149 East Julian Street
San Jose, CA 95112
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Property Type
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Property Description
This 14 unit multifamily building is believed to have been constructed in 1883(information varies) as an apartment building. The building is believed to have had 6 units at the time of construction but was converted to a 14 unit building at a later date (date unknown). The building is considered a legal 14 unit multifamily property by the City of San Jose. The 6,600 SF structure (not including garage) consists of three floors with units on each floor, plus a very large, unused attic with a skylight. The structure is comprised of stucco over wood frame. The foundation type and condition is unknown. All the units are vacant. The building and most of the units are in very poor condition and are uninhabitable at this time. The structure will require significant capital improvements to all functional components. It is difficult to estimate the exact amount required due to the renovations specified by any particular buyer, but it is not unrealistic to estimate that the building will require at least $1,000,000 or more to bring it to suitable rental condition. BUYER TO VERIFY ALL WORK AND PERMITS REQUIRED. Broker is not responsible for any and all estimates regarding the cost of work, permits or projected revenue. These are estimates only. The unit mix is listed below. The average square footage of the large 1BR/1BA+den units is approximately 625 SF; Average for the 1BR/1BA units is approximately 525 SF; Average for studio units is approximately 325 SF. Please note, the units are irregular shapes and sizes so square footage may vary. Buyer should confirm the square footage to his/her satisfaction. There is also a four car, wood structure garage on the lot. The lot is 6,199 SF. Unit Mix / Description Unit 1 - 1BR/1BA + den, 1st floor Unit 2 - Studio, 1st floor Unit 3 - 1BR/1BA + den, 1st floor Unit 4 - 1BR/1BA + den, 2nd floor, large apartment Unit 5 - Studio, 2nd floor Unit 6 - 1BR/1BA, 2nd floor, large Unit 7 - 1BR/1BA, 3rd floor Unit 8 - Studio, 3rd floor Unit 9 - 1BR/1BA, 3rd floor Unit 10 - Studio, 1st floor Unit 11 - Studio, 2nd floor Unit 12 - Studio, 3rd floor Unit A - Studio, 3rd floor Unit B - Studio, 3rd floor Attic - unfinished, large open room with sunlight The building is completely vacant. The average market rents for the units in Downtown San Jose are as follows: Studios ~$1,700/month, 1BR/1BA ~$2,000/month, 1BR/1BA+den ~$2,400/month. The building is located in the Hensley Historic Area of San Jose, but is considered a Non-Contributing Site/Structure; A Classification of the Historic Resources Inventory which states: A site or structure within a designated or eligible historic area that does not qualify as a Contributing Site/Structure. It is believed that there are no historic landmark restrictions on this structure. Prospective buyers should contact the City of San Jose Planning department for renovation or development plans. The property is just blocks away from bus routes, dining, entertainment, employers and commuter routes. The building is being sold "As-Is" in its current condition with all the contents.
Presented by
Michael Shields, CCIM
01327546, California
(408) 356-1900
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