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Listed by Adam Foley • CBRE, Inc., DRE#02144332
$2,050,000
Est. payment /mo
8 Beds
6 Baths
4,247 SqFt
Open House
Wed Oct 21, 11:30am - 1:00pm
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Active
Purchase Type For Sale
Square Footage 4,247 sqft
Price per Sqft $482
MLS Listing ID ML82064680
Bedrooms 8
Full Baths 6
Year Built 1963
Lot Size 7,950 Sqft
Property Sub-Type Fourplex
Property Description
1273 Cortez Drive (the Property) is a multifamily asset built in 1963 and comprised of four (4) units in a single two-story building. The Property features a unit mix of one (1) one-bedroom/one-bathroom floorplan, two (2) two-bedroom/one-bathroom townhome floorplans, and one (1) three-bedroom/three-bathroom townhome floorplan. The oversized, townhome-style layouts are a rarity among small-scale rental stock and appeal to renters seeking space and privacy. The Property is partially renovated and in-place rents are strong, averaging $2,813 per unit per month, in line with current market rents. The one vacant unit, a two-bedroom/one-bathroom townhome, offers investors an immediate value-add opportunity. A new owner can renovate the unit on day one and bring it to market rent immediately. The upside is available on the first day of ownership without waiting on a lease expiration or tenant turnover. The Propertys Sunnyvale location in the Sunnyvale West submarket generates premium rents and strong demand from renters backed by high-tech salaries. This Property offers investors the rare opportunity to acquire a partially renovated, well-leased asset in one of the most sought-after rental markets in Silicon Valley. OPEN HOUSE WEDNESDAY OCTOBER 21 11:30-1:00PM | CONTACT LISTING AGENT
Location
State CA
County Santa Clara
Area Sunnyvale
Zoning R3
Interior
Heating Forced Air, Wall Furnace
Cooling Window / Wall Unit
Laundry Washer / Dryer
Exterior
Parking Features Covered Parking
Utilities Available Individual Electric Meters, Individual Gas Meters, Public Utilities
Roof Type Shingle
Building
Story 2
Foundation Crawl Space
Sewer Sewer - Public
Water Public
Level or Stories 2
Others
Tax ID 161-17-009
Security Features None
Horse Property No
Special Listing Condition Not Applicable
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