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32446242
32446243

8275 Westwood Dr, Gilroy, CA 95020

RJ
CA 01853816, CA CA 01853816
Marcus & Millichap - Palo Alto
AL
CA 01936458, 01936458
Marcus & Millichap - Palo Alto
AL
01462752
Listed by Marcus & Millichap - Palo Alto
$2,850,000
23 days on market
Updated 2 days ago

8275 Westwood Dr

Details
APN 790-43-012
Property Type Multifamily
Square Footage 7,313
Units 10
Cap Rate 5.26%
NOI $218,160
Tenancy Multi
Pro-Forma Cap Rate 7.10%
Pro-Forma NOI $149,944
Price per SqFt $390
Year Built 1976
Acreage 0.557
Zoning R3
Investment Type Value Add

​Value-Add Gilroy Investment Opportunity

Marketing description

8275 Westwood Dr is a well-situated 10-unit apartment complex located in the heart of Gilroy, CA.

Situated on a parcel of land totaling 24,245 square feet, the subject property was originally constructed in 1976 and has a gross building area of approximately 7,313 square feet, offering its tenants large single story two-bedroom and one-bedroom floor plans. Additionally, tenants benefit from convenient property amenities including carport parking, on-site laundry facilities and private backyards.

8275 Westwood Dr presents investors with a rare opportunity to acquire an exceptional asset in the thriving city of Gilroy, CA. The subject property is located just 2.1 miles from The Premium Gilroy Outlets, right off Highway 101. The Premium Gilroy Outlets house 145 different outlet stores, attracting savvy shoppers and tourists from all over the Bay Area. The subject property is also walking distance (0.9 mi) from the Town Plaza Shopping Center, home to a myriad of dining, shopping, and entertainment. Other nearby Gilroy attractions include the Annual Gilroy Garlic Festival and the Gilroy Gardens theme park, both attracting visitors from all over the US.

8275 Westwood Dr benefits from its prime location offering tenants and residents convenient access to major transportation corridors including Highway 101, CA-25, CA-152, in addition to other modes of transportation. Gilroy's close proximity to these fundamental roads offers South Bay Area commuters a quick connection to San Jose, Watsonville, Salinas, Monterey, as well as other nearby areas.

The investment appeal of this asset is driven by Gilroy's strong employment fundamentals, and low vacancy levels. With a world class location in the heart Gilroy, 8275 Westwood Dr presents an attractive investment opportunity for investors due to its easy accessibility to the Bay Area and the nation's top employers within it.

Investment highlights

  • Value-Add Gilroy Investment Opportunity – Investors can acquire a strong multifamily asset with significant upside potential, enhancing cash flow by bringing rents up to current market levels in the thriving city of Gilroy, CA.
  • Individually Metered Utilities – Each unit is separately metered for garbage, PG&E, and water service, and also features its own private water heater, allowing investors to minimize operating expenses and pay only for common-area utilities.
  • Convenient Property Amenities - Tenants benefit from convenient property amenities including carport parking, on-site laundry facilities and private backyards.
  • Quick Access to Dining, Shopping, and Entertainment - The subject property is located within close proximity to The Premium Gilroy Outlets (2.1 mi) and walking distance from Town Plaza Shopping Center (0.9 mi) , both home to a myriad of dining shopping and entertainment options.
  • Instant Cashflow Increase - The subject property qualifies for a 7.7% rent increase, which the seller is willing to implement at the buyer's request through an eligible offer.

Listing Contacts

RJ
CA 01853816, CA CA 01853816
Marcus & Millichap - Palo Alto
AL
CA 01936458, 01936458
Marcus & Millichap - Palo Alto
AL
01462752
Listed by Marcus & Millichap - Palo Alto

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$
%
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$218,160.00
$18,180.00/mo

Valuation Metrics

0
DSCR
7.65%
Cap Rate
7.65%
ROI

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Additional Information

Name
Tony Solomon
License
CA 1238010
Title
Broker of Record
Name
Robert Johnston
License
01853816
Brokerage
Marcus and Millichap
Brokerage Phone
6503911744
Brokerage Address
2626 Hanover Street
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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