155 S 11th ST new Save Request In-Person Tour Request Virtual Tour
San Jose,CA 95112
Key Details
Property Type Multi-Family, Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 10,893 sqft
Price per Sqft $367
MLS Listing ID ML82004258
Bedrooms 2
Full Baths 2
Year Built 1959
Lot Size 0.360 Acres
Property Sub-Type Five or More Units
Property Description
Unique Oppty to Achieve 5.63% Cap or 7.39% Cap Within 3 to 6-Months. 3-Minute Walk to SJSU. Rare 25-Bedroom (With 29-Bedroom Potential) Student Housing. Fully-Vacant. SJSU Fraternity House With 10,893 SF on 3 Levels + Basement. Rehab 25 BRs, PLUS Add 4 Bedrooms to Achieve Income of 29 BRs of High-Quality Student Rental. Student Leases: August 1 to July 31, Offer Secure, Steady Cashflow w/ Minimal Vacancies. Extremely Supply-Constrained Student Housing Market Near SJSU. Considerable Interior Space w/ Numerous Repositioning Opportunities to Help Investor Achieve Premium Rents. Spacious Second and Third Floor Bedrooms (+/- 145 SF Bedrooms with 9' Ceilings) Offer Panoramic Views of SJ and SJSU Campus. 25-Parking Spaces Rear of Property - Investors May Lease Out or Include Parking in Rent for Additional NOI. Income-Generating Ideas: Onsite Gym, Movie Room, Bike Storage, Pickleball Courts, Solar Panels, Etc. CURRENT CAP Rate (If Rehab Existing Bedrooms, Baths & Kitchen): 5.63%; GRM: 10.4 (Cap Rate Inclusive of $300,000 Property Rehab Budget); Cost/SF: $367/SF. PRO-FORMA CAP Rate (If Rehab Existing Bedrooms, Baths & Kitchen PLUS Add 4 Bedrooms on Ground Floor): 7.39%; GRM: 8.9 (Inclusive of $300,000 Property Rehab + $140,000 Additional Bedrooms Budget); Cost/SF: $367/SF.
Location
State CA
County Santa Clara
Area Central San Jose
Zoning RM
Rooms
Kitchen Dishwasher,Oven Range - Gas,Refrigerator
Interior
Heating Electric,Forced Air
Cooling None
Laundry Coin Operated
Exterior
Parking Features Parking Area
Garage Spaces 25.0
Utilities Available Public Utilities
Roof Type Fiberglass
Building
Foundation Reinforced Concrete
Sewer Sewer - Public
Water Public
Others
Special Listing Condition Not Applicable