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Listed by Don Sung • Colliers Parrish International, Inc.
$4,000,000
Est. payment /mo
2 Beds
2 Baths
10,893 SqFt
New
155 S 11th ST San Jose, CA 95112
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Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 10,893 sqft
Price per Sqft $367
MLS Listing ID ML82004258
Bedrooms 2
Full Baths 2
Year Built 1959
Lot Size 0.360 Acres
Property Sub-Type Five or More Units
Property Description
Unique Oppty to Achieve 5.63% Cap or 7.39% Cap Within 3 to 6-Months. 3-Minute Walk to SJSU. Rare 25-Bedroom (With 29-Bedroom Potential) Student Housing. Fully-Vacant. SJSU Fraternity House With 10,893 SF on 3 Levels + Basement. Rehab 25 BRs, PLUS Add 4 Bedrooms to Achieve Income of 29 BRs of High-Quality Student Rental. Student Leases: August 1 to July 31, Offer Secure, Steady Cashflow w/ Minimal Vacancies. Extremely Supply-Constrained Student Housing Market Near SJSU. Considerable Interior Space w/ Numerous Repositioning Opportunities to Help Investor Achieve Premium Rents. Spacious Second and Third Floor Bedrooms (+/- 145 SF Bedrooms with 9' Ceilings) Offer Panoramic Views of SJ and SJSU Campus. 25-Parking Spaces Rear of Property - Investors May Lease Out or Include Parking in Rent for Additional NOI. Income-Generating Ideas: Onsite Gym, Movie Room, Bike Storage, Pickleball Courts, Solar Panels, Etc. CURRENT CAP Rate (If Rehab Existing Bedrooms, Baths & Kitchen): 5.63%; GRM: 10.4 (Cap Rate Inclusive of $300,000 Property Rehab Budget); Cost/SF: $367/SF. PRO-FORMA CAP Rate (If Rehab Existing Bedrooms, Baths & Kitchen PLUS Add 4 Bedrooms on Ground Floor): 7.39%; GRM: 8.9 (Inclusive of $300,000 Property Rehab + $140,000 Additional Bedrooms Budget); Cost/SF: $367/SF.
Location
State CA
County Santa Clara
Area Central San Jose
Zoning RM
Rooms
Other Rooms Other
Kitchen Dishwasher, Oven Range - Gas, Refrigerator
Interior
Heating Electric, Forced Air
Cooling None
Laundry Coin Operated
Exterior
Parking Features Parking Area
Utilities Available Public Utilities
Roof Type Fiberglass
Building
Foundation Reinforced Concrete
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 467-25-101
Security Features Other
Special Listing Condition Not Applicable
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