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Multifamily

1024 Luther Ave

1024 Luther Ave, San Jose, CA 95126

Listing Price: $1,398,000

Cap Rate
3.38%
Number of Units
3
Price/Unit
$466,000

Investment Overview

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire 1024 Luther Ave.?, a triplex near Downtown San Jose.? Located in the center of the Alameda district, it’s an ideal community for those who want to live in a quiet neighborhood while close to the urban lifestyle.? The property sits in a desirable residential pocket primed for future growth and has tremendous upside given its proximity to Google’s future campus.? 1024 Luther Ave.? is a 3 unit apartment building that offers all the needed amenities paired with an excellent location.? The property consists of three, 1 bedroom/1 bathroom units each with a small laundry room.? The units are approximately 650 square feet each, are single story and have a front and rear entrance.? Each unit has a single car garage space suitable to park a vehicle although it is primarily used today as storage.? Each unit has its own hot water heater which makes it so that the tenants are responsible for their own hot water billing.? Heating is through a gas wall furnace and some tenants have supplied their own window air conditioning unit.? The property has a long-term, stable tenant base with all three tenants receiving some form of housing assistance.? There has been zero delinquency through the pandemic.? The tenants are reportedly very low maintenance making this an ideal investment for a passive investor.? For the more active investor, upon turnover, the units represent a prime value-add opportunity where interior and exterior improvements would have a significant return on investment in the form of significantly higher market rents.? The property sits a few blocks from The Alameda, a thoroughfare that serves as the center of culture and commerce for the community.? There are over 50 restaurants, shops, and services including Whole Foods Market, ACE Hardware, and CVS Pharmacy.? The majority of the street is dominated by local businesses like The Recycled Bookstore, Cafe Rosalena, and La Dolce Velo Bicycle Shop.? Further north, the route is home to several legal, medical, and financial services.? Residents are also a short walk away from the SAP Center (aka The Shark Tank) and the Diridon Caltrain Station allowing for commutes up and down the Peninsula and to San Francisco.? San Jose is one of the most expensive cities in the United States with average median home prices over $1.2M (as of June 2021) placing homeownership out of reach for most residents which creates a robust tenant base.? 1024 Luther, with its amenity rich neighborhood, its desirable acquisition prize, and its proximity to Google’s new campus, makes this an attractive investment for the short and long term investor.?

Investment Highlights

  • ?Tranquil neighborhood near the center of Downtown San Jose and close to numerous points of interest.
  • Google's new campus will be a few blocks from the property, presenting a lucrative opportunity.
  • Desired property in one of the most expensive cities in the country.

Exclusively Listed By

Listing Price: $1,398,000

Cap Rate
3.38%
Number of Units
3
Price/Unit
$466,000

Investment Highlights

  • ?Tranquil neighborhood near the center of Downtown San Jose and close to numerous points of interest.
  • Google's new campus will be a few blocks from the property, presenting a lucrative opportunity.
  • Desired property in one of the most expensive cities in the country.

Investment Overview

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire 1024 Luther Ave.?, a triplex near Downtown San Jose.? Located in the center of the Alameda district, it’s an ideal community for those who want to live in a quiet neighborhood while close to the urban lifestyle.? The property sits in a desirable residential pocket primed for future growth and has tremendous upside given its proximity to Google’s future campus.? 1024 Luther Ave.? is a 3 unit apartment building that offers all the needed amenities paired with an excellent location.? The property consists of three, 1 bedroom/1 bathroom units each with a small laundry room.? The units are approximately 650 square feet each, are single story and have a front and rear entrance.? Each unit has a single car garage space suitable to park a vehicle although it is primarily used today as storage.? Each unit has its own hot water heater which makes it so that the tenants are responsible for their own hot water billing.? Heating is through a gas wall furnace and some tenants have supplied their own window air conditioning unit.? The property has a long-term, stable tenant base with all three tenants receiving some form of housing assistance.? There has been zero delinquency through the pandemic.? The tenants are reportedly very low maintenance making this an ideal investment for a passive investor.? For the more active investor, upon turnover, the units represent a prime value-add opportunity where interior and exterior improvements would have a significant return on investment in the form of significantly higher market rents.? The property sits a few blocks from The Alameda, a thoroughfare that serves as the center of culture and commerce for the community.? There are over 50 restaurants, shops, and services including Whole Foods Market, ACE Hardware, and CVS Pharmacy.? The majority of the street is dominated by local businesses like The Recycled Bookstore, Cafe Rosalena, and La Dolce Velo Bicycle Shop.? Further north, the route is home to several legal, medical, and financial services.? Residents are also a short walk away from the SAP Center (aka The Shark Tank) and the Diridon Caltrain Station allowing for commutes up and down the Peninsula and to San Francisco.? San Jose is one of the most expensive cities in the United States with average median home prices over $1.2M (as of June 2021) placing homeownership out of reach for most residents which creates a robust tenant base.? 1024 Luther, with its amenity rich neighborhood, its desirable acquisition prize, and its proximity to Google’s new campus, makes this an attractive investment for the short and long term investor.?

Exclusively Listed By

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