523-530 N 1st St - Apartments FOR SALE


San Jose, CA 95112- Japantown
$11,000,000 USD
510-304-8077
523-530 N 1st St, San Jose, CA for Sale
$11,000,000 USD
Apartments - FOR SALE
1/13
null | 5.47% Cap Rate

523-530 N 1st St
San Jose, CA 95112
Japantown


OVERVIEW

First Street Manor is an exceptional 39-unit apartment community located at 523-530 N First St in the thriving city of San Jose, California. Situated on a parcel totaling 37,812 square feet, 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 First Street Manor 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. First Street Manor 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, First Street Manor presents an attractive choice for South Bay renters due to its close proximity to major employers, transportation corridors, shopping, dining and entertainment.

FOR SALE DETAILS

PRICE

$11,000,000 USD

PRICE/SF

$600 USD /SF

# OF UNITS

39

PRICE/UNIT

$282,051

CAP RATE

5.47%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

First Street Manor

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1948

PARKING SPACES

56

LAND DETAILS

LAND ACRES

0.85 AC

LAND SF

37,026 SF

ZONING

R3

APN/PARCEL ID

249-43-042

ASK ABOUT THIS PROPERTY

Robert JohnstonLevin JohnstonMore Info
510-304-8077

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Robert JohnstonLevin JohnstonMore Info
510-304-8077

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