488 E Saint John St
San Jose, CA 95112
SHOVEL-READY DEVELOPMENT OPPORTUNITY · Land For Sale · 0.37 AC

Current Triplex (n. 11th) and two single family residence (488 & 484 E St John street) are current properties. 488 E. St John Street headlines a proposed apartment project in San Jose, California's Santa Clara Urban Village. This shovel ready development comprises a 5 story, 46 (could be 62) unit apartment building, including a first level lobby, lounge, fitness center, and ground parking space. The high-end luxury residential building totals 59,168 sq ft, including living space and ground parking with 29 parking spaces. The complex showcases a wide unit mix of 27 one-bedroom units, 17 two-bedroom units, and 2 studio units. Of the 46 units, 39 will be market-rate units, and the remaining 7 units will be designated as affordable units for moderate low-income households. This modern multifamily development is ready to build with building permit approval estimated by the end of February 2024. The current property site comprises two single-family houses and a three-unit triplex building totaling approximately 16,000 square feet of land. All existing buildings on the property will be torn down to rebuild the apartment complex. This site provides a tremendous opportunity for builders and developers for build-to-sale or long-term holdings. 488 E Saint John Street is centrally located within the sought-after Santa Clara Street Urban Village, central to San Jose's downtown living, shopping, dining, and entertainment attractions. Strategically one to two blocks from Santa Jose State University (SJSU), this project poses significant appeal among students and provides security in the case of an economic recession. With the San Jose Urban Village development plan, the BART extension, and Google's Downtown West Mixed-Use Plan coming to fruition soon, San Jose's downtown is gradually developing into a more urban living, working, shopping, and recreation city than it is now.