149 Adler Avenue
Campbell, CA 95008
Purchase Price
Cap Rate
Property Type
Rentable Square Feet
Price per Unit
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Property Description
This fourplex is an excellent opportunity for the small apartment building investor to acquire a quality asset in a highly desirable rental market. The building is in very good condition with very large, fully rented units at near market rents. The building contains an excellent unit mix of large units: One (1) 3BR/2BA unit, (~1,150 sf); two (2) 2BR/1BA units (~950 sf); and one (1) 1BR/1BA unit, (~650 sf). The rents are close to market although there is upside potential with the 3BR/2BA unit and the 1BR/1BA unit. Units 1, 3 & 4 have forced air heat and units 3 & 4 have Central A/C units that were installed in 2020 and 2018, respectively. Unit 2 has a radiant wall heater. Units 1 & 2 do not have A/C units, although unit 1 has a large private patio with a sliding glass door entrance. Each unit has a private garage with storage and one additional parking space in front of the garage. There is one additional guest space for the building. There is an on-site laundry facility with owned washer and dryer which generates approximately $1,500 in annual income. There is also a 10'x10' storage shed. The building has undergone significant capital improvements over the years including: Double-pane windows throughout; Partial pluming repipe with copper; Roof replaced (2017); Water heater (2017); exterior paint (2017); Full remodel of unit 4 including kitchen with stainless steel appliances, new bathroom, flooring, crown molding, paint, recessed lighting, etc., (2017).; New 80 gallon hot water heater (2016). The 3,747 sf building was constructed in 1963 on a 7,803 sf lot. The building is stucco over wood frame on a concrete perimeter foundation. All the grass has been replaced with artificial turf which reduces landscaping and water expenses and looks good year-round. The garages are in front of the living structure and are NOT tucked under the units. (This is NOT a "soft-story" structure.) The property is conveniently located Less than 1 mile from the vibrant Downtown area of Campbell, with close proximity to shopping, entertainment, commuter routes, and major employers in Silicon Valley.
Presented by
Michael Shields, CCIM
01327546, California
(408) 356-1900
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