1299 Leigh Ave - Apartments FOR SALE


San Jose, CA 95126- Del Marietta-Southwest
$11,350,000 USD
415-722-2200
1299 Leigh Ave, San Jose, CA for Sale
$11,350,000 USD
Apartments - FOR SALE
1/32
null | 5.45% Cap Rate

1299 Leigh Ave
San Jose, CA 95126
Del Marietta-Southwest


HIGHLIGHTS

  • Heavily Amenitized Asset (Pool, Spa, Fitness Center, Sauna + Shower & Baths, Resident Lounge, and BBQ Area)
  • Rare Unit Mix: (1) 4+2; (1) 3+2; (22) 2+2s; and (12) 1+1s
  • Compelling Yield Enhancement Potential

OVERVIEW

Built in 1971, the Mission Villa Apartments offers a rare unit mix and variety of amenities not commonly found in a 36-unit community. The thoughtfully designed and oversized 705 sq. ft. one bedroom on baths, 850 sq. ft. 2 bedroom 2 baths, and 1,150+ sq ft. three bedroom two baths units offer in-wall A/C, dishwashers and disposals, and either private patios or balconies. The attractive Spanish-Style architecture property boasts a heated swimming pool and spa, a BBQ area, a game or recreation room, fitness center and an adjoining sauna with shower and restrooms. The Mission Villa Apartments provides a compelling value-add investment opportunity, with upside through both interior and common area renovations combined with mark-to-market benefit. While current ownership has maintained the asset well and renovated select units, the groundwork is laid to expand the unit modernization program to compete with nearby higher-end communities. Additional operational upside can be captured via loss to lease upside, contemporization of existing amenities, or conversion to add multiple additional rental units. The property is ideally located near the Campbell border in the heart of the "Capital of Silicon Valley" and tenants benefit from proximity to the 11-mile Los Gatos Creek Trail, retail and restaurant options of The Pruneyard, Santana Row and Downtown Campbell, and world-class employers.

FOR SALE DETAILS

PRICE

$11,350,000 USD

PRICE/SF

$368 USD /SF

# OF UNITS

36

PRICE/UNIT

$315,278

CAP RATE

5.45%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mission Villa Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1971

PARKING SPACES

36

LAND DETAILS

LAND ACRES

1.04 AC

LAND SF

45,302 SF

ZONING

R3H, San Jose

APN/PARCEL ID

284-24-011

ASK ABOUT THIS PROPERTY

Joel HopmanARA NewmarkMore Info
415-722-2200

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Joel HopmanARA NewmarkMore Info
415-722-2200

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.