508 S. 11th Street
Size: 20 Units
Price: $8,495,000

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire 508 S. 11th Street, a 20-unit multifamily property located two blocks from San Jose State University. This is a tremendous opportunity for an investor to acquire a property in the heart of Silicon Valley. The property has been extensively renovated and mostly occupied, allowing a new owner to have strong cash flow from day one with a turnkey asset.

508 S. 11th Street is a 20-unit multifamily property located in the center of Downtown San Jose. The unit mix consists of (1) 1 bedroom / 1 bathroom that is approximately 600 sq ft and (19) 2 bedroom / 2 bathroom that are approximately 821 sq ft each. The property sits on a 0.29 acre (or 12,506 sq ft) lot. Among the amenities are a laundry room along with assigned parking and a gated entrance that provides a sense of security.

Residents at 508 S. 11th Street have easy access to many points of interest in the Downtown area. San Jose State University is within walking distance and it hosts numerous events that are open to the public. Also within walking distance is the SoFA District, which is home to over 50 shops, restaurants, along with cultural and entertainment venues while also hosting numerous street festivals. Those who want to venture outside the Downtown area have the choice of either the VTA light rail or get onto Interstate 280, 680, and Highway 101.

San Jose is one of the most expensive cities in the United States with the average median home price being over $1.3M (as of December 2023). This places homeownership out of reach for most residents, which creates a robust tenant base.

Property Highlights

Capital Improvements

  • 19 of the 20 units are 2 bedroom and 2 bathroom

  • San Jose State University is two blocks away from the property

  • Spacious units that average over 800 sq ft per the county record

  • Walk in closet available in select units

  • On-site laundry for tenant convenience and additional revenue

  • Gated entrances allow for controlled access

  • Security cameras on the property

  • Residents have easy access to Downtown San Jose

  • Full Roof Replacement 2017

  • Dual Pane Windows 2017

  • Water Heater Replaced 2018

  • Full Replacement of All Handrails 2018

  • Secured Access Parking Gate Added 2018

  • New Wood Perimeter Fence 2022

  • Exterior Painted 2022

  • 17 of 20 units fully renovated while one has been partially renovated within the last 12 months. Improvements include:

    • New LVT flooring

    • New stainless steel appliances with dishwasher

    • New kitchen cabinets and quartz counter tops

    • New wall furnace

    • New plumbing and lighting fixtures

    • New panel interior doors

    • New bathroom vanity, tub, toilets and porcelain tile shower surrounds* 

      *Select Units