181 Alexander Avenue, San Jose, California 95116, San Jose, - bed, bath
ACTIVE$1,750,000
181 Alexander Avenue, San Jose, California 95116
0Bed
0Bath
3,206Sqft
6,600Lot
Year Built
1962
Close
-
List price
$1.75M
Original List price
$1.75M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML82011231
Home ConditionGood
Features
Patio
View-
About this home
Amazing opportunity to buy a four unit building at a great cap rate . Unit 2 & 3 has been completely remodeled with new floorings, appliances, kitchen and bathroom and new mini split HVAC and washer 7 dryer . This well-maintained 4 unit building has a large lot and off street parking. Comfortable loft -style units, each unit has it own yard space. Unit 1 & 4 is livable but has not yet remodel with potential for more income . Close to 680 and 101 this property gives great access to all of the bay area including jobs, shopping and entertainment. With both 2 and 1 bed units the building offers desirable and in demand rentals. All tenants would like to stay!
Price History
Date
Event
Price
06/16/25
Listing
$1,750,000
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (5 Listings) | |
|---|---|---|---|
| Beds | 0 | 0 | |
| Baths | 0 | 0 | |
| Square foot | 3,206 | 1,720 | 83% |
| Lot Size | 6,600 | 6,299 | 67% |
| Price | $1.75M | $1.34M | 83% |
| Price per square foot | $546 | $590 | 50% |
| Built year | 1962 | 9795981 | 83% |
| HOA | |||
| Days on market | 142 | 149 | 50% |
Condition Rating
Good
While the property was built in 1962, the listing explicitly states that two of the four units (Units 2 & 3) have been completely remodeled with new flooring, appliances, kitchens, bathrooms, and new mini-split HVAC systems. The provided images confirm these units feature modern white shaker cabinets, quartz countertops, stainless steel appliances, contemporary bathroom fixtures, and recessed lighting, indicating a very recent and high-quality renovation. The other two units (Units 1 & 4) are described as 'livable but not yet remodeled,' suggesting they are functional but older. Given that half of the property has undergone extensive, recent renovation, including major systems, and the overall building is described as 'well-maintained,' the property's condition is elevated to 'Good.' It is move-in ready for at least two units, with the potential to upgrade the remaining two.
Pros & Cons
Pros
Strong Income Potential: As a four-unit building in San Jose, it offers significant rental income, further enhanced by the 'great cap rate' mentioned, making it an attractive investment opportunity.
Recent Renovations: Two of the four units (2 & 3) have been completely remodeled with modern amenities including new flooring, appliances, kitchen, bathroom, mini-split HVAC, and in-unit washer/dryer, commanding higher rents and tenant appeal.
Value-Add Opportunity: Units 1 & 4 are livable but unremodeled, presenting a clear opportunity for a new owner to upgrade and increase rental income, thereby boosting the property's overall value and cash flow.
Desirable Location & Accessibility: Situated in San Jose with excellent access to major freeways (680 and 101), providing convenient commutes to Bay Area jobs, shopping, and entertainment, which attracts a strong and consistent tenant pool.
High Tenant Retention & Amenities: All current tenants wish to stay, ensuring immediate occupancy and stable cash flow. Additionally, each unit offers private yard space and off-street parking, desirable features for renters.
Cons
Partial Renovation Requires Investment: While two units are updated, the remaining two (1 & 4) require remodeling to reach their full income potential, necessitating additional capital expenditure and management effort for the new owner.
Age of Building: Constructed in 1962, the property is over 60 years old. While described as well-maintained, older buildings can be prone to unforeseen maintenance issues or require significant capital improvements to major systems (e.g., plumbing, electrical, roof) in the future.
Unspecified Current Financials: The description highlights a 'great cap rate' but does not provide specific current rental income, operating expenses, or the actual cap rate, requiring thorough financial due diligence from a prospective buyer.