3241 Rockport Avenue
San Jose, CA 95132
Purchase Price
$2,050,000
Cap Rate
3.38%
Property Type
MultiFamily
Rentable Square Feet
3,950
Price per Unit
$512,500.00
Number of Units
4
Floors
2
APN
591-14-031
Property Description
This large fourplex is located in the Piedmont Hills of the Berryessa area of San Jose. The property consists of four large units: one, three-bedroom, two bath unit with a large patio (approx. 1550 SF.) and three, two-bedroom, one bath units (each approx. 800 SF) each with a patio area. There are four individual, semi-private, single car garages and six uncovered parking spaces, for a total of 10 parking spaces. There is also an onsite laundry facility which brings in additional income. Capital improvements include a new roof in 2017, copper plumbing and double pane windows throughout. The upper walkway/patio area has new exterior tile flooring. Two of the 2BR/1BA units (Units B&C) have been completely remodeled with new kitchens including quartz counters, new cabinetry, appliances and flooring. The bathrooms have also been fully remodeled with a new vanities, shower/tubs, fixtures and flooring. Unit B is vacant and unit C is rented. The market rent in this area for a remodeled 2BR/1BA unit is approximately $2,200. The 3BR/2BA (unit A) has been partially remodeled with a newer kitchen with granite counters, oak cabinetry and appliances. The unit could use new carpeting and flooring. The bathrooms have also not been remodeled. This unit is currently vacant. Remodeling this unit should bring in market rent which is approximately $3,200 per month. Unit D, a 2BR/1BA unit, is occupied and although it has not been updated it is in very good condition. All units have forced air heating, a semi-private garage and private or semi-private patio. There is also is an on-site laundry facility with leased equipment. Built in 1969, this 3,756 SF Structure sits on 8,100 SF of land in the Piedmont Hills area of San Jose. The structure is stucco over wood frame with concrete perimeter and slab foundation with a composition shingle roof. The 3BR/2BA front unit is very large, 1,550 SF in size and with a large patio, would work quite well as an owner's unit as it has been partially remodeled. Completing the remodel would also make this a very desirable rental as it has a very large private patio/yard area. The area is located in a desirable rental location due to it's proximity to schools, employment, commuter routes, shopping, parks and recreation.
Presented by
Michael Shields, CCIM
01327546, California
408-356-1900
michael@svmultifamily.com
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