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$ 12,000,000
Est. payment | /mo
1 Bath
45,610 SqFt
$ 12,000,000
Est. payment | /mo
1 Bath
45,610 SqFt
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 45,610 sqft
Price per Sqft $263
MLS Listing ID ML81966157
Full Baths 1
Year Built 1917
Lot Size 8,712 Sqft
Property Description
Newmark, as an exclusive advisor is proud to present the Twohy Lofts in vibrant Downtown San Jose. The 5-story building consists of 36 Loft Style units and ground floor retail which has recently undergone significant renovations to seismic, mechanical and electrical systems providing old world charm coupled with a modern infrastructure. An investor can acquire this historic, but like-new building at a significant discount to replacement cost. The high-identity classic revival architecture building sits prominently on the Paseo de San Antonio and S. 1st Street. The ground floor features approximately 8,350 sq ft of retail space currently occupied by Scotts Seafood and San Jose Candy Kitchen. Ornate details true to period of its original 1917 construction can be found throughout the building. While the assets financial performance is stable, NOI optimization can be enhanced through a combination of embedded rent increases coupled with unit modernization upon turnover. The property is not subject to San Joses Apartment Rent Ordinance and is on the Mills Act which provides substantial property tax abatement. San Jose State University, with a growing 36,000+ student body and another 3,700 in employees is a mere four blocks away. WalkScore of 96!
Location
State CA
County Santa Clara
Area Central San Jose
Building/Complex Name Twohy Lofts
Zoning DC
Interior
Heating Forced Air
Cooling Multi-Zone
Exterior
Garage Metered or Fee
Utilities Available Public Utilities
Roof Type Polyurethane
Building
Foundation Quake Bracing, Steel Frame
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 467-46-030
Security Features Fire Alarm ,Fire System - Sprinkler,Fire System - Suppression,Security Building
Special Listing Condition Not Applicable
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Listed by Joel Hopman • Newmark Cornish & Carey
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Kalani Stone
Agent | Lic# CalBRE: 01336392