584 N 2nd St⋅San Jose, CA

584 N. 2nd Street is a wonderful eight-unit apartment complex located in the heart of Downtown San Jose and is walking distance to San Jose State University. It features a courtyard area with lush landscaping on a quiet residential street. There are (2) two-bedroom/one-bathroom units, (2) one-bedroom/one-bathroom units, and (4) studio units. Amenities include dual pane windows, separate water heaters for each unit, carport parking, and a large storage room at the back of the property. There is an opportunity to renovate the units upon turnover and substantially increase income.

Current ownership of many decades has maintained the property during its tenure and recent capital improvements include upgrading the electrical system with new main and sub-panels, installation of dual pane windows, and reconstruction of a balcony. 584 N. 2nd Street offers the new owner the opportunity to increase income and add value by upgrading the existing unit interiors to meet the demand of high-income technology employees by installing air conditioners, electric car chargers, in-unit laundry, and fully renovating the unit interiors with high specification ?nishes. Additionally, California laws allow for ADU units to be added because the property is located within half a mile of public transportation. The rear storage and laundry room and carport have the potential to be converted into ADU. Adding ADU units can drive significant value and prospective buyers are encouraged to contact the City of San Jose’s Planning Department for more information.

Downtown San Jose is undergoing signi?cant revitalization with the prospect of a new Google mega-campus with up to 20,000 workers and the expected extension of BART into Downtown San Jose. The robust high-tech job growth, shortage of housing units, value-add opportunity, spacious and tranquil courtyard-style setting, and Downtown San Jose location make 584 N. 2nd Street a great opportunity for both the cash-?ow and appreciation-minded investor.