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32455014
32455015

523 N 2nd St, San Jose, CA 95112

RJ
CA 01853816, CA CA 01853816
Marcus & Millichap - Palo Alto
CS
CA CA: 02016525
Marcus & Millichap - Palo Alto
AL
01462752
Listed by Marcus & Millichap - Palo Alto
$10,600,000
24 days on market
Updated 23 days ago

523 N 2nd St

Details
APN 249-43-042
Property Type Multifamily
Sub Type Apartment Building
Square Footage 18,305
Units 39
Cap Rate 6.17%
NOI $654,003
Occupancy 97%
Tenancy Multi
Pro-Forma Cap Rate 6.75%
Pro-Forma NOI $715,496
Price per SqFt $579
Year Built 1948
Acreage 0.870
Zoning R3
Investment Type Stabilized

​Exceptional San Jose Investment Opportunity

Marketing description

523 N 2nd St is an exceptional 39-unit apartment community located in the thriving city of San Jose, California.

Situated on a 0.87 acre parcel of land, the subject property was originally constructed in 1948 and has a gross building area of approximately 18,320 total square feet, offering its tenants beautifully designed two-bedroom, one-bedroom, and studio floor plans. Residents at 523 N 2nd St enjoy multiple convenient community amenities including an on-site laundry facility, private covered parking, secured gated perimeter and a secluded community courtyard area.

The subject property has also recently undergone extensive capital improvements such as a new roof installed in 2024, complete interior renovations for all units, and dual-pane windows throughout.

523 N 2nd St sits near Downtown San Jose and is within walking distance to the Target anchored San Jose Market Center, both being home to a myriad of dining, shopping, and entertainment options. The subject property also boasts convenient access to the San Jose Mineta International Airport (SJC). SJC is one of the busiest airports in all of Northern California serving millions of passengers every year to both domestic and international destinations.

The investment appeal of this asset is driven by San Jose's strong employment fundamentals and low vacancy levels. With a world class location the heart of Silicon Valley, 523 N 2nd St presents an attractive choice for South Bay renters due to its close proximity to major employers, transportation corridors, shopping, dining and entertainment.

Investment highlights

  • Exceptional San Jose Investment Opportunity - Investors have the opportunity to acquire an exceptional multifamily asset in one of the most dynamic and desirable locations in the South Bay.
  • Extensive Capital Improvements - 523 N 2nd St has undergone extensive capital improvements including a new roof installation in 2024, complete interior renovations for all units, and dual-pane windows throughout.
  • Convenient Community Amenities - Tenants enjoy convenient community amenities such as on-site laundry, private covered parking, secured gated perimeter and a secluded courtyard area.
  • Central San Jose Location - The subject property sits near Downtown San Jose and is within walking distance to the Target anchored San Jose Market Center, both being home to a myriad of dining, shopping, and entertainment options.
  • Strong Renter's Market - The subject property benefits from its close proximity to San Jose State University and Downtown San Jose, creating a strong demand and high prices for rental rates.

Listing Contacts

RJ
CA 01853816, CA CA 01853816
Marcus & Millichap - Palo Alto
CS
CA CA: 02016525
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
$654,003.00
$54,500.25/mo

Valuation Metrics

0
DSCR
6.17%
Cap Rate
6.17%
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
Name
Cole Simpson
License
CA: 02016525
Brokerage
Marcus & Millichap.com
Brokerage Phone
650-391-1735
Title
Senior Director Investments
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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