497 Leigh Avenue
San Jose, CA 95128
Sq. Feet 6,098
475-485 East William Street is a turnkey apartment buildings located in highly desirable downtown San Jose, California. Commonly known as the “Williams Apartments”, the buildings consist of sixteen (16) total units. 475 and 485 East William Street consists of two separate eight (8) unit buildings, with a unit mix consisting of twelve (12) one-bedroom/one-bathroom units, and (4) four studios.
The property features eight (8) covered parking spaces, eight (8) on-site parking spaces, and has a coin operated laundry facility with washers and dryers owned by the landlord for additional income. The Williams Apartments is located exactly to the school’s student body, and staff. The properties are four (4) blocks west of 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 Williams Apartments scored a (75) on the Walk Score, which is considered Very Walkable, and scored a (65) on the Transit Score which is considered Above Average. The investment appeal of this opportunity is driven by the area’s tremendous employment fundamentals, world-class location, and the pedestrian and transit-oriented 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: 4.98% NOI: $213,540 Livable Sq. Ft: 8,620
Built in 1951 16 units Lot Sq. Ft: 14,690