The Colony Manor
1654 Hollenbeck Ave, CA 94087
Sq. Feet 60,064
The Gustavson Group of Compass Commercial is pleased to offer 649 South 9th Street, in San Jose, California. This turnkey asset features twelve (26) units, consisting of thirteen (13) one bedroom/one bathroom units, twelve (12) studios and one (1) twobedroom/one-bathroom unit. The property features twelve (26) covered parking spaces, and is equipped with four (4) coin operated washers and dryers.
659 South 9th Street is located exactly two (2) blocks from San Jose State University making them incredibly attractive to the schools student body, and staff. The properties are two (2) blocks west off I-280, making freeway access simple and convenient. The property is twelve (12) blocks to the San Jose Convention Center, and fifteen (15) blocks to Downtown San Jose. The Ninth and The Gardens scored a (74) on the Walk Score, which is considered Very Walkable, and scored a (62) on the Transit Score which is considered Above Average.
The investment appeal of this opportunity is driven by the areas tremendous employment fundamentals, world-class location, and the pedestrian and transitoriented nature of the site. High tenant turnover in an area so close to a major University will allow the landlord to keep up with the rapidly increasing rental market, and find value-add upside through the continued interior and exterior renovations.
Cap Rate: 4.26% NOI: $331,067 Livable Sq. Ft: 11,925
Built in 1957 & 1959 26 units Lot Sq. Ft: 16,988