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$ 2,000,000
Est. payment | /mo
9,522 Sqft Lot
$ 2,000,000
Est. payment | /mo
9,522 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82014237
HOA Y/N No
Year Built 1949
Annual Tax Amount $23,351
Lot Size 9,522 Sqft
Property Description
CAP Rate: 5.16% (Current), 8.34% (Proforma). GRM: 12.59 (Current), 8.73 (Proforma). Wonderful 8-unit apartment building located 2 blocks from Japantown, 1 block from the VTA Light Rail, and walking distance to San Jose State University. Tranquil courtyard with lush landscaping on a quiet street. (2) 2-Bed/1-Bath, (2) 1-Bed/1-Bath, & (4) studio units. Dual pane windows, new electrical main & sub-panels, individual water heaters, carport parking, & a large storage/laundry room in the rear. Opportunity to increase income & add value by upgrading the existing unit interiors upon turnover with air conditioners, electric car chargers, in-unit laundry, & fully renovating the unit interiors with high specification finishes to meet the demand of high-income technology employees by. California SB-1211 allows for the carport and storage laundry room to be converted into up to 8 ADU units based on a pre-feasibility analysis completed by an ADU consultancy (Buyer to verify with the City of San Jose Planning Department). The robust high-tech job growth, shortage of housing units, and value-add opportunity, make 584 N. 2nd Street a great opportunity for both the cash-flow and appreciation-minded investor.
Location
State CA
County Santa Clara
Area 699 - Not Defined
Zoning C
Interior
Fireplace No
Exterior
Carport Spaces 6
Roof Type Composition,Shingle
Total Parking Spaces 2
Building
Water Public
Schools
Elementary Schools Grant
High Schools San Jose Academy
School District San Jose Unified
Others
Tax ID 24943029
Special Listing Condition Standard
Listed by Ismael Benhamida Compass
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "