385 E San Fernando Street

Description

A unique rental property, directly across the street from San Jose State University. This 5-unit apartment building actually has 6 legal units! There are three, 2BD/1BA units; two, 1BD/1BA units & a permitted, legal, 4BD/2BA unit. The building is classified as 5-unit building only because there are 5 on-site parking spaces, but there are six (6) legal, permitted units. All the units are fully rented. The four-bedroom unit is currently being rented as an SRO unit (Single Room Occupancy), meaning the bedrooms are rented out individually. The unit can continue to be operated in this manner or it can be rented out as a fully functional 4BD/2BA unit as it has a kitchen and a large living room. There is also a laundry room with appliances within this unit. There is large upside potential with this property. The rents are below market, especially due to its proximity to San Jose State University, and although the units are in reasonably good condition, they could be upgraded to generate considerably higher revenue. At present the building generates $11,935 in monthly revenue. But could be generating up to $15,300/month with renovations and strong management. The building is ideally located for both student or workforce rentals.

Listing information courtesy of: Michael Shields, SiliconValley MultiFamilyGroup 408-356-1900. *Based on information from the Association of REALTORS/Multiple Listing as of 12/23/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.