06-16
   days on market $1,699,961 Active 6 DOM
5. 2026-06-15
   days on market $1,699,961 Active 5 DOM
6. 2026-06-13
   days on market $1,699,961 Active 3 DOM
7. 2026-06-13
   statusdays on marketlisting id $1,699,961 Active 2 DOM
8. 2026-06-09
   days on market $1,699,961 Coming Soon 12 DOM
9. 2026-06-08
   days on market $1,699,961 Coming Soon 11 DOM
10. 2026-06-07
    days on market $1,699,961 Coming Soon 10 DOM
11. 2026-06-04
    days on market $1,699,961 Coming Soon 7 DOM
12. 2026-06-03
    days on market $1,699,961 Coming Soon 6 DOM
13. 2026-06-02
    days on market $1,699,961 Coming Soon 5 DOM
14. 2026-06-01
    days on market $1,699,961 Coming Soon 4 DOM
15. 2026-05-31
    days on market $1,699,961 Coming Soon 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $190,332
• − Mortgage interest: −$95,224
• − Property taxes: −$25,499
• − Insurance: −$8,500
• − Repairs & maintenance: −$15,227
• − Management: −$15,227
• − Depreciation: −$49,453
• Taxable loss: −$18,798
• Est. tax savings @ 24.0%: +$4,512
• After-tax cash flow: $13,897/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ravenswood City Elementary
• NCES district ID: 0631860
• Math proficiency: 25% ▲ 13.00%
• Reading proficiency: 25% ▲ 7.00%
• Median HH income: $53,048
• Composite: 22.36/100
• National rank: #8123
• State rank: #390 of 517 in CA

Livability — East Palo Alto

• Score: 71/100
• State rank: #204
• US rank: #6540

Category grades

Amenities C- Commute A+ Cost of living F Crime F Employment A+ Housing B Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Palo Alto, CA
• County: San Mateo County · 733,415 people
• City population: 46,879
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 46,879
• Household income: $151,609
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1381.0

Population outlook (San Mateo County) Hauer SSP2

• Today (2025): 864,008 people
• By 2030: 910,523 · +5.4%
• By 2040: 997,285 · +15.4%
• By 2050: 1,071,189 · +24.0%
• By 2075: 1,197,206 · +38.6%
• By 2100: 1,192,523 · +38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Hispanic / Latino 40% White 22% Asian 22% Two or more races 11% Black 8% Pacific Islander 3% Native American 3%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Subsaharan African 2% Slovak 1% Italian 1%
• Foreign-born: 41% · Canada, China, South Korea
• Languages at home: 41% English-only · Spanish 33% Chinese 9% Other Asian/Pacific 4%

Political lean MEDSL · San Mateo

• 2024 margin: Solid D (+50.3) · D 73.5% · R 23.2% · Other 3.3%
• 2008→2024 swing: +1.6pp toward D · 2008: 48.7pp · 2024: 50.3pp
• All cycles: 2024: D+50.3 2020: D+57.7 2016: D+57.7 2012: D+44.8 2008: D+48.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1805.75%
• Current HPI: 405.2843
• Rent YoY: ▲ 2.56%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B