FULLY RENOVATED - 9 Townhouse+(3) 2-BR Units | 1370 Calabazas Ct
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FULLY RENOVATED - 9 Townhouse+(3) 2-BR Units 1370 Calabazas Ct
12 Unit Apartment Building $5,100,000 ($425,000/Unit) 4.69% Cap Rate Santa Clara, CA 95051
Investment Highlights
- First Time on Market - EVER! All Spacious 2 BR Units in a Convenient Santa Clara Location Bordering Sunnyvale
- Insurance Can be Reduced by Incoming Buyer: From $25,979 to $6,600/Year - Making Current Cap Rate: 5.06%
- PROPERTY TOURS (Please Make 30-Min Tour Appointment with Listing Agent if Possible): MON, Sept. 9 at 11 AM to 3 PM, WED, Sept. 11th at 11 AM to 3 PM
- Rear Building (3) x 2 BR/1 BA Units is Newly Built (Effective 2023-2024). Left and Right Builiding (9) 2 BR/1.5 BA Townhouse Units Newly Renovated
- PROPERTY TOURS (Please Make 30-Min Tour Appointment with Listing Agent if Possible): TUES, Sept. 3 at 11 AM to 3 PM, THURS, Sept. 5th at 11 AM to 3 PM
- OFFERS DUE: Thursday, Sept. 12th by 3 PM
Executive Summary
FIRST-TIME ON MARKET EVER! Once in a Lifetime Oppty to Acquire 1370 Calabazas (12 Oversized 2 Bedroom Units). All Spacious 2 BR's: (9) x 2 BR/1.5 BA Townhouse Units on 2-Levels: (946 SF) - Remodeled + (3) x 2 BR/1 BA: (790 SF) - Newly Rebuilt. All Units Offer Desirable Floorplans, Dishwashers, etc. Townhouse Units Offer Private Patio/Yards. Due to Fire in 2022, (3) 2 BR/1 BA Units in Rear Building Were Completely Rebuilt (New), and (9) 2 BR/1.5 BA Units Were Substantially Upgraded (Remodeled) Due to Building Closure. All Renovated Units Leased Within Last 6-Months w/ Slightly Below-Market Rents. 1577 Pomeroy (20 Spacious Units), and 1575 Pomeroy (Single-Family Home Development on 9,000 SF Parcel) Can Be Purchased TOGETHER OR SEPARATELY. Oversized 2 BR Floorplans Offer Potential to Reposition Asset into High-End Apartment Homes w/ Outdoor Living/Private Patios. Opportunity to Move Tenants Between Buildings to Free Up/Renovate Units. Potential to Install In-Unit Washer/Dryers and High-End Upgrades to Achieve Even Higher NOI/CAP. Walkscore: 93. Walkable to Most Amenities. Easy Access to El Camino Real, Lawrence Expwy, Highway 101, 280. Attractive Cost/SF: $451/SF. Lot Size: 21,830 SF (0.5 Acres). Current CAP Rate: 4.69% / Current GRM: 12.7. Pro-Forma CAP Rate: 5.04% / Pro-Forma GRM: 12.1.
Investors can Further Increase CAP Rate by Placing New Insurance (Current Insurance is $25,979/Year Due to Fire Claims by Current Insured. Market Insurance Estimate: $6,600/Year for New Insured - Current CAP Rate: 5.06% w/ New Insurance @ $6,600/Year).
Investors can Further Increase CAP Rate by Placing New Insurance (Current Insurance is $25,979/Year Due to Fire Claims by Current Insured. Market Insurance Estimate: $6,600/Year for New Insured - Current CAP Rate: 5.06% w/ New Insurance @ $6,600/Year).
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$400,800
|
$23.76
|
| Other Income |
$1,104
|
$0.07
|
| Vacancy Loss |
$12,024
|
$0.71
|
| Effective Gross Income |
$389,880
|
$23.11
|
| Taxes |
$59,990
|
$3.56
|
| Operating Expenses |
$90,894
|
$5.39
|
| Total Expenses |
$150,884
|
$8.94
|
| Net Operating Income |
$238,996
|
$14.17
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $400,800 |
| Annual Per SF | $23.76 |
| Other Income | |
|---|---|
| Annual | $1,104 |
| Annual Per SF | $0.07 |
| Vacancy Loss | |
|---|---|
| Annual | $12,024 |
| Annual Per SF | $0.71 |
| Effective Gross Income | |
|---|---|
| Annual | $389,880 |
| Annual Per SF | $23.11 |
| Taxes | |
|---|---|
| Annual | $59,990 |
| Annual Per SF | $3.56 |
| Operating Expenses | |
|---|---|
| Annual | $90,894 |
| Annual Per SF | $5.39 |
| Total Expenses | |
|---|---|
| Annual | $150,884 |
| Annual Per SF | $8.94 |
| Net Operating Income | |
|---|---|
| Annual | $238,996 |
| Annual Per SF | $14.17 |
Property Facts Under Contract
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 9 | $2,850 | 946 |
| 2+1 | 3 | $2,600 | 790 |
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Walk Score ®
Walker's Paradise (93)
Bike Score ®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 290-03-074 | Total Assessment | $494,281 |
| Land Assessment | $69,258 | Annual Taxes | $59,990 ($3.56/SF) |
| Improvements Assessment | $425,023 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
290-03-074
Land Assessment
$69,258
Improvements Assessment
$425,023
Total Assessment
$494,281
Annual Taxes
$59,990 ($3.56/SF)
Tax Year
2023
zoning
| Zoning Code | R325D |
| R325D |
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FULLY RENOVATED - 9 Townhouse+(3) 2-BR Units | 1370 Calabazas Ct
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