385 East San Fernando Street

San Jose, CA 95112

$1,750,000
Price
Beds
5,020 Sq. Ft.
$349 / Sq. Ft.
5,020
Sq. Ft.
$349
per Sq. Ft.

Description

A unique rental property, directly across the street from San Jose State University. This 5-unit apartment building actually has 6 legal units! There are three, 2BD/1BA units; two, 1BD/1BA units & a permitted, legal, 4BD/2BA unit. The building is classified as 5-unit building only because there are 5 on-site parking spaces, but there are six (6) legal, permitted units. All the units are fully rented. The four-bedroom unit is currently being rented as an SRO unit (Single Room Occupancy), meaning the...A unique rental property, directly across the street from San Jose State University. This 5-unit apartment building actually has 6 legal units! There are three, 2BD/1BA units; two, 1BD/1BA units & a permitted, legal, 4BD/2BA unit. The building is classified as 5-unit building only because there are 5 on-site parking spaces, but there are six (6) legal, permitted units. All the units are fully rented. The four-bedroom unit is currently being rented as an SRO unit (Single Room Occupancy), meaning the bedrooms are rented out individually. The unit can continue to be operated in this manner or it can be rented out as a fully functional 4BD/2BA unit as it has a kitchen and a large living room. There is also a laundry room with appliances within this unit. There is large upside potential with this property. The rents are below market, especially due to its proximity to San Jose State University, and although the units are in reasonably good condition, they could be upgraded to generate considerably higher revenue. At present the building generates $11,935 in monthly revenue. But could be generating up to $15,300/month with renovations and strong management. The building is ideally located for both student or workforce rentals.
  1. Listed by Michael Shields • DRE #01327546 • Brokerage DRE #01327546 • SiliconValley MultiFamilyGroup • 408-356-1900

Property Details for 385 East San Fernando Street

MLS City Name
SAN JOSE
Building Type
Other
Garage Spaces
0
Parking Spaces
5
Cross Street
10th Street & E
LISTING UPDATED: 12/09/2024 06:20 PM

Property Details for 385 East San Fernando Street

StatusActive
MLS #ML81988216
Days on Compass2
Taxes$23,135 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family 5+
MLS Type5+ Units / Five or More Units
Year Built1951
Lot Size0.13 AC / 5,850 SF
CountySanta Clara County

Building Information for 385 East San Fernando Street

Stories-Residences-Year Built1951Building Size-Lot Size0.13 AC / 5,850 SF

Property Information for 385 East San Fernando Street

Features
Room Information
  • Kitchen: Appliances - Vary by Unit, Countertop - Formica, Oven Range, Refrigerator
Features
  • Communications: None
  • Fireplace: No
  • Flooring: Carpet, Hardwood, Laminate, Vinyl / Linoleum
  • Laundry: Washer / Dryer
  • Living SqFt: 5020
  • Pool: No
  • Security Features: None
  • Special Features: Grab Bars
Utilities
  • Cooling: None
  • Heating: Wall Furnace
  • Meters: Master Water, Separate Common Area, Separate Electric, Separate Gas
  • Sewer Septic: Sewer - Public, Sewer Connected, Sewer in Street
  • Utilities: Individual Electric Meters, Individual Gas Meters, Public Utilities
  • Water: Public
Carport and Parking
  • Carport Min: 0
Garage
  • Garage and Parking: Common Parking Area
Property Details
Homeowners Association
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Min Num Of Units in Complex: 5
  • Area Text: Central San Jose
  • Restrictions: None
  • Roof: Composition
  • Subclass: Five or More Units
  • Year Built Source: Assessor
  • Street Number: 385
  • Street Name: San Fernando
  • Street Direction Prefix: East
  • Street Suffix: Street
  • Area ID: 9
Lot / Property Details
Building Information
  • Number of Buildings: 1
  • Structure SqFt: 5020
  • Structure SqFt Source: Assessor
  • Age: 73
Development Information
  • Construction Type: Wood Frame
  • Ownership Type: Individual
  • Zoning Detail: R4
Location Information
  • City Limits: Yes
  • Directions: Across the street from SJSU - 10th Street & East Santa Clara
  • Incorporated: Yes
  • Parcel Number: 467-24-090
  • County Name: Santa Clara
  • City Name: SAN JOSE
  • City Postal ID: 58
  • Postal Code: 95112
  • Elementary School District: 482
  • High School District Text: San Jose Unified
Lot Information
  • Foundation: Concrete Perimeter
  • Lot Acres: .13
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Assessor
Multi Family Information
Building Information
  • No Of Leased: 5
General Information
  • Annual Tax Amount: $23,135
  • Capitalization Rate: 4.92
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Income Includes: Rents
  • Vacancy Factor: 4
Income / Expense Details
  • Expense Insurance: $5,639
  • Expense Landscape: $700
  • Expense Maintenance: $6,582
  • Expense Management: $0
  • Expense Trash: $2,681
  • Expenses Other: $2,776
  • Expenses Utility: $9,857
  • Expenses Total: $51,370
  • Operating Expenses Include: Fee - Property Tax, Insurance, Maintenance, Utilities, Vacancy Factor
  • Gross Rent Multiplier: 12.22
  • Income Annual Gross: $137,491
  • Income Annual Rental: $143,220
  • Income Gross Scheduled: $143,220
  • Income Other: $0
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
  • Unit 1 Half Bathrooms: 0
  • Unit 1 Number of Bedrooms: 2
Unit 2 Information
  • Unit 2 Full Bathrooms: 1
  • Unit 2 Half Bathrooms: 0
  • Unit 2 Number of Bedrooms: 2
Unit 3 Information
  • Unit 3 Full Bathrooms: 1
  • Unit 3 Half Bathrooms: 0
  • Unit 3 Number of Bedrooms: 2
Unit 4 Information
  • Unit 4 Full Bathrooms: 1
  • Unit 4 Half Bathrooms: 0
  • Unit 4 Number of Bedrooms: 1
Unit 5 Information
  • Unit5 Full Baths: 1
  • Unit5 Half Baths: 0

Property History for 385 East San Fernando Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 385 East San Fernando Street

Taxable ValueLand$175,697Additions$327,647Total$503,344
Tax Record2024$8,430 ($702 / month)
Home Facts
Total Finished SqFt5,020 SqFtAbove Grade Finished SqFt5,020 SqFtStories2Lot Size5,850 SqFtStyleMulti-Family Res (5+ Units)Year Built1951ZoningR4CountySANTA CLARAAPN467-24-090Fireplace TypeHas Fireplace

Schools near 385 East San Fernando Street

This home is within San Jose Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 5 to 8
Rating
School
Distance
Horace Mann Elementary School
PublicK to 5

Herbert Hoover Middle School
Public6 to 8

Abraham Lincoln High School
Public9 to 12

Ace Inspire Academy
Charter5 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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385 East San Fernando Street is for sale in San Jose, CA 95112. This property was listed for sale on December 9, 2024 by SiliconValley MultiFamilyGroup, it's currently listed at $1,750,000. This listing's school district is San Jose Unified School District. Nearby schools include Horace Mann Elementary School, Herbert Hoover Middle School and Abraham Lincoln High School. 385 East San Fernando Street is a 0-bed, 0-bath, 5,020 sqft built in 1951.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of SiliconValley MultiFamilyGroup, Michael Shields, DRE #01327546

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.