1661-1663 Alum Rock Ave

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Address: 1661 Alum Rock Ave, San Jose, CA 95116, USA

California & West + Apartment Buildings

Created date: August 12, 2024

Date last updated: December 2, 2024

Excellent Cash flow from day 6.50% cap on current rents
Opportunity to lease vacant retail and residential units- 1663 (front and rear)
Opportunity to add multiple ADUs on large ~.50 acre parcel

Property Description

1661-63 Alum Rock Ave offers investors the opportunity to acquire a cash-flowing asset that still have multiple avenues of value-add capabilities. 1663 Alum Rock is a single tenant retail space, with a non-conforming Studio town home style apartment, that will be delivered vacant at the close of escrow which allows an investor the ability to immediately increase NOI (City of San Jose will permit the non-conforming unit with some building code upgrades). Additionally, the massive ~.50 acre site is perfect for adding multiple ADUs by removing the the parking carport and utilizing the ample surplus of parking (contact city of San Jose for details).

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$3,640,000
No. of Units:	9
Year Built:	1949
Lot Size:	0.48 Sq ft
Opportunity Zone:	No
Price per unit:	$404,444
Property Website	Click Here