232 N 3rd ST

SAN JOSE, CA, 95112

$2,650,000

$480 per ft²
$2,650,000
$480 per ft²
Pending
Pending
 - For Sale
carpenters-square
5,512 ft²
property_type
Commercial
calendar
Built 1964
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!
MLS® ID:
ML81916039
Updated:
2/7/23

Interior Features

Kitchen Features
Varies by Unit
Total Bedrooms
0
Total Bathrooms
0
Laundry Description
Coin Operated, Washer / Dryer
Floor Description
Carpet, Laminate, Tile, Vinyl / Linoleum
Cooling
None
Heating
Wall Furnace

Exterior/Building Features

Lot Size
6,978 ft² lot
Lot Details
None
Roof
Tar and Gravel
Sewer
Sewer - Public, Sewer Connected, Sewer in Street

Other Property Details

Area Name
9
Association Amenities
None
Garage
Yes
Parking
Assigned Spaces, Carport, Common Parking Area, No Garage
Parking Total
2.0
View
Y
County
Santa Clara
Utilities
Individual Electric Meters, Individual Gas Meters, Public Utilities
Water Source
Individual Water Meter, Public
Pool
Yes
Zoning
CO

Property History

Date
Event
Price
Value
2/7/23
Pending
-
-
1/18/23
Under Contract
-
-

Courtesy of SiliconValley MultiFamilyGroup, Michael Shields,
Listing Contact: 408-356-1900 

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Pulse Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the MLS Listings, Inc. MLS system. Real estate listings held by brokerage firms other than Pulse Real Estate are marked with the Internet Data Exchange icon (a stylized house inside a circle) and detailed information about them includes the names of the listing brokers and listing agents.

©2023 MLS Listing, Inc. All rights reserved.

Data last updated 11:45 PM UTC, 2/7/23

 

Contact