232 North 3rd Street

San Jose, CA 95112

$2,650,000
Last Sold Price
Beds
5,512 Sq. Ft.
$481 / Sq. Ft.
5,512
Sq. Ft.
$481
per Sq. Ft.

Description

Seller financing available! 10 unit building with numerous capital improvements! There is significant upside potential with this property due to the six vacant units that are ready to be leased at market rent. If sold at market rate rents, the cap rate on this building would be 5.6%, the GRM 12.5 and the price per unit would be approximately $315,000/unit. Financials based on PRO-FORMA numbers. Unit Mix: (4) 2 bed/1 bath units, 3 are occupied and have an average rent of $1,588. Market rent for 2/1...Seller financing available! 10 unit building with numerous capital improvements! There is significant upside potential with this property due to the six vacant units that are ready to be leased at market rent. If sold at market rate rents, the cap rate on this building would be 5.6%, the GRM 12.5 and the price per unit would be approximately $315,000/unit. Financials based on PRO-FORMA numbers. Unit Mix: (4) 2 bed/1 bath units, 3 are occupied and have an average rent of $1,588. Market rent for 2/1 units average $2,045 - $2,200/mo. (4) 1 bed/1 bath units, all of which are vacant and can be rented at market rates, between ($1,750 - $1,950/mo). (2) studio units; One is vacant and one is rented at $1,025/mo. Studio units in this area can be rented for up to $1,650/mo depending on size and condition. 6 tuck-under and 2 uncovered parking spaces. Marketing package available. Located less than 1 mile from San Jose State University!
  1. Listed by Michael Shields • DRE #01327546 • Brokerage DRE #01327546 • SiliconValley MultiFamilyGroup • 408-356-1900

Property Details for 232 North 3rd Street

MLS City Name
SAN JOSE
Building Type
Other
Garage Spaces
0
Parking Spaces
2
Cross Street
E. Saint James

Location

Listing Courtesy of SiliconValley MultiFamilyGroup, Michael Shields, DRE #01327546

Sold By SiliconValley MultiFamilyGroup, Michael Shields, DRE #01327546

Add your commute
LISTING UPDATED: 03/20/2023 01:26 PM

Property Details for 232 North 3rd Street

StatusSold
MLS #ML81916039
Days on Compass7
Taxes$35,916 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS Type5+ Units / Five or More Units
Year Built1964
Lot Size0.16 AC / 6,979 SF
CountySanta Clara County

Location

Listing Courtesy of SiliconValley MultiFamilyGroup, Michael Shields, DRE #01327546

