26
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$11,350,000
Est. payment /mo
1.04 Acres Lot
Open Thu 1PM-1PM
1299 Leigh AVE San Jose, CA 95126
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Open House
Thu Oct 16, 1:00pm - 1:00pm
Tue Oct 21, 11:00am - 1:00pm
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82024500
HOA Y/N No
Year Built 1971
Annual Tax Amount $153,595
Lot Size 1.040 Acres
Property Description
Built in 1971, the Mission Villa Apartments offers a rare unit mix and variety of amenities not commonly found in a 36-unit community. The thoughtfully designed and oversized 705 sq. ft. one bedroom on baths, 850 sq. ft. 2 bedroom 2 baths, and 1,150+ sq ft. three bedroom two baths units offer in-wall A/C, dishwashers and disposals, and either private patios or balconies. The attractive Spanish-Style architecture property boasts a heated swimming pool and spa, BBQ area, recreation room, fitness center and an adjoining sauna with shower and restrooms. The Mission Villa Apartments provides a compelling value-add investment opportunity, with upside through both interior and common area renovations combined with mark-to-market benefit. While current ownership has maintained the asset well and renovated select units, the groundwork is laid to expand the unit modernization program to compete with nearby higher-end communities. Additional operational upside can be captured via loss to lease upside, contemporization of existing amenities, or conversion to add multiple additional rental units. Tenants benefit from proximity to the 11-mile Los Gatos Creek Trail, retail and restaurant options of The Pruneyard, Santana Row and Downtown Campbell, and world-class employers.
Location
State CA
County Santa Clara
Area 699 - Not Defined
Zoning R3H
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Carport Spaces 24
Roof Type Tile
Total Parking Spaces 32
Building
Water Public
Schools
School District Other
Others
Tax ID 28424011
Special Listing Condition Standard
Listed by Joel Hopman Newmark Cornish & Carey
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