3517 Alden Way
San Jose, CA 95117
Alden Way Apartments · Multifamily Property For Sale · 20 Units

The Alden Way Apartments consist of two buildings totaling approximately 16,200 square feet of living area on just over a one half acre lot. The L-shaped buildings face each other, creating a semi-private courtyard for residents. The property features 20 garden apartments with 4 large and efficient floor plans. Half the units are at garden level and the other half are accessible through conveniently situated stairways. There are four stairways for each building for both front and rear apartment access. The units are entered through either a semi-private courtyard or by convenient rear walkways. All units open up onto the interior courtyard which has been attractively landscaped with a wide range of trees, shrubbery, and flowering plants. The building contains nineteen covered parking spaces with additional parking available for extra vehicles on the street. Each carport contains a large storage locker. There are also four large storage lockers with roll-up doors. There are also two common laundry rooms, with commercial grade equipment that will be transferred in the sale. Each building is two stories and contains ten units of various floor plans and sizes. The unit mix is excellent for rental purposes. There are 18 of the highly desirable two bedroom units and two large one bedroom units. All units also contain multiple windows including a large living room picture window, allowing for light and adequate ventilation. Each unit has a ceiling fan in each bedroom and most of the living rooms. All of the ten second story units have had exhaust fans installed in the ceiling, which pull cooler air in through the windows and force the hotter air out through the attic by means exhaust fans. This system keeps the upstairs units cool in the summer and minimizes the need for an air conditioner. There are three different floor plans for the two bedroom units. The first is approximately 1050 square feet and contains a large eat-in kitchen, two large bedrooms and large living and family rooms. Additionally, these units have private exterior patios. Another floor plan exists for four, two bedroom units. These units also have a large kitchen, a family room and a large living room. These units total 950 square feet. A third floor plan exists for the remaining twelve, two bedroom units. These units contain an eat-in kitchen, large living room, bathrooms with two sinks and are approximately 800 square feet in size. There are also two ample size one bedrooms that are 600 square feet. Eighteen of the units have been completely renovated and are in excellent condition. This renovation effort has encompassed both the interior of each unit as well as the exterior of the building, including the landscaping. As described later in this document, hundreds of thousands of dollars worth of manpower and materials have been reinvested into these buildings. On the inside, 18 units have had complete kitchen remodels complete with granite counter tops, new cabinetry and flooring. All the units have had all the kitchen appliances replaced including refrigerators, low-maintenance, “smooth-top” ceramic top stoves, and low maintenance, electronic control ovens. Additionally, all the units contain properly working dishwashers. The current owner has been meticulous in in the care of the property and in maintaining good tenant relations. The building is 95% rented and as a result of the quality of tenants, while at home many enjoy the symphony of singing birds and the tranquility of the courtyard through only a screen door. On the outside, the same care and effort has gone into the property’s appearance. The Alden Way Apartments are in excellent condition, and look far newer than other properties built in 1959. Since the day the current owner took possession, diligent effort has been made to renovate, upgrade and maintain the property. Numerous components have been replaced with far higher quality products than originally installed. For instance, all the aluminum extrusion windows throughout the buildings have been replaced with the newer high-quality aluminum-frame, double-pane windows. These newer windows are made with low emissivity glass, which incorporates a solar reflective film which greatly reduces thermal heat load. In addition to helping to keep the units cool in the summer and warm in the winter, the windows provide a much greater degree of sound-proofing. This dramatically reduces ambient noise, a major complaint of apartment tenants. For heating, the two bedroom units all have upgraded high efficiency, low maintenance, electronic ignition, forced air furnaces, which were replaced in the fall of 2002. The one bedroom units have newer radiant wall heaters. The low noise, high quality heating units are a selling feature to prospective renters. Major renovations have also been made to the structure and exterior of the two buildings. For instance, the supporting framework for second story walkways and railings have been reinforced. Additionally, waterproofing material was also added before applying a custom, stone-like concrete cover. The walkways are attractive and highly water resistant which should provide the new owner with many years of problem-free ownership. A major expense completed in 2017 was replacing all the asphalt in the parking area. The old asphalt was completely removed, the bedrock improved, and a new layer of asphalt up to 5” (in critical locations) was laid with proper drainage away from the building and carports. The asphalt was then sealed and striped. The landscaping has also undergone dramatic upgrades which results in low maintenance costs today. The irrigation system, for instance, is fully automated and was designed to deliver water to all plants including the lawn, shrubbery, trees and flowering plants.