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Aviara 2388 Madden Ave 46 Unit Apartment Building $20,000,000 ($434,783/Unit) 5% Cap Rate San Jose, CA 95116
Executive Summary
Investment Highlights
EXTREMELY WELL AMENITIZED
STRATEGIC VALUE-ADD OPPORTUNITY
UNPARALLELED LIFESTYLE & RETAIL
EPICENTER OF SILICON VALLEY INNOVATION
ACCESS TO TOP-TIER PUBLIC EDUCATION
CENTRALIZED TRANSIT & COMMUTER ACCESS
Executive Summary
Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire Aviara Apartments (the “Property”) – a premier 46-unit, garden community located in the dynamic San Jose market. Built in 2012 and conceived as condominiums, Aviara represents a rare opportunity to acquire a pride-of-ownership asset of institutional quality, featuring high-end amenities such as a fitness center, spa, and secure underground parking that are typically found in much larger communities.
The Property offers investors a compelling Core-Plus opportunity with a clearly defined and proven value-add strategy. Current ownership has successfully renovated 27 units with modern finishes, achieving significant rent premiums and establishing a clear path to generating additional income. A new owner is perfectly positioned to continue this successful renovation program on the remaining 19 “Classic” units, immediately unlocking the embedded rental upside.
Situated in one of the nation’s most resilient and tech driven job markets, Aviara attracts a high-quality tenant base of young professionals with an average household income exceeding $150,000. The Property’s attainable rent levels, combined with its modern design and luxury amenities, make it a highly desirable option in a market with a limited new supply pipeline. Aviara offers the ideal combination of in-place cash flow, proven upside, and a strategic location, making it an exceptional investment in the heart of Silicon Valley.
EXTREMELY WELL AMENITIZED
STRATEGIC VALUE-ADD OPPORTUNITY
UNPARALLELED LIFESTYLE & RETAIL
EPICENTER OF SILICON VALLEY INNOVATION
ACCESS TO TOP-TIER PUBLIC EDUCATION
CENTRALIZED TRANSIT & COMMUTER ACCESS
Executive Summary
Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire Aviara Apartments (the “Property”) – a premier 46-unit, garden community located in the dynamic San Jose market. Built in 2012 and conceived as condominiums, Aviara represents a rare opportunity to acquire a pride-of-ownership asset of institutional quality, featuring high-end amenities such as a fitness center, spa, and secure underground parking that are typically found in much larger communities.
The Property offers investors a compelling Core-Plus opportunity with a clearly defined and proven value-add strategy. Current ownership has successfully renovated 27 units with modern finishes, achieving significant rent premiums and establishing a clear path to generating additional income. A new owner is perfectly positioned to continue this successful renovation program on the remaining 19 “Classic” units, immediately unlocking the embedded rental upside.
Situated in one of the nation’s most resilient and tech driven job markets, Aviara attracts a high-quality tenant base of young professionals with an average household income exceeding $150,000. The Property’s attainable rent levels, combined with its modern design and luxury amenities, make it a highly desirable option in a market with a limited new supply pipeline. Aviara offers the ideal combination of in-place cash flow, proven upside, and a strategic location, making it an exceptional investment in the heart of Silicon Valley.
Property Facts
| Price | $20,000,000 | Building Class | C |
| Price Per Unit | $434,783 | Lot Size | 0.62 AC |
| Sale Type | Investment | Building Size | 39,190 SF |
| Cap Rate | 5% | Average Occupancy | 94% |
| No. Units | 46 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 2012/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.96/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | R1B6 | ||
| Price | $20,000,000 |
| Price Per Unit | $434,783 |
| Sale Type | Investment |
| Cap Rate | 5% |
| No. Units | 46 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.62 AC |
| Building Size | 39,190 SF |
| Average Occupancy | 94% |
| No. Stories | 4 |
| Year Built/Renovated | 2012/2022 |
| Parking Ratio | 1.96/1,000 SF |
| Zoning | R1B6 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Granite Countertops
- Refrigerator
- Stainless Steel Appliances
- Walk-In Closets
- Wi-Fi
Site Amenities
- Controlled Access
- Fitness Center
- Picnic Area
- Property Manager on Site
- Spa
- Gated
- Grill
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | 607 |
| 2+2 | 26 | - | 911 |
| 3+2 | 6 | - | 1,117 |
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Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 484-61-052 | Improvements Assessment | $10,911,573 |
| Land Assessment | $3,391,350 | Total Assessment | $14,302,923 |
Property Taxes
Parcel Number
484-61-052
Land Assessment
$3,391,350
Improvements Assessment
$10,911,573
Total Assessment
$14,302,923
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