498 South Willard Avenue
San Jose, CA 95126
Purchase Price
$1,998,000
Cap Rate
4.52%
Property Type
MultiFamily
Rentable Square Feet
2,377
Price per Unit
$499,500.00
Number of Units
4
Floors
1
APN
277-19-001
Property Description
One of kind, newly remodeled four unit property fully rented at market rates! This four unit property is one of the highest grossing fourplexes currently on the market. All houses on the property are stand-alone structures and were fully remodeled and completed in 2021. Capital improvements in each unit are ALL NEW (as of 2021) and include kitchens, bathrooms, heaters, lighting, fixtures, flooring, doors, windows, blinds, paint, ceiling fans and more! (See next page for full list of improvements for each unit.) The property consists of the following: 1) 498 S. Willard: 3BR/1BA Single Family Residence (SFR) with a front yard, fenced backyard and basement. This structure is 809 SF and rents for $3,195/month 2) 498A S. Willard: 1BR/1BA cottage with a private patio currently vacant, but can be rented for $1,850/month (272 SF) 3) 498B S. Willard: 3BR/1BA SFR with a fenced yard and two patios renting for $3,195/month (720 SF) 4) 498C S. Willard: a 2BR/1BA SFR with a large wraparound fenced yard and storage shed renting for $2,500/month (576 SF). (Square footage provided by owner. Buyer to verify square footage for each unit.) The wood siding over wood frame buildings are each on a concrete foundation and were constructed in 1930 and COMPLETELY REMODELED in 2020 & 2021. Exterior renovations include the following: roofs on units B & C, double pane windows in all units, new or repaired and repainted siding, sealed asphalt parking lot, new fenced in patios with pavers and furniture. All units reside on one 10,018 SF lot (per county records). All units are in excellent condition. Total Pro Forma Rent is $10,740/month or $128,880 GSI and only $33,168 in expenses. There are NO delinquent rents. The cap rate is 4.5% and the GRM is 16.7 - offering the investor an excellent return with residential financing with ONLY 30% down. Units are easy to rent because each one is a one story, separate structure with a private patio, 2 assigned parking spaces (the 1BR/1BA has one), washer/dryer, dishwasher and more. Perfect for the family seeking privacy or during a pandemic. Due to the recent remodel, the property should have very low maintenance costs thereby offering the investor a strong return with limited or no capital improvements required for a number of years. Please note: due to the timing of the purchase and the remodeling work during the pandemic, the work was done without permits, although very few were required since most work was cosmetic remodeling. The four unit property is zoned as R3 (Residential Multifamily) and the usage is listed as a duplex. Buyer to conduct all investigations to their satisfaction as to the zoning and usage of, and the permits on the property, as well as compliance with the San Jose Apartment Rental Ordinance and Rental Registry. The property is located approximately one mile from the renowned and soon to be constructed Google Village. Compare the returns and condition of this property to any other similar multifamily property on the market!
Presented by
Michael Shields, CCIM
01327546, California
408-356-1900
michael@svmultifamily.com
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions.
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