Description

Rare opportunity to purchase a Santa Clara 4 plex with Large Townhouse style units- Average unit size is 1265 square feet- Unit mix is Two (2) Three Bedroom/Two Bath Townhouses and Two ( 2) Four Bedroom/Two Bath units. The price per square foot is $573 which is significantly below the price per square of recent sales- $692. The price per unit is 25% below current replacement cost. The property has upgraded interiors , central AC and forced air heating. The windows have been upgraded. The property benefits from mature landscaping and has excellent curb appeal. The property is located in the center of Silicon Valley - Major employments hubs, transportation and national retailers are all minutes away. The City of Santa Clara does not have rent control but the property is governed by AB 1482- Under 1482, a new owner would be allowed to raise rents 5% plus CPI per year. The City of Santa Clara has their own utility company . The City of Santa Clara allows a landlord to recapture RUBS. The pipeline for new market rate MF housing is almost zero due to high construction costs. The demand for apartments is increasing - The apartment rental market is getting ready to surge .