Sold By SiliconValley MultiFamilyGroup, Michael Shields, DRE #01327546

Add your commute

Building Information for 232 North 3rd Street

Stories-Residences-Year Built1964Building Size-Lot Size0.16 AC / 6,979 SF

Payment Calculator

$17,455 per month

30 year fixed, 7.25% Interest

Principal and Interest

$14,462

Property Taxes

$2,993

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 232 North 3rd Street

Features
Room Information
  • Kitchen: Varies by Unit
Features
  • Amenities: None
  • Energy Features: None
  • Fireplace: No
  • Flooring: Carpet, Laminate, Tile, Vinyl / Linoleum
  • Laundry: Coin Operated, Washer / Dryer
  • Living SqFt: 5512
  • Pool: No
  • Security Features: Security Service
  • Special Features: None
Utilities
  • Cooling: None
  • Heating: Wall Furnace
  • Meters: Master Water, Separate Common Area, Separate Electric, Separate Gas
  • Sewer Septic: Sewer - Public, Sewer Connected, Sewer in Street
  • Utilities: Individual Electric Meters, Individual Gas Meters, Public Utilities
  • Water: Individual Water Meter, Public
Carport and Parking
  • Carport Min: 6
Garage
  • Garage and Parking: Assigned Spaces, Carport, Common Parking Area, No Garage
Property Details
Homeowners Association
  • HOA Amenities: None
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Min Num Of Units in Complex: 10
  • Area Text: Central San Jose
  • Restrictions: None
  • Roof: Tar and Gravel
  • Stories: 0.0
  • Subclass: Five or More Units
  • Year Built Source: Assessor
  • Street Number: 232
  • Street Name: 3rd
  • Street Direction Prefix: North
  • Street Suffix: Street
  • Area ID: 9
Lot / Property Details
Building Information
  • Number of Buildings: 1
  • Structure SqFt: 5512
  • Structure SqFt Source: Assessor
  • Age: 59
Development Information
  • Construction Type: Wood Frame
  • Ownership Type: Trust
  • Zoning Detail: CO
Location Information
  • City Limits: Yes
  • Directions: Between E. Saint James & E. Julian
  • Incorporated: Yes
  • Parcel Number: 467-01-042
  • County Name: Santa Clara
  • City Name: SAN JOSE
  • City Postal ID: 58
  • Postal Code: 95112
  • Elementary School District: 482
  • High School District Text: San Jose Unified
Lot Information
  • Foundation: Concrete Block
  • Lot Acres: .16
  • Lot Description: None
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Assessor
  • Yard Grounds: Low Maintenance
Mobile / Manufactured Information
Other Information
  • Dual Variable: No
Multi Family Information
General Information
  • Annual Tax Amount: $35,916
  • Capitalization Rate: 6.50
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Income Includes: Coin Operated Equip, Laundry, Rents
  • Vacancy Factor: 0
Income / Expense Details
  • Expense Insurance: $1,424
  • Expense Landscape: $0
  • Expense Maintenance: $1,630
  • Expense Management: $0
  • Expense Trash: $2,843
  • Expenses Other: $5,653
  • Expenses Utility: $9,442
  • Expenses Total: $56,908
  • Operating Expenses Include: Equipment/Fixture Rental, Fee - Property Tax, Insurance, Maintenance, Maintenance - Repair, Services - Security, Services - Sewer, Services - Trash Removal, Utilities, Utilities - Electric, Utilities - Gas, Utilities - Hot Water, Utilities - Water
  • Gross Rent Multiplier: 11.56
  • Income Annual Gross: $229,200
  • Income Annual Rental: $228,000
  • Income Gross Scheduled: $229,200
  • Income Other: $1,200
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
  • Unit 1 Half Bathrooms: 0
  • Unit 1 Number of Bedrooms: 0
  • Unit 1 Rent: $0
  • Unit 1 Type: Studio
Unit 2 Information
  • Unit 2 Approx Square Footage: 425
  • Unit 2 Full Bathrooms: 1
  • Unit 2 Half Bathrooms: 0
  • Unit 2 Number of Bedrooms: 1
  • Unit 2 Rent: $0
  • Unit 2 Type: Apartment
Unit 3 Information
  • Unit 3 Approx Square Footage: 620
  • Unit 3 Full Bathrooms: 1
  • Unit 3 Half Bathrooms: 0
  • Unit 3 Number of Bedrooms: 2
  • Unit 3 Rent: $0
  • Unit 3 Type: Apartment
Unit 4 Information
  • Unit 4 Rent: $0
Unit Type 1
  • Unit Type1 Approx SqFt: 265
  • Unit Type1 Units Total: 2
Unit Type 2
  • Unit Type2 Units Total: 4
Unit Type 3
  • Unit Type3 Units Total: 4
Listing Info
Rental Info
  • Lease Type: Net

Property History for 232 North 3rd Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 232 North 3rd Street

Taxable ValueLand$287,106Additions$708,216Total$995,322
Tax Record2023$16,182 ($1,348 / month)
Home Facts
Total Finished SqFt5,512 SqFtAbove Grade Finished SqFt5,512 SqFtStories3Lot Size6,210 SqFtStyleMulti-Family Res (5+ Units)Year Built1964ZoningCOCountySANTA CLARAAPN467-01-042Fireplace TypeHas Fireplace

Schools near 232 North 3rd Street

This home is within San Jose Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 5 to 8
Rating
School
Distance
Horace Mann Elementary School
PublicK to 5

Muwekma Ohlone Middle
Public6 to 8

San Jose High School
Public9 to 12

Ace Inspire Academy
Charter5 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of SiliconValley MultiFamilyGroup, Michael Shields, DRE #01327546

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.