584 N 2nd ST new Save Request In-Person Tour Request Virtual Tour
San Jose,CA 95112
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 4,644 sqft
Price per Sqft $430
MLS Listing ID ML82014237
Style Spanish
Bedrooms 3
Full Baths 3
Year Built 1949
Lot Size 9,522 Sqft
Property Sub-Type Five or More Units
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 Central San Jose
Zoning C
Rooms
Other Rooms Laundry Room,Storage
Kitchen Oven Range,Refrigerator
Interior
Heating Central Forced Air - Gas
Cooling Ceiling Fan
Flooring Carpet,Tile
Laundry Washer / Dryer
Exterior
Exterior Feature Balcony / Patio,Courtyard,Low Maintenance,Storage Shed / Structure
Parking Features Common Parking Area
Community Features None
Utilities Available Individual Electric Meters,Individual Gas Meters,Public Utilities
Roof Type Composition,Shingle
Building
Lot Description Regular
Foundation Concrete Slab
Sewer Sewer - Public
Water Public
Others
Special Listing Condition Not Applicable