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Listed by Michael Shields • SiliconValley MultiFamilyGroup
$ 1,750,000
Est. payment /mo
Pending
385 E San Fernando Street San Jose, CA 95112
5,020 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 5,020 sqft
Price per Sqft $348
MLS Listing ID ML81988216
HOA Y/N No
Originating Board Datashare MLSListings
Year Built 1951
Lot Size 5,850 Sqft
Property Sub-Type Other
Property Description
A unique rental property, directly across the street from San Jose State University. This 5-unit apartment building actually has 6 legal units! There are three, 2BD/1BA units; two, 1BD/1BA units & a permitted, legal, 3BD/2BA+office SRO unit. The building is classified as 5-unit building only because there are 5 on-site parking spaces, but there are six (6) legal, permitted units. All the units are fully rented. The 3-bedroom unit is currently being rented as an SRO unit (Single Room Occupancy). The unit can continue to be operated in this manner or it can be rented out as a fully functional 3BD/2BA+office unit with minor modifications. There is also a laundry room with appliances within this unit. There is large upside potential with this property. The rents are below market, especially due to its proximity to San Jose State University, and although the units are in reasonably good condition, they could be upgraded to generate considerably higher revenue. At present the building generates $11,935 in monthly revenue. But could be generating up to $14,700/month with renovations and strong management. The building is ideally located for both student or workforce rentals. Full marketing package and disclosures available.
Location
State CA
County Santa Clara
Interior
Heating Wall Furnace
Cooling None
Flooring Hardwood, Laminate
Fireplace No
Building
Water Public
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