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324 N 3rd St

2 Unit Apartment Building $1,595,000 ($797,500/Unit) 2.86% Cap Rate San Jose, CA 95112

Investment Highlights

  • Historic Hensley District
  • Ideal Owner Occupied or Rental Opportunity
  • (2) Large, 3 Bedroom/2 Bath units

Executive Summary

Located in the Hensley Historic Landmark District of San Jose this unique duplex has two very large
three bedroom/two bath units. The property is ideal as either a rental property or an owner-occupied
building. The two units each consist of three bedrooms, two full baths, a living room or dining room, a
laundry room, storage areas, and ample parking. The units are large, with the downstairs unit (324)
approximately 1250 SF in size, and the upstairs unit (326) approximately 1375 SF in size. Please Note: Unit
measurements and sizes are approximates. Buyer should verify unit size and square footage to their own
satisfaction.
The building was constructed in 1910 and although it is located in the Hensley Historic District, the
structure is NOT considered an historic landmark. It is classified as only considered a "Contributing
Structure" by the City of San Jose.
The 3400 SF (as per county records) building was built on a 5,980 SF level lot. The building was
constructed on a concrete perimeter foundation with stucco over wood framing. There is a wood
structure parking garage/storage area in the rear of the property. Due to the size of the lot, the structure
might be eligible for an Additional Dwelling Unit (ADU). Buyer to verify any building plans with the City of
San Jose, Planning Department.
The units are both in good condition. The downstairs unit (324) was recently remodeled. Unit 324 is on a
lease agreement until September 2025, and unit 326 is rented on a month-to-month basis. Both units are
near or at market rate rents.
Full reports and a disclosure package are available. Contact the listing agent for additional unit
photographs, or a private tour of the units.

Data Room Click Here to Access

Financial Summary (Actual - 2024) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2024) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $1,595,000
Price Per Unit $797,500
Sale Type Investment
Cap Rate 2.86%
Sale Conditions 1031 Exchange
Gross Rent Multiplier 19.84
No. Units 2
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Size 3,400 SF
Average Occupancy 100%
No. Stories 2
Year Built 1910
Parking Ratio 1.18/1,000 SF
Opportunity Zone Yes

Unit Amenities

  • Dishwasher
  • Disposal
  • Fireplace
  • Storage Space
  • Washer/Dryer
  • Kitchen
  • Granite Countertops
  • Hardwood Floors
  • Refrigerator
  • Range
  • Carpet
  • Dining Room
  • Family Room
  • Porch
  • Wet Bar

Site Amenities

  • Storage Space

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
3+2 1 $3,200 1,250
3+2 1 $3,500 1,375
Walk Score ®
Very Walkable (86)
Transit Score ®
Excellent Transit (70)
Bike Score ®
Biker's Paradise (95)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
249-46-028
Land Assessment
$86,116 (2023)
Improvements Assessment
$200,965 (2023)
Total Assessment
$287,081 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
  • Listing ID: 34139334

  • Date on Market: 12/9/2024

  • Last Updated:

  • Address: 324 N 3rd St, San Jose, CA 95112

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