530 2Nd StSan Jose, CA 95112

Property Details for 530 2Nd St

Year built

1898

Construction

WOOD

Lot size

0.13 AC

Property size (Sq ft)

4,088 SF

Zone code

RM

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

249-43-021

APU

24943021

Description

This exceptional 7-unit apartment building, known as Tiffany Villa, presents a compelling investment opportunity in San Jose's vibrant Japantown. The property boasts a desirable location, strong rental demand, and a proven track record of high occupancy. Comprising two buildings, one a charming 1898 Victorian structure and the other a more modern addition, the property offers a blend of historical character and updated amenities. The main building features five units, a common laundry room, and eight rentable storage units, generating additional income. Recent renovations (2019 and 2023) include new roofs (2005 and 2019), a new water heater (2019), commercial-grade vinyl plank flooring in three units (2023), and some dual-pane windows and LED lighting. The second building is a duplex with two 2-bedroom, 1-bathroom units. The property sits on a 0.13-acre lot and includes six off-street parking spaces. The current Net Operating Income (NOI) is $116,842, resulting in a 5.19% capitalization rate. The asking price is $2,250,000, with a price per square foot of $550.39. The property is currently 100% occupied and is zoned MH. This turnkey asset offers significant potential for appreciation and increased cash flow through future upgrades to kitchens, bathrooms, and the front staircase. The property is ideally suited for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $1,552,676

  6.5%

  $1,433,239

  7%

  $1,330,865

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,767,285

  Geo Method

  $1,767,285

• Alternative Use

  Use

  Valuation

  Residential

  $1,433,239

  Hospitality

  $1,312,839

  Educational

  $1,092,267

  Medical

  $1,129,832

  Retail

  $1,699,082

Location Insight

City

San Jose

County

Santa Clara

State

California

Latitude

37.3461

Longitude

-121.896

CBSA code

41940

CBSA name

SAN JOSE-SUNNYVALE-SANTA CLARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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