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Mixed-Use

1144 South 2nd Street

1144 South 2nd Street, San Jose, CA 95112

Listing Price: $4,500,000

Cap Rate
5.71%
Number of Suites
135
Gross SF
8,200
Rentable SF
8,080
Price/Gross SF
$548.78
Lot Size
1.14 acres
Year Built
2019

Investment Overview

Second Street Studios is a mixed-use development located at the intersection of South Second Street and Keyes Street, a gateway to Downtown San Jose’s southern entrance. This 135-unit affordable housing project, designed by Rob Wellington Quigley, FAIA an award-winning architectural firm consists of four floors above commercial space. The portion for sale is the ground floor commercial space owned by a separate entity through condominium sub-division. The ground floor commercial space consists of +/-8,045 sq. ft. and is divided into 2 separate units with separate accessor’s parcel number. The largest space consisting of +/-6,935 sq. ft. is leased to County of Santa Clara on a 5 year lease. The lease offers attractive 3.0% annual rent increases. The other space consisting of +/-1,145 sq. ft. is leased to First Community Housing to handle their property management division. Their lease term is for 5 years with annual CPI rent increases. There is secured on-site parking for the commercial tenants and their employees with below grade parking accessed from South 3rd Street for the residents and their guests. The commercial spaces have access from the parking area along with street entrances.

Investment Highlights

  • 100% leased to 2 tenants
  • Tenants have signed triple-net leases with annual rent increases
  • 33 secured on-site parking spaces

Exclusively Listed By

Listing Price: $4,500,000

Cap Rate
5.71%
Number of Suites
135
Gross SF
8,200
Rentable SF
8,080
Price/Gross SF
$548.78
Lot Size
1.14 acres
Year Built
2019

Investment Highlights

  • 100% leased to 2 tenants
  • Tenants have signed triple-net leases with annual rent increases
  • 33 secured on-site parking spaces

Investment Overview

Second Street Studios is a mixed-use development located at the intersection of South Second Street and Keyes Street, a gateway to Downtown San Jose’s southern entrance. This 135-unit affordable housing project, designed by Rob Wellington Quigley, FAIA an award-winning architectural firm consists of four floors above commercial space. The portion for sale is the ground floor commercial space owned by a separate entity through condominium sub-division. The ground floor commercial space consists of +/-8,045 sq. ft. and is divided into 2 separate units with separate accessor’s parcel number. The largest space consisting of +/-6,935 sq. ft. is leased to County of Santa Clara on a 5 year lease. The lease offers attractive 3.0% annual rent increases. The other space consisting of +/-1,145 sq. ft. is leased to First Community Housing to handle their property management division. Their lease term is for 5 years with annual CPI rent increases. There is secured on-site parking for the commercial tenants and their employees with below grade parking accessed from South 3rd Street for the residents and their guests. The commercial spaces have access from the parking area along with street entrances.

Exclusively Listed By

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