560 S 7th St, San Jose, CA 95112

$3,490,000
6,418
SqFt
List Price
$3,490,000
Closing Date
Dec 21, 2021
MLS#
ML81867304
Status
PENDING (DO NOT SHOW)
Sqft. of Residence
6,418
Lot Size
16,302
Listing Area
Central San Jose
Year Built
1924

Property Description

Wonderful 10-unit cottage apartment community located 1.5 blocks from San Jose State University. Offering memorandum available. CAP Rate: 4.08% Current, Proforma: 5.66%. GRM: 16.50 Current, 13.01 Proforma. Current monthly rent of $17,631 with massive upside. The property has 9 buildings situated on a 16,302 SqFt lot with classical Spanish architecture and lush landscaping in a tranquil, garden-style community. There are 8 large one-bedroom/one-bath cottages with patios, basements, and individual water heaters. The two studios are located in separate buildings with garages & covered parking in the back of the property. Amenities include private patios, storage rooms, onsite parking, laundry room, and a new wrought-iron gate. Cottages are rare in Downtown San Jose and there is an opportunity to create value by renovating the units to the high specification preferences of technology employees. The new Google mega-campus is expected to bring up to 20,000 workers into Downtown San Jose.

Additional Information

Acres
0.3742
Age
97
Cooling System
Ceiling Fan, Window / Wall Unit
Floor Covering
Carpet, Hardwood
Foundation
Concrete Block
Garage Parking
Assigned Spaces, Covered Parking, On Street, Varies by Unit
Heating System
Wall Furnace
Laundry Facilities
Coin Operated
Living Area
6,418
Lot Size
16,302
Neighborhood
Central San Jose
Other Utilities
Individual Electric Meters, Individual Gas Meters, Public Utilities
Roof
Tile
Sewer
Sewer - Public
Special Features
None
Style
Spanish
Unincorporated Yn
Yes
View
Garden / Greenbelt
Zoning
RM

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Ismael Benhamida from Compass

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