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February 29, 2024
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Bay Area Multifamily Property Goes for $658k per Unit


Farm Hill Manor, a 24-unit newly renovated multifamily community in the Bay Area submarket of Redwood City, was purchased by a private investor for $15.8 mil, or $658.3k per unit.

Originally constructed in 1963, Farm Hill Manor is situated on a 36.2k sf parcel of land at 3510, 3516 and 3524 Farm Hill Blvd. The property offers its tenants beautifully designed one-bedroom, two-bedroom and three-bedroom floor plans.

Farm Hill Manor also features private backyards and balconies for all three-bedroom units and private patios for all two-bedroom units. Residents will benefit from the on-site laundry facilities, community pool, community garden, tuck-under parking, and extra storage.

Farm Hill Manor offers residents convenient access to both San Francisco’s Bay Area and Silicon Valley, and is situated near major employers, transportation corridors, nature parks, prestigious educational institutions, shopping centers, and dining and entertainment options.

Adam Levin, Robert Johnston and Regan Cherrington with Levin Johnston represented the seller and procured the buyer in the transaction. With Redwood City job growth projected to be 37% over the next 10 years and the city’s vacancy rate of just 2%, the upside potential for Farm Hill Manor is tremendous, notes Johnston.

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