First time on the market in 29 years.
CAP rate: 2.89% (current)/5.67% (proforma).
GRM: 20.36 (current)/13.43 (proforma).
Offers Due Monday May 15th by 5:00pm.
2142 Main Street is a wonderful five-unit apartment building located in highly desirable and rapidly growing Santa Clara, California. The subject property has one large three-bedroom/two-bath unit with a private garage and patio, three two-bedroom/one-bath units with balconies, and one one-bedroom/one-bath unit with a balcony. Built in 1961, it is situated on a large 6,890 square foot lot and has a gross building area of 4,000 square feet. Current ownership has made significant capital improvements including a new roof, new concrete in the carport and courtyard, complete exterior painting of the property, and renovation of one two-bedroom/one-bath unit. There is approximately 60% upside to the current rent roll total from renovating four of the units and moving all the rents to market.
The subject property is located 4.7 miles from Apple' s highly anticipated spaceship campus in Cupertino. This new campus is a great example of how the South Bay market is poised for tremendous near-term upside in commercial and residential rent growth. Additionally, 2142 Main Street has schools located in the highly respected Santa Clara Unified School District. The property feeds into Scott Lane Elementary School (750 API), Bucsher Middle School (804 API), and Santa Clara High School (782 API).
Santa Clara is a major city in the Silicon Valley and the ninth
most populous city in the San Francisco Bay Area. Many of the largest technology companies have operations around Santa Clara including Intel, Google, Apple, LinkedIn, Amazon, Microsoft, and Yahoo. The robust high tech job growth, shortage of housing units, rent growth, and proximity to large Silicon Valley employers make 2142 Main Street a great opportunity for both the cash flow and appreciation minded investor.
