740 W Valley Dr
Campbell, CA 95008
Carolyn Apartments · Multifamily Property For Sale · 21 Units

Located at 720 & 740 West Valley Drive in Campbell, the Carolyn Apartments offer a value-add opportunity in a rarely available market. The property has had only one owner, and is professionally managed. Constructed in 1971 and 1977 respectively, 720 offers nine apartment homes and 740 offers 12 apartment homes and a leasing office for a total of 6 one-bedroom/one-bathroom, 4 two-bedroom/one-bathroom, 9 two-bedroom/two-bathroom, and 2 three-bedroom/two-bathroom units. The floorplans are uniquely large for the market and very well designed with pantries, extra closet space, open living spaces, large fenced patios and balconies, and a parking space for each bedroom (21 carports, and 22 assigned uncovered). Seventeen of the units have been upgraded with warm quartz countertops in the kitchens, luxury vinyl plank flooring, 4 baseboards, 2-panel interior doors, new hardware and lighting throughout, and wall mounted air conditioning. Carolyn Apartments is located 2/3 mile from the iconic Pruneyard that has just completed Phase 1 redevelopment into an urban village with a hub of activity - framed by a thoughtful collection of new, unique and authentic, first-to-the-market retail, dining, fitness and entertainment offerings that complement The Pruneyard’s mix of long-standing stores and restaurants (www.pruneyard.com), which include Trader Joes, Rock Bottom Brewery, Sports Basement, Cinemas, and Doubletree Hotel. Traders Joes will be renovated and expanded in Phase 2 of the redevelopment. The Carolyn is surrounded by new and redevelopment activities that are arguably positioned to serve the 50% employee growth in neighboring San Jose in the next 5 years. Residents have the choice of 2 VTA Light Rail stations: Downtown Campbell 1.0 mile or Hamilton 1.2 miles for direct access to employers and entertainment in downtown San Jose, SJ International Airport, Mountain View and Milpitas. Additionally, BART has been approved for connection to several South Bay stations, including nearby Diridon Station, by 2023 connecting to the East Bay. Carolyn Apartments presents the astute investor the opportunity to enter one of the best markets in the Bay Area at a time when value-add upgrades translate directly to increased rental income and property value. Leverage the unit renovations to the next level with new kitchen cabinet door fronts, faux-stainless appliances (3 units already have), flat panel interior and exterior doors, modern hardware and the installation of washer and dryer ($5500 expense) would elevate the design consistent with the institutional level product (The Commons and Pruneyard West both with smaller floorplans are most comparable in the immediate area) with additional rent upside of $350 - $425 per unit.