Santa Clara Multifamily for Sale - South Santa Clara
925 Pomeroy Avenue is a wonderful 20-unit apartment complex located in the core Silicon Valley market of Santa Clara. Built in 1958, the property has a gross building area of 12,869 square feet and consists of (10) two-bedroom/one-bathroom units, (4) one-bedroom/one-bathroom units, and (6) studio units. Unit amenities include dishwashers, in-unit central heating systems, and dual pane windows. Common area amenities include a swimming pool with tranquil lounge area, carport parking for each unit, one private one-car garage, mature landscaping, and a community laundry room with three leased washer/dryer pairs.
Ownership of more than nine years completed substantial roof work and replaced the underground fresh water line with copper in 2022. Ownership has invested
approximately $400,000 in capital improvements consisting of 500 AMP electrical upgrade, replacement of all exterior and electrical panels gutter, fascia, stucco, dry rot, staircase, and railing repairs. Approximately half of the building has had the fresh water piping changed to copper. Additionally, the carport and building exterior were painted, all the catwalks received full waterproofing and dry rot repair, two units were updated, the water heaters were replaced, and the property received the Exterior Elements SB-721 Clearance. The property is in the process of having the roof replaced and the buyer will receive the property with a brand new roof and a transferable warranty for the labor and roofing and material.
New ownership will have the opportunity to substantially raise income and drive significant value by continuing the repositioning of the property to meet the demand for luxury specification units from high income Silicon Valley technology employees. Future improvements could include adding exterior signage, completing highspecification interior unit renovations, and increasing the electrical amperage to power electric vehicle chargers, air conditioning systems, and in-unit laundry.
Ownership recently had an ADU consultancy complete a preliminary ADU feasibility study that indicates that 6 ADUs can be added while preserving 20 parking spaces and up to 13 ADUs can be added if all the parking is eliminated.
The subject property offers tenants convenient access to Interstate 280 and 880, Highway 101, California State Route 82, Lawrence and San Tomas Express Ways, and the robust public transportation options provided by Caltrain and the Santa Clara Valley Transportation Agency. 20925 Pomeroy Avenue is located 1.7 miles from Apple Park, three miles from Nvidia, 3.6 miles from Santana Row, 4.1 miles from Santa Clara University, and 4.5 miles from PayPal Park.
Santa Clara is a major city in the Silicon Valley and the eighth most populous city in the San Francisco Bay Area. It is bordered by Sunnyvale and Cupertino to the west, Alviso to the north, and San Jose to the east and south. Many of the largest technology companies have operations in and around Santa Clara including Invidia, Apple, Alphabet, LinkedIn, Amazon, Intel, and Microsoft. The robust high tech job growth, housing shortage, proximity to large Silicon Valley employers, and the multiple options to add value make 925 Pomeroy Avenue a great opportunity for both the cash flow and appreciation minded investor.
