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155 S 11th Street San Jose, CA 95112
10,893 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 10,893 sqft
Price per Sqft $367
MLS Listing ID ML82004258
HOA Y/N No
Year Built 1959
Lot Size 0.360 Acres
Acres 0.36
Property Sub-Type Other
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
Zoning RM
Interior
Heating Electric
Cooling None
Fireplace No
Laundry Coin Operated
Building
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 46725101
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Listed by Don Sung • Colliers Parrish International, Inc.