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The Bordeaux 3603 Greenlee Dr 25 Unit Apartment Building $6,500,000 ($260,000/Unit) 5.19% Cap Rate San Jose, CA 95117
Investment Highlights
- $260,000 Per Unit
- Over 20% in Rental Upside
- Desirable Unit MIx (16) One-Bedroom and (9) Two-Bedroom
- In Place Cap Rate of 5.19%
- Irreplaceable Silicon Valley Location
- 1.4 Parking Spaces per Unit
Executive Summary
3603 Greenlee Drive is a 25-unit apartment community situated on a 0.58-acre parcel in San Jose, California. Comprising of four residential buildings, the property offers residents convenient community amenities and a strategic location just minutes from major Silicon Valley employment hubs, highly rated academic centers, and world-class retail destinations. With convenient access to key regional thoroughfares, including the I-280 and San Tomas Expressway, the property benefits from a robust tenant profile seeking a commuter-friendly location paired with suburban tranquility. With in-place rents currently below West San Jose’s average market rent, 3603 Greenlee Drive still offers investors solid in-place cash flow from day one. The property benefits from a desirable unit mix consisting of spacious 1-Bedroom and 2-Bedroom units, presenting a clear opportunity for future rent growth and long-term appreciation in one of Silicon Valley’s strongest markets.
Property Facts
| Price | $6,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $260,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.58 AC |
| Cap Rate | 5.19% | Building Size | 18,400 SF |
| Gross Rent Multiplier | 11.51 | Average Occupancy | 96% |
| No. Units | 25 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 2.17/1,000 SF |
| Zoning | R3, San Jose | ||
| Price | $6,500,000 |
| Price Per Unit | $260,000 |
| Sale Type | Investment |
| Cap Rate | 5.19% |
| Gross Rent Multiplier | 11.51 |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.58 AC |
| Building Size | 18,400 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1968 |
| Parking Ratio | 2.17/1,000 SF |
| Zoning | R3, San Jose |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 694 |
| 2+1.5 | 9 | - | 810 |
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Property Taxes
| Parcel Number | 303-28-051 | Improvements Assessment | $3,216,008 |
| Land Assessment | $5,254,020 | Total Assessment | $8,470,028 |
Property Taxes
Parcel Number
303-28-051
Land Assessment
$5,254,020
Improvements Assessment
$3,216,008
Total Assessment
$8,470,028
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The Bordeaux | 3603 Greenlee Dr
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