620 S. 3rd Street and Vacant Lot
Size: 9 Units
Apartment Price: $2,000,000

The Azucena Group of Marcus & Millichap is pleased to announce the sale of 620 S. 3rd Street, a legal 9 unit Victorian style multifamily property located in Downtown San Jose. This is a tremendous opportunity for an investor to acquire a property in the heart of Silicon Valley. The property includes the main building and an additional one in the back.

620 S. 3rd Street is a legal 9 unit multifamily property. The unit mix consists of (3) single-room occupancy, (3) studio, and (3) one bedroom / one bathroom. The property sits on a 0.20 acre (8,833 SqFt) lot. Among the amenities are ample parking space and its location, as it allows for easy access to points of interest in the Downtown area.

San Jose is one of the most expensive cities in the United States with the average median home price being over $1.18M (as of December 2022). This, along with the recent rise in interest rates, places homeownership out of reach for most residents, which creates a robust tenant base.

Property Highlights

  • Located in the massive economic engine of Downtown San Jose with globally recognized businesses and abundant employment opportunities.

  • Existing income stream of over $143,000 annually with strong stable paying tenants and a history of high occupancy.

  • Garage could be rented to generate additional revenue. Similar sized self-storage units rent for upwards of $300 per-month.

  • Garage may also be able to accommodate an ADU adding a new, significant source of revenue.

  • On-site laundry for additional revenue and resident convenience.

  • San Jose State University, only a few blocks away, creates an even deeper renter pool contributing to low vacancy and continued rent growth.

  • SoFA District with its restaurants, entertainment and nightlife are within walking distance.

  • Easy access to Interstate 280, 680, and Highway 101 and public transit through the VTA Lightrail.

  • Property presents numerous add-value opportunities including renovating the units, adding additional amenities, and the creation of multiple ADUs.