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.
Listing courtesy of Ismael Benhamida from Compass
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