2955 Neet Avenue

San Jose, CA 95128

$10,450,000
Last Sold Price
Beds
20,076 Sq. Ft.
$521 / Sq. Ft.
20,076
Sq. Ft.
$521
per Sq. Ft.

Description

This well-maintained property offers the opportunity to acquire an apartment complex in an ideal rental location. The property features an outstanding unit mix of (18) 2 bedroom/1 bathroom apartments - 860 sf each and (6) 1 bedroom/1 bathroom apartments - 774 sf each. The property is gated and features an attractive courtyard. There is the potential to add a 25th unit as an ADU. There is a large open space on the 2nd floor that is not being utilized. There is an additional area on the 2nd floor that...This well-maintained property offers the opportunity to acquire an apartment complex in an ideal rental location. The property features an outstanding unit mix of (18) 2 bedroom/1 bathroom apartments - 860 sf each and (6) 1 bedroom/1 bathroom apartments - 774 sf each. The property is gated and features an attractive courtyard. There is the potential to add a 25th unit as an ADU. There is a large open space on the 2nd floor that is not being utilized. There is an additional area on the 2nd floor that will allow two of the 2+1 apartments to be converted into two 2+2 apartments with in unit laundry. Please see the drawings for these in the offering memorandum. This strong rental location is moments from Santana Row, Valley Fair Mall, Downtown Campbell and is near Highways 280, 17 and Santa Tomas Expressway. The property is also moments away from shopping, schools and parks. A buyer should be able to secure a new loan at 3.15% fixed for 7 years with 3-4 years of interest only payments.
  1. Listed by Justin Bautista • DRE #01268331 • Brokerage DRE #00586119 • Newmark Cornish & Carey • 650-996-9384

Property Details for 2955 Neet Avenue

MLS City Name
SAN JOSE
Building Type
Other
Garage Spaces
0
Parking Spaces
0

Location

Listing Courtesy of Newmark Cornish & Carey, Justin Bautista, DRE #01268331

Sold By Marcus & Millichap, Philip Batlin, DRE #01873218

Add your commute
LISTING UPDATED: 02/08/2022 01:11 PM

Property Details for 2955 Neet Avenue

StatusSold
MLS #ML81873768
Days on Compass12
Taxes$138,284 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS Type5+ Units / Five or More Units
Year Built1963
Lot Size0.84 AC / 36,401 SF
CountySanta Clara County

Location

Listing Courtesy of Newmark Cornish & Carey, Justin Bautista, DRE #01268331

Sold By Marcus & Millichap, Philip Batlin, DRE #01873218

Add your commute

Building Information for 2955 Neet Avenue

Stories-Residences-Year Built1963Building Size-Lot Size0.84 AC / 36,401 SF

Payment Calculator

$68,554 per month

30 year fixed, 7.25% Interest

Principal and Interest

$57,030

Property Taxes

$11,524

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2955 Neet Avenue

Features
Features
  • Fireplace: No
  • Laundry: Coin Operated
  • Living SqFt: 20076
  • Pool: No
  • Security Features: Secured Garage / Parking
  • Special Features: None
Utilities
  • Cooling: None
  • Heating: Electric
  • Meters: Master Water, Separate Electric, Separate Gas
  • Sewer Septic: Sewer - Public, Sewer Connected
  • Utilities: Individual Electric Meters, Individual Gas Meters
  • Water: Public
Carport and Parking
  • Carport Min: 24
Garage
  • Garage and Parking: Covered Parking
Property Details
Homeowners Association
  • HOA Amenities: Common Utility Room
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Min Num Of Units in Complex: 24
  • Area Text: Campbell
  • Restrictions: None
  • Roof: Composition, Shingle
  • Stories: 0.0
  • Subclass: Five or More Units
  • Year Built Source: Assessor
  • Street Number: 2955
  • Street Name: Neet
  • Street Suffix: Avenue
  • Area ID: 15
Lot / Property Details
Building Information
  • Number of Buildings: 1
  • Structure SqFt: 20076
  • Structure SqFt Source: Assessor
  • Age: 59
Development Information
  • Zoning Detail: RM
Location Information
  • City Limits: Yes
  • Incorporated: No
  • Parcel Number: 279-14-022
  • County Name: Santa Clara
  • City Name: SAN JOSE
  • City Postal ID: 58
  • Postal Code: 95128
  • Elementary School District: 454
  • High School District Text: Campbell Union High
Lot Information
  • Foundation: Concrete Perimeter and Slab
  • Lot Acres: .84
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Assessor
Multi Family Information
Building Information
  • No Of Leased: 23
General Information
  • Annual Tax Amount: $138,284
  • Capitalization Rate: 3.51
  • Tenant Expenses: Utilities - Electric, Utilities - Gas, Utilities - Heating
  • Income Includes: Laundry, Rents
  • Vacancy Factor: 0
Income / Expense Details
  • Expense Insurance: $8,030
  • Expense Landscape: $4,320
  • Expense Maintenance: $14,400
  • Expense Management: $38,225
  • Expense Trash: $7,368
  • Expenses Other: $18,421
  • Expenses Utility: $24,125
  • Expenses Total: $253,173
  • Operating Expenses Include: Fee - Property Management, Fee - Property Tax, Insurance, Maintenance - Repair, Services - Gardener, Services - On-Site Manager, Services - Sewer, Services - Trash Removal, Utilities - Electric, Utilities - Gas, Utilities - Hot Water, Utilities - Water, Vacancy Factor
  • Gross Rent Multiplier: 16.86
  • Income Annual Gross: $619,890
  • Income Annual Rental: $614,040
  • Income Gross Scheduled: $619,890
  • Income Other: $5,850
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
  • Unit 1 Number of Bedrooms: 2
  • Unit 1 Rent: $2,188
  • Unit 1 Type: Apartment
Unit 2 Information
  • Unit 2 Approx Square Footage: 774
  • Unit 2 Full Bathrooms: 1
  • Unit 2 Number of Bedrooms: 1
  • Unit 2 Rent: $1,926
  • Unit 2 Type: Apartment
Unit 3 Information
  • Unit 3 Rent: $0
Unit 4 Information
  • Unit 4 Rent: $0
Unit Type 1
  • Unit Type1 Approx SqFt: 860
Listing Info
Rental Info
  • Lease Type: Net

Property History for 2955 Neet Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 2955 Neet Avenue

Taxable ValueLand$7,073,700Additions$3,585,300Total$10,659,000
Tax Record2023$139,507 ($11,626 / month)
Home Facts
Total Finished SqFt20,076 SqFtAbove Grade Finished SqFt20,076 SqFtStories2Lot Size37,500 SqFtStyleMulti-Family Res (5+ Units)Year Built1963ZoningRMCountySANTA CLARAAPN279-14-022Fireplace TypeHas Fireplace

Schools near 2955 Neet Avenue

This home is within Campbell Union School District.
Rating
School
Type
Grades
Distance
Charter - K to 5
Charter - 5 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Castlemont Elementary School
CharterK to 5

Monroe Middle School
Charter5 to 8

Del Mar High School
Public9 to 12

Boynton High School
Public9 to 12

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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Listing Courtesy of Newmark Cornish & Carey, Justin Bautista, DRE #01268331

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.