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1137 N 3rd St San Jose 1139 N 3rd St

5 Unit Apartment Building $2,388,000 ($477,600/Unit) 3.64% Cap Rate San Jose, CA 95112

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Investment Highlights

Additional 600sqft artist studio
Community garden
Sun-lit interior

Private outdoor space for each unit
Quick access to major freeways
Landscaped courtyard

Executive Summary

Sprawled across two APNs, 1137 N 3rd St offers an incredible investment opportunity with a 2-story home, 3 ADUs, and a versatile carriage house/artist studio with endless possibilities. The main home beckons you into its sun-lit interior from the quiet, tree-lined street. Charming built-ins and a fireplace adorn the formal living room, while endless cabinetry and a full suite of appliances complete the kitchen. French doors reveal a massive secondary living room, ideal for hosting and entertaining. A half bath and laundry area are conveniently located on the entry level, while upstairs resides 3BR/2BA. A paver-lined patio and pathing guide you through the gorgeously landscaped courtyard, which connects each standalone unit encompassed by gates and garden vignettes, adding to their remarkable privacy. Desirably located, revel in proximity to Downtown San Jose's local eateries and shopping, while nearby SJC and HWYs 880 and 87 make commuting and travel effortless.

1137-1139 N. 3rd St_OM (2)

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	$132,000	$32.68
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$132,000	$32.68
Taxes	$31,238	$7.73
Operating Expenses	$15,300	$3.79
Total Expenses	$46,538	$11.52
Net Operating Income	$85,462	$21.16

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	$132,000
Annual Per SF	$32.68

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$132,000
Annual Per SF	$32.68

Taxes
Annual	$31,238
Annual Per SF	$7.73

Operating Expenses
Annual	$15,300
Annual Per SF	$3.79

Total Expenses
Annual	$46,538
Annual Per SF	$11.52

Net Operating Income
Annual	$85,462
Annual Per SF	$21.16

Property Facts

Price	$2,388,000	Apartment Style	Garden
Price Per Unit	$477,600	Building Class	C
Sale Type	Investment	Lot Size	0.29 AC
Cap Rate	3.64%	Building Size	4,039 SF
Gross Rent Multiplier	19.11	Average Occupancy	100%
No. Units	5	No. Stories	1
Property Type	Multifamily	Year Built/Renovated	1936/2019
Property Subtype	Apartment

Price	$2,388,000
Price Per Unit	$477,600
Sale Type	Investment
Cap Rate	3.64%
Gross Rent Multiplier	19.11
No. Units	5
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Garden
Building Class	C
Lot Size	0.29 AC
Building Size	4,039 SF
Average Occupancy	100%
No. Stories	1
Year Built/Renovated	1936/2019