Mission Villa Apartments 1299 Leigh Ave 36 Unit Apartment Building $15,701,476 CAD ($436,152 CAD/Unit) 5.45% Cap Rate San Jose, CA 95126

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, a BBQ area, a game or 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. The property is ideally located near the Campbell border in the heart of the "Capital of Silicon Valley" and 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.