581 Avalani Ave, San Jose, CA 95133; Multifamily Properties For Sale; A-1 in Santa Clara County
No. Units: 12
Building Size: 10,732 SF
Lot Size: 0.37 AC
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Year Built: 1965
(2) 6-unit buildings ($1,299,950 each) on two separate legal parcels – sold together as a 12 unit bldg. (4) 3 bed / 1.5 baths (2 story townhouse style) and (8) 2 bed / 1 baths. Large units – approx. 895 sq. ft. each. 9 units have been remodeled (kitchens and baths) – including granite counters, tile and wood flooring, kitchen cabinets, new appliances (see photos). Recent $230k + improvements include new roof, new dual-paned windows, landscaping, tree removal, parking lot, fence, steps, etc. Seller is insisting that a new Buyer assume the existing 1st mortgage loan at $1,725,914 loan balance – at a 4.875% fixed interest rate (fixed for next 8 years – until May 2022) – to avoid a Yield Maintenance prepayment penalty. $874,000 down payment is required to assume loan. Excellent rental sub-market, turnkey property, easy to manage. Built in 1965 (Buyer to confirm year) / 2 laundry rooms / parking in rear. Pro-forma GRM = 9.85 Marketing Package available.