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232 North 3rd Street, SAN JOSE, CA 95112 (MLS # ML81907941)

Price $2,750,000
Status Active
Beds 3
Baths 3 Baths
Home size 5,512 sqft
Lot Size 6,979 sqft
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$1,150 $1,650/mo depending on size and condition. There are 6 tuck-under and 2 uncovered parking spaces. Parking assigned to one & two bedroom units. Located less than 1 mile from San Jose State University!
Property Type(s): Multi Family
Last Updated 10/26/2022 Year Built 1964
Community Central San Jose County Santa Clara


School District San Jose Unified

Price History

Prior to Oct 26, '22 $2,850,000
Oct 26, '22 - Today $2,750,000

Additional Details

AIR None
AREA Central San Jose
BASEMENT Foundation: Concrete Block
GARAGE Assigned Spaces, Carport , Common Parking Area, No Garage, On Street, Parking Restrictions, Uncovered Parking, Varies by Unit
HEAT Wall Furnace
INTERIOR Floors: Carpet, Laminate, Tile, Vinyl / Linoleum
LOT 6978 sq ft
SEWER Sewer: Sewer - Public,Sewer Connected,Sewer in Street
TAXES 37806
WATER Water: Public
Listing provided by Michael Shields, SiliconValley MultiFamilyGroup

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Based on information from MLSListings MLS as of 11/26/22 8:20 AM PST. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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This IDX solution is (c) Diverse Solutions 2022.



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