232 N 3rd ST, San Jose, CA 95112
- $2,650,000
- 5,512
- SqFt
- Sold Price
- $2,650,000
- List Price
- $2,650,000
- Closing Date
- Mar 17, 2023
- MLS#
- ML81916039
- Status
- SOLD
- Property Type
- com
- Sqft. of Residence
- 5,512
- Lot Size
- 6,979
- Listing Area
- Central San Jose
- Year Built
- 1964
Property Description
SELLER FINANCING AVAILABLE! 10 unit building with numerous capital improvements! There is significant upside potential with this property due to the six vacant units that are ready to be leased at market rent. If sold at market rate rents, the cap rate on this building would be 5.6%, the GRM 12.5 and the price per unit would be approximately $315,000/unit. Financials based on PRO-FORMA numbers. Unit Mix: (4) 2 bed/1 bath units, 3 are occupied and have an average rent of $1,588. Market rent for 2/1 units average $2,045 - $2,200/mo. (4) 1 bed/1 bath units, all of which are vacant and can be rented at market rates, between ($1,750 - $1,950/mo). (2) studio units; One is vacant and one is rented at $1,025/mo. Studio units in this area can be rented for up to $1,650/mo depending on size and condition. 6 tuck-under and 2 uncovered parking spaces. Marketing package available. Located less than 1 mile from San Jose State University!
Additional Information
- Acres
- 0.16
- Age
- 59
- Amenities
- None
- Cooling System
- None
- Energy Features
- None
- Floor Covering
- Carpet, Laminate, Tile, Vinyl / Linoleum
- Foundation
- Concrete Block
- Garage Parking
- Assigned Spaces, Carport, Common Parking Area, No Garage
- Heating System
- Wall Furnace
- Laundry Facilities
- Coin Operated, Washer / Dryer
- Living Area
- 5,512
- Lot Description
- None
- Lot Size
- 6,979
- Neighborhood
- Central San Jose
- Other Utilities
- Individual Electric Meters, Individual Gas Meters, Public Utilities
- Roof
- Tar and Gravel
- Sewer
- Sewer - Public, Sewer Connected, Sewer in Street
- Special Features
- None
- Zoning
- CO
Mortgage Calculator
Listing courtesy of Michael Shields from SiliconValley MultiFamilyGroup. 408-356-1900
Selling Office: SVN.
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