508 South 11th Street

Highlights:

• San Jose State University is two blocks away from the property.
• Spacious units that average over 800 sq ft each per county record.
• 19 of the 20 units are 2 bedroom and 2 bathroom.
• On-site laundry allows for an additional source of revenue.
• Roof was replaced in 2017 and water heater replaced in 2018
• Each unit is assigned one parking space.
• Gated entrances allow for controlled access.
• Security cameras on the property.
• Building has been updated with dual pane windows.
• Opportunity for interior and exterior capital improvements to addvalue.

Description:

The property is currently 50% vacant.​ Financials are pro forma income and expenses.​

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire 508 S. 11th Street, a 20-unit multifamily property located two blocks from San Jose State University. This is a tremendous opportunity for an investor to acquire a property in the heart of Silicon Valley. The property currently has 50% vacancy, allowing a new owner to remodel and achieve post renovation market rents immediately after close of escrow.

508 S. 11th Street is a 20-unit multifamily property located in the center of Downtown San Jose. The unit mix consists of (1) 1 bedroom / 1 bathroom that is approximately 600 sq ft and (19) 2 bedroom / 2 bathroom that are approximately 821 sq ft each. The property sits on a 0.29 acre (or 12,506 sq ft) lot. Among the amenities are a laundry room along with assigned parking and a gated entrance that provides a sense of security.

Residents at 508 S. 11th Street have easy access to many points of interest in the Downtown area. San Jose State University is within walking distance and it hosts numerous events that are open to the public. Also within walking distance is the SoFA District, which is home to over 50 shops, restaurants, along with cultural and entertainment venues while also hosting numerous street festivals. Those who want to venture outside the Downtown area have the choice of either the VTA light rail or get onto Interstate 280, 680, and Highway 101.

San Jose is one of the most expensive cities in the United States with the average median home price being over $1.3M (as of January 2022). This places homeownership out of reach for most residents, which creates a robust tenant base.

The Azucena Group will be hosting tours of the property on Tuesday 3/1, Thursday 3/3, and Tuesday 3/8 from 11-2.