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155 11th Street, San Jose, CA 95112
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155 11th Street
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  • MLS#: ML82004258 ( )
  • Street Address: 155 11th Street
  • Viewed: 5
  • Price: $4,000,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1959
  • Bldg sqft: 0
  • Days On Market: 63
  • Additional Information
  • County: SANTA CLARA
  • City: San Jose
  • Zipcode: 95112
  • Provided by: Colliers Parrish International, Inc.
  • Contact: Don Don
  • California Regional MLS IDX
  • DMCA Notice
  • 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.
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Features
Building Area Total
  1. 10893.00
Carport Spaces
  1. 0.00
Cooling
  1. None
Heating
  1. Electric
  2. Forced Air
Insurance Expense
  1. 18000.00
Otherexpense
  1. 8400.00
Parcel Number
  1. 46725101
Roof
  1. Fiberglass
Totalexpenses
  1. 153437.00
Trash Expense
  1. 7500.00
Water Source
  1. Public
Year Built
  1. 1959
Year Built Source
  1. Assessor
Zoning
  1. RM