497 Leigh Avenue
San Jose, CA 95128
Sq. Feet 6,098
The Fairview Apartments are a beautiful 11-unit apartment building located at 3417 Fairview Drive in Antioch, California. Originally constructed in 1980 on a concrete perimeter foundation, the wood frame and stucco exterior lie on a quiet cul-de-sac directly across the street from the Somersville Square Mall.
The building structure contains all two-bedroom/one-bath units, and each unit comes with one covered on-site parking space as well as ample on-site non-covered parking spaces. The subject property has been held to around 80 percent of its pro forma gross annual rent, giving way to an extremely low historic vacancy rate and massive upside income potential for the new owner. Surrounded by apartments which were built in the early-to-mid 1960's, The Fairview Apartments 1980 structure gives it a cleaner and newer when compared to some of its neighbors. Overall the property is in good condition and has been very well-maintained.
The Fairview Apartments are located just off Somersville Road, which is just blocks from Los Medanos College, Highway 4 and various retail attractions such as In-n-Out Burger, Sears, Macy's, Starbucks and 24-Hour Fitness amongst many others.
Cap Rate: 6.11% NOI: $61,740 Livable Sq. Ft: 8,800
Built in 1980 11 units Lot Sq. Ft: 16,250