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128 East Reed 128 E Reed St 6 Unit Apartment Building $2,575,000 ($429,167/Unit) 4.80% Cap Rate San Jose, CA 95112
Investment Highlights
- BUILT IN 1980 - Not Subject to San Jose City Rent Control
- PRIDE OF OWNERSHIP - Renovated Asset Demonstrates Pride of Ownership with $370K+ of Recent Upgrades
- GATED COMMUNITY With Secure Entrances
- PRIME DOWNTOWN SAN JOSE LOCATION - SUN Neighborhood near San Jose State University
- WASHER AND DRYER In-Unit Laundry (3 Units) + New Common Area Coin Operated Washer and Dryer
- COMMUTER FRIENDLY LOCATION - Fantastic Location for Commuters & Students
Executive Summary
Jimmy Castellanos is pleased to present 128 E. Reed Street, a well-maintained six-unit multifamily investment located near San Jose State University in the SUN neighborhood. Construction was completed in 1980, and as such, the property is not subject to the City of San Jose’s rent control ordinance, providing an owner with greater flexibility in rent growth. The asset offers a desirable and balanced unit mix consisting of two (2) two-bedroom/two-bath units, two (2) two-bedroom/one-bath units, and two (2) studio apartments. The improvements total approximately 4,386 rentable square feet and are situated on an 8,833 square foot parcel, providing an efficient, low-density footprint in a
highly sought-after urban infill location.
highly sought-after urban infill location.
Data Room Click Here to Access
Property Facts
| Price | $2,575,000 | Building Class | C |
| Price Per Unit | $429,167 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 4,386 SF |
| Cap Rate | 4.80% | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.04 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1979 |
| Property Type | Multifamily | Parking Ratio | 2.51/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM, San Jose | ||
| Price | $2,575,000 |
| Price Per Unit | $429,167 |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| Gross Rent Multiplier | 14.04 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 4,386 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 2.51/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM, San Jose |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
Site Amenities
- 24 Hour Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Tenant Controlled HVAC
- Gated
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,950 | 422 - 484 |
| 2+1 | 2 | $2,795 | 796 |
| 2+2 | 2 | $2,895 | 869 |
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Walk Score®
Walker's Paradise (91)
Bike Score®
Biker's Paradise (95)
Property Taxes
| Parcel Number | 472-27-055 | Improvements Assessment | $933,300 |
| Land Assessment | $1,055,700 | Total Assessment | $1,989,000 |
Property Taxes
Parcel Number
472-27-055
Land Assessment
$1,055,700
Improvements Assessment
$933,300
Total Assessment
$1,989,000
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128 East Reed | 128 E Reed St
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