7510 Rogers Lane , Gilroy , CA 95020; Multifamily Properties For Sale; A-1 in Santa Clara County
No. Units: 6
Building Size: 4,572 SF
Lot Size: 0.25 AC
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
No. Stories: 2
Year Built: 1978
This well maintained six unit multifamily building has many upgrades and no deferred maintenance. The property is located in a desirable rental area and offers the investor a multifamily property with large upside rent potential. It is currently fully rented at below market rates. With the rents raised to market level, the property would produce a 6.93% cap rate. There is no rent control in Gilroy. (For illustrative purposes, the pro forma rents have been set at $1400/unit/mo. Even this rate would be considered by many to still be below market.) The building has six spacious two-bedroom one-bath units approx. 760 sf in size. The kitchens are large and include dining areas. The units have gas wall heaters and each unit houses its own water heater, keeping utilities low for the owner. The upper deck was recently replaced and is very solid, with a stable steel railing with Plexiglas safety barrier. Three windows have been upgraded to dual pane windows.
The property is located in a desirable part of Gilroy, close to both the downtown and the outlet mall as well as dining, entertainment, and commuter routes. The property is on a street of other multifamily buildings, located in a residential neighborhood and is about 500′ from the large and popular San Ysidro Park.