$2,650,000
$2,650,000
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232 N 3rd ST San Jose, CA 95112
5,512 SqFt
Key Details
Sold Price $2,650,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 5,512 sqft
Price per Sqft $480
MLS Listing ID ML81916039
Sold Date 03/17/23
HOA Y/N No
Year Built 1964
Annual Tax Amount $35,916
Lot Size 6,978 Sqft
Acres 0.1602
Property Description
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!
Location
State CA
County Santa Clara
Area 699 - Not Defined
Zoning CO
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Carport Spaces 6
Roof Type Tar/Gravel
Total Parking Spaces 2
Building
Water Public
Schools
School District San Jose Unified
Others
Tax ID 46701042
Financing Seller Financing
Special Listing Condition Standard
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Bought with Michael Shields • SiliconValley MultiFamilyGroup