222 North 3rd Street
San Jose, CA 95112
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Property Type
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Price per Unit
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Property Description
This 21-unit multifamily building was constructed in 1930 in the Art Deco style. The 3-story, 12,587 SF structure consists of 21 units: 19 studio units of approximately 410 SF in size and 2 1/BR/1BA units approximately 675 SF in size. This property is a significant remodeling/upgrade opportunity. The building and the units are in very poor condition and in need of major capital improvements throughout the entire structure and to all of the functional components including electrical and plumbing systems. It is difficult to estimate the exact amount required due to 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 average market rents for the units in Downtown San Jose are as follows: Studios ~$1,700/month, 1BR/1BA ~$2,000/month, large 1BR/1BA units ~$2,400/month. See the Rent Comps section for more detailed information. The building has been identified as a Structure of Merit as Defined in the San Jose 2040 General Plan. A Structure of Merit is considered “An important historic property or feature of lesser significant, and that does not qualify as a City Landmark or for the California or National Registers but attempts should be made for preservation to the extent feasible under the 2040 General Plan goals and policies.” Prospective buyers should contact the City of San Jose Planning department for renovation or redevelopment 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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