497 Leigh Avenue
San Jose, CA 95128
Sq. Feet 6,098
The subject property is located at 336 North 5th Street in historic and highly desirable Downtown San Jose. This well-maintained 10-unit apartment complex has a unit mix of one (1) two-bedroom/one-bath unit, eight (8) onebedroom/one-bath units, and one (1) large studio. The property gives way to 5,521 square feet of livable space and is situated on a 9,583 square foot lot. The tenants benefit from an on-site laundry room, new re-circulatory water heater system, and one (1) on-site parking parking space for each unit. In addition, the majority of the units have remodeled bathrooms, real hardwood floors, and are in exceptional shape.
In July, 2014 the owners renovated a recently vacated unit with a “proof of concept” to show that the pro-forma rents in the area are achievable. Almost $100,000 went into the exterior of the proeprty, landscaping, new subflooring, plumbing, cabinetry, countertops, full shower/bathroom/kitchen, flooring and fixtures. The unit will be left open and on lockbox for the duration of the listing period to allow buyers to see the potential for remodeled units in this incredibly fast moving rental market. With the Downtown San Jose rental market continuing to rise, 336 North 5th Street offers huge upside rent potential of close to 25% based on the enclosed rent comps.
This property benefits from its prime location within one of the most desirable rental submarkets in the South Bay. All major freeways including Highway 280, 880, and 87 are nearby making it an ideal location for the everyday commuter.
Cap Rate: 4.87% NOI: $106,231 Livable Sq. Ft: 5,515
Built in 1957 10 units Lot Sq. Ft: 10,018