284 Elmwood Street, Mountain View, California 94043, Mountain View, - bed, bath

home-pic
ACTIVE$3,950,000
284 Elmwood Street, Mountain View, California 94043
0Bed
0Bath
3,600Sqft
9,148Lot
Year Built
1961
Close
-
List price
$3.95M
Original List price
$4.7M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML81990618
Home ConditionPoor
Features
Good View: Park/Greenbelt
ViewPark/Greenbelt

About this home

This exceptional multi-family property in Mountain View presents an outstanding investment opportunity in the heart of Silicon Valley. With multiple units spanning 3,600 square feet, this fully occupied residence generates steady rental income while offering tremendous development potential on its spacious corner lot. The property's prime location puts residents within walking distance of downtown. Tech professionals will appreciate the proximity to major technology companies, while families benefit from nearby Mountain View Academy and convenient access to the Mountain View Transit Center, a few blocks away. The Caltrain station ensures seamless connectivity throughout the Bay Area. The multiple units provide flexibility for investors seeking consistent cash flow or those considering future development opportunities. The generous lot size offers potential for expansion or enhancement, subject to local planning requirements. Whether you're an experienced investor looking to expand your portfolio or someone seeking development potential in one of California's most sought-after markets, this multi-family gem delivers both immediate returns and long-term growth prospects. The combination of location, income potential, and development possibilities makes this a rare find.

Nearby schools

7/10
Theuerkauf Elementary School
Public,K-50.6mi
7/10
Edith Landels Elementary School
Public,K-50.8mi
7/10
Gabriela Mistral Elementary
Public,K-50.8mi
6/10
Monta Loma Elementary School
Public,K-51.2mi
6/10
Crittenden Middle School
Public,6-81.0mi
8/10
Mountain View High School
Public,9-122.8mi

Price History

Date
Event
Price
10/30/25
Price Change
$3,950,000-1.3%
08/13/25
Price Change
$4,000,000
01/16/25
Listing
$4,700,000
Condition Rating
Poor

The property was built in 1961, making it 63 years old. While the exterior appears maintained, there are no interior images provided, which is a significant red flag for a property of this age. The lack of interior photos strongly suggests that the kitchens, bathrooms, and other internal features are likely very outdated, possibly original or from a very old renovation (30+ years ago). The listing description emphasizes 'development potential' and 'steady rental income' for a 'fully occupied residence,' rather than highlighting any modern amenities or recent renovations. This indicates that the property's value is likely in its land and income generation, not in the condition or style of its interior units. Substantial repairs and rehabilitation would likely be required to modernize the living spaces and bring them up to current quality standards.
Pros & Cons

Pros

Premier Silicon Valley Location: Situated in Mountain View, offering unparalleled access to major tech companies, downtown amenities, and highly-rated schools, ensuring strong tenant demand.
Established Multi-Family Income: A fully occupied multi-unit property generating immediate and steady rental income, providing consistent cash flow for investors.
Significant Development Upside: Features a generous corner lot with substantial potential for future expansion or redevelopment, subject to local planning, offering long-term growth opportunities.
Exceptional Connectivity & Walkability: Boasts excellent walkability to downtown Mountain View and convenient access to the Transit Center and Caltrain, enhancing resident appeal and property value.
Generous Lot Size: The 9,148 sqft corner lot provides ample space, supporting the property's development potential and offering flexibility for future enhancements.

Cons

Aging Infrastructure: Built in 1961, the property likely requires significant capital investment for modernization, system upgrades, or deferred maintenance to optimize performance and appeal.
Recent Price Reductions: Multiple price drops from the original list price suggest potential market resistance or initial overvaluation, which could impact perceived value or future appreciation.
Development Uncertainty: While offering development potential, the process is 'subject to local planning requirements,' indicating potential complexities, delays, and costs associated with zoning and permits.

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