FULLY RENOVATED - 9 Townhouse+(3) 2-BR Units | 1370 Calabazas Ct
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FULLY RENOVATED - 9 Townhouse+(3) 2-BR Units 1370 Calabazas Ct
12 Unit Apartment Building $7,323,906 CAD ($610,325 CAD/Unit) 4.69% Cap Rate Santa Clara, CA 95051
Investment Highlights
- First Time on Market - EVER! All Spacious 2 BR Units in a Convenient Santa Clara Location Bordering Sunnyvale
- Insurance Can be Reduced by Incoming Buyer: From $25,979 to $6,600/Year - Making Current Cap Rate: 5.06%
- PROPERTY TOURS (Please Make 30-Min Tour Appointment with Listing Agent if Possible): MON, Sept. 9 at 11 AM to 3 PM, WED, Sept. 11th at 11 AM to 3 PM
- Rear Building (3) x 2 BR/1 BA Units is Newly Built (Effective 2023-2024). Left and Right Builiding (9) 2 BR/1.5 BA Townhouse Units Newly Renovated
- PROPERTY TOURS (Please Make 30-Min Tour Appointment with Listing Agent if Possible): TUES, Sept. 3 at 11 AM to 3 PM, THURS, Sept. 5th at 11 AM to 3 PM
- OFFERS DUE: Thursday, Sept. 12th by 3 PM
Executive Summary
FIRST-TIME ON MARKET EVER! Once in a Lifetime Oppty to Acquire 1370 Calabazas (12 Oversized 2 Bedroom Units). All Spacious 2 BR's: (9) x 2 BR/1.5 BA Townhouse Units on 2-Levels: (946 SF) - Remodeled + (3) x 2 BR/1 BA: (790 SF) - Newly Rebuilt. All Units Offer Desirable Floorplans, Dishwashers, etc. Townhouse Units Offer Private Patio/Yards. Due to Fire in 2022, (3) 2 BR/1 BA Units in Rear Building Were Completely Rebuilt (New), and (9) 2 BR/1.5 BA Units Were Substantially Upgraded (Remodeled) Due to Building Closure. All Renovated Units Leased Within Last 6-Months w/ Slightly Below-Market Rents. 1577 Pomeroy (20 Spacious Units), and 1575 Pomeroy (Single-Family Home Development on 9,000 SF Parcel) Can Be Purchased TOGETHER OR SEPARATELY. Oversized 2 BR Floorplans Offer Potential to Reposition Asset into High-End Apartment Homes w/ Outdoor Living/Private Patios. Opportunity to Move Tenants Between Buildings to Free Up/Renovate Units. Potential to Install In-Unit Washer/Dryers and High-End Upgrades to Achieve Even Higher NOI/CAP. Walkscore: 93. Walkable to Most Amenities. Easy Access to El Camino Real, Lawrence Expwy, Highway 101, 280. Attractive Cost/SF: $451/SF. Lot Size: 21,830 SF (0.5 Acres). Current CAP Rate: 4.69% / Current GRM: 12.7. Pro-Forma CAP Rate: 5.04% / Pro-Forma GRM: 12.1.
Investors can Further Increase CAP Rate by Placing New Insurance (Current Insurance is $25,979/Year Due to Fire Claims by Current Insured. Market Insurance Estimate: $6,600/Year for New Insured - Current CAP Rate: 5.06% w/ New Insurance @ $6,600/Year).
Investors can Further Increase CAP Rate by Placing New Insurance (Current Insurance is $25,979/Year Due to Fire Claims by Current Insured. Market Insurance Estimate: $6,600/Year for New Insured - Current CAP Rate: 5.06% w/ New Insurance @ $6,600/Year).
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$575,573
|
$34.12
|
| Other Income |
$1,585
|
$0.09
|
| Vacancy Loss |
$17,267
|
$1.02
|
| Effective Gross Income |
$559,891
|
$33.19
|
| Taxes |
$86,149
|
$5.11
|
| Operating Expenses |
$130,529
|
$7.74
|
| Total Expenses |
$216,678
|
$12.84
|
| Net Operating Income |
$343,213
|
$20.34
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $575,573 |
| Annual Per SF | $34.12 |
| Other Income (CAD) | |
|---|---|
| Annual | $1,585 |
| Annual Per SF | $0.09 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $17,267 |
| Annual Per SF | $1.02 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $559,891 |
| Annual Per SF | $33.19 |
| Taxes (CAD) | |
|---|---|
| Annual | $86,149 |
| Annual Per SF | $5.11 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $130,529 |
| Annual Per SF | $7.74 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $216,678 |
| Annual Per SF | $12.84 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $343,213 |
| Annual Per SF | $20.34 |
Property Facts Under Contract
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 9 | $4,093 CAD | 946 |
| 2+1 | 3 | $3,734 CAD | 790 |
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Walk Score ®
Walker's Paradise (93)
Bike Score ®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 290-03-074 | Total Assessment | $692,685 CAD |
| Land Assessment | $97,058 CAD | Annual Taxes | $86,149 CAD ($5.11 CAD/SF) |
| Improvements Assessment | $595,627 CAD | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
290-03-074
Land Assessment
$97,058 CAD
Improvements Assessment
$595,627 CAD
Total Assessment
$692,685 CAD
Annual Taxes
$86,149 CAD ($5.11 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | R325D |
| R325D |
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FULLY RENOVATED - 9 Townhouse+(3) 2-BR Units | 1370 Calabazas Ct
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