982-998 The Alameda
5.64% CAP RATE PRIDE OF OWNERSHIP ASSET WITHIN WALKING DISTANCE TO THE ROSE GARDEN
Marketing description
CBRE, as exclusive listing agent, is pleased to present the opportunity to own 982-998 The Alameda in San Jose.
The Property has been owned by the same family for 50+ years and boasts seven residential units and four ground floor retail units. The residential units are very large and consist of (4) Studios and (3) 1 Bed, 1 Bath floorplans. The retail spaces have all been improved by the tenants, and all tenants are operating successful businesses and have been at the property for 5+ years.
Additionally, all units and the property systems have been well-maintained over the years and select units feature upgraded kitchens, countertops, cabinets, and bathrooms. Ownership has spent over $50,000 on capital improvements in 2025, which include but are not limited to: roof, two new water heaters, electrical subpanels, etc...
This property presents an excellent value add opportunity through adjusting the full-service leases to NNN leases upon lease expiration, which will roughly capture a 35% rental premium to the in-place leases.
Please contact the CBRE Listing Team for additional information or to schedule a property tour.
Investment highlights
OPPORTUNITY TO INCREASE INCOME THROUGH CONVERTING TO NNN LEASES
Currently all of the retail leases are approxaimtely ~30% below market and are full service leases. A new ownership can convert these leases to NNN upon expiration to capture additional income.
DURABLE RETAIL TENANTS
All 4 retail tenants are profitable businesses that have occupied the building for 10+ years. All tenants recently signed new leases and plan on staying in their location long term.
LOCATED ON THE ALAMEDA
Located in the Rose Garden neighborhood of San Jose along The Alameda corridor, the property benefits from proximity to SAP Center, Diridon Station, and major transportation routes including Highway 87 and Interstate 680. The location offers strong transit access, stable neighborhood demand, and supports long-term mixed-use occupancy.
PRIDE OF OWNERSHIP ASSET
Ownership has spent over $50,000 on capital improvements during 2025 (Roof, Skylight, Electrical Subpanels,. 2 Water Heaters, etc...)
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