A rare find for the discriminating investor! This turnkey investment allows an investor the opportunity to enjoy the cashflow of a solid multifamily property without any of the hassles of remodeling units or capital improvements so often required in a building built in the early 1960s. This property boasts 14 large two bedroom, one bath units (approximately 700+ SF) and two large one bedroom, one
bath units nearly 600 square feet. All units have been completely remodeled with new kitchens which include granite counters, new cabinetry, fixtures and appliances. All 16 bathrooms have also been remodeled as well. Also new carpet and flooring, double-pane windows, and interior and exterior painting. The roof was replaced approximately 5 years ago, as well as both hot water heaters. All decks have also been replaced and resealed, including upgraded handrails. The asphalt driveway and parking area have been recently patched and sealed and the landscaping has been extremely well maintained. These capital improvements total well over $350,000.
All the units are rented at near market rents and boast a very low vacancy rate due to professional management. The average rent of the two bedroom units is $2,001, which is not far from the market rent of $2,200. The average rent of the one bedroom units is $1800, which is very close to the market rate of $1900. The property is an oasis in the traditionally strong East San Jose rental market. Due to the very good condition of the property and the quality of the units, the units have traditionally be very easy to rent. The 11,220 square foot building sits on a large 16,800 square foot lot. There is one covered carport space per unit and ample parking on the street. This property is subject to San Jose Rent Control Ordinance.
