1359 San Tomas Aquino Parkway
San Jose, CA 95130
Purchase Price
$1,588,000
Cap Rate
2.94%
Property Type
MultiFamily
Rentable Square Feet
2,760
Price per Unit
$397,000.00
Number of Units
4
Floors
2
APN
30737032
Property Description
Located in West San Jose near the Campbell border, this four unit property has been well maintained by the owners since 2008. The building consists of four two bedroom, one bath units that are renting from $1,750 to $2,075/month. There is upside potential in the rents as rents for units in this area average from $2,200 - $2,400/month. There are no delinquent tenants. Overall the building is in good condition and has had many capital upgrades over the years including a new 40 year roof replaced in 2008, dual-pane windows in 2014, appliances and flooring as needed. The building totals 2,764 SF in size and sits on a 6,900 SF level lot. The structure was built in 1960 and sits on a concrete perimeter foundation. There is an on-site laundry facility with leased equipment that generates more than $500 per year in additional income. There are also four covered parking spaces in a detached carport, and 2 – 3 additional on-site parking spaces. The units are in good condition and are approximately 690 SF in size. The units were remodeled approximately 20 years ago and appliances have been replaced as needed. Upon turnover, the owner would repair or replace any necessary items prior to renting the unit. The owner also conducted annual inspections and performed regular maintenance at that time. Customarily, the owners have repainted and refloored units every 5 years. The tenants are responsible for unit utilities while the owner is responsible for common area maintenance and repairs and utilities such as water, sewer, trash removal and landscaping. The building is just a few miles away from downtown Campbell, a local area hotspot. The property is located convenient to commuter routes, local employers, recreation and shopping. The West San Jose, Campbell area is a robust rental market and has rebounded extremely quickly.
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.
PowerBroker