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SUBMIT OFFERS-7.72% Cap Rate on Actual Income 885-889 S 1st St 7,250 SF 100% Leased Retail Building San Jose, CA 95110 $6,132,259 CAD ($845.83 CAD/SF) 7.72% Cap Rate
Investment Highlights
- High profile location on signalized corner
- Easy to manage building with all tenants current on rent
- Residential units are all fully furnished
- Both the residential and commercial units are updated and nicely improved
Executive Summary
OWNER FINANCING - 2 BUILDING OFFERING - 100% LEASED MIXED USE PROPERTY - 5 RESIDENTAIL UNITS & 3 COMMERCIAL UNITS
1. Combined building size is 7,250 square feet (5,250 sf & 2,000 sf)
2. Buildings must be sold together
3. Cap rate on 889-899 S. First Street is 7.75%
4. Cap rate on the 885 S. 1st Street building is 8.10%
5. Prime signalized corner
6. Excellent 1031 Exchange property and long term investment
7. All apartments are on a month to month lease basis
8. The Fitness tenant lease ends in 9/31/2026 & the Event Space lease expires 9/30/2029
9. Buyer has the right to terminate the long term leases within 90 days of purchasing the property
10. The investment could be an excellent development opportunity
11. Seller will finance up to $1.5m of the sales price (terms are open for negotiation)
1. Combined building size is 7,250 square feet (5,250 sf & 2,000 sf)
2. Buildings must be sold together
3. Cap rate on 889-899 S. First Street is 7.75%
4. Cap rate on the 885 S. 1st Street building is 8.10%
5. Prime signalized corner
6. Excellent 1031 Exchange property and long term investment
7. All apartments are on a month to month lease basis
8. The Fitness tenant lease ends in 9/31/2026 & the Event Space lease expires 9/30/2029
9. Buyer has the right to terminate the long term leases within 90 days of purchasing the property
10. The investment could be an excellent development opportunity
11. Seller will finance up to $1.5m of the sales price (terms are open for negotiation)
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$569,482
|
$78.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$569,482
|
$78.55
|
| Taxes |
$78,219
|
$10.79
|
| Operating Expenses |
$27,558
|
$3.80
|
| Total Expenses |
$105,776
|
$14.59
|
| Net Operating Income |
$463,705
|
$63.96
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $569,482 |
| Annual Per SF | $78.55 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $569,482 |
| Annual Per SF | $78.55 |
| Taxes (CAD) | |
|---|---|
| Annual | $78,219 |
| Annual Per SF | $10.79 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $27,558 |
| Annual Per SF | $3.80 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $105,776 |
| Annual Per SF | $14.59 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $463,705 |
| Annual Per SF | $63.96 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
7,250 SF
Building Class
C
Year Built
1972
Price
$6,132,259 CAD
Price Per SF
$845.83 CAD
Cap Rate
7.72%
NOI
$473,537 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.72
Lot Size
0.23 AC
Zoning
MUC -Mixed Use Commercial - Zoning allows for a wide range of retail and office use including restaurants, veterinary clinic, medical office, and mixed use development
Parking
9 Spaces (1.24 Spaces per 1,000 SF Leased)
Frontage
33’ on South 1st Street
Moderately walkable
60/100
Exceptionally drivable
100/100
Good public transit
70/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 264-36-074 | Total Assessment | $1,762,581 CAD (2025) |
| Land Assessment | $1,175,054 CAD (2025) | Annual Taxes | $78,219 CAD ($10.79 CAD/SF) |
| Improvements Assessment | $587,527 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
264-36-074
Land Assessment
$1,175,054 CAD (2025)
Improvements Assessment
$587,527 CAD (2025)
Total Assessment
$1,762,581 CAD (2025)
Annual Taxes
$78,219 CAD ($10.79 CAD/SF)
Tax Year
2024
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SUBMIT OFFERS-7.72% Cap Rate on Actual Income | 885-889 S 1st St
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