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)… Read More 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. Read Less
Courtesy of Compass, Ismael Benhamida (408) 373-6195
Listing Snapshot
Days Online
42
Last Updated
Property Type
Five Or More Units
Square Ft.
4,644
Lot Size
0.22 Acres
Year Built
1949
MLS Number
ML82014237
30 Days Snapshot Of 95112
$1.07M
-14%
(avg) sold price
11
-8%
homes sold
28
-6%
(avg) days on market
Snapshot
Area Map
Additional Details
Lot
Max Area: 9522.00, Max Area Units: Square Feet, Regular, Lot is 0.21859504132231 acres
Accessibility Features
None
Amenities
HOA amenities: None
Unit One
Rent: $1,276, 1 bedroom
Unit Two
Rent: $2,310, bedrooms: 2
Unit Three
Rent: $868
Building
4,644 structure square feet, Age: 76, Built in 1949, 1 building, Construction type: Wood Frame, 8 minimum units in complex
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