385 E San Fernando Street
San Jose, CA 95112
0.13 acres | #ML81988216
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.
Property Details
- School DistrictSan Jose Unified
- Property SubtypeCommercialSale
- CountySanta Clara
- Original List Price$1,750,000
- MLS #ML81988216
- MLS #ML81988216
- Property TypePurchase
- Taxes Annual$23,135
- Cost1750000
- Acres0.1343
- Utility SourcePublic
- Year Built1951
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Michael Shields (#ML149125)
Listing Office: SiliconValley MultiFamilyGroup (#ML38388)
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