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$4,000,000

Est. payment - /mo

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0.36 Acres Lot

Active

155 S 11th ST San Jose, CA 95112

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Chris Mardelli

chris@therealupside.com +1(310) 571-5761

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Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID ML82004258

HOA Y/N No

Year Built 1959

Annual Tax Amount $50,617

Lot Size 0.360 Acres

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 699 - Not Defined

Zoning RM

Interior

Heating Electric, Forced Air

Cooling None

Fireplace No

Exterior

Roof Type Fiberglass

Total Parking Spaces 25

Building

Water Public

Schools

School District San Jose Unified

Others

Tax ID 46725101

Special Listing Condition Standard

Listed by Don Sung Colliers Parrish International, Inc.

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