358 N 7th Street, San Jose, California 95112, San Jose, - bed, bath
ACTIVE$2,925,000
358 N 7th Street, San Jose, California 95112
0Bed
0Bath
6,536Sqft
12,420Lot
Year Built
1961
Close
-
List price
$2.92M
Original List price
$2.92M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML82023937
Home ConditionPoor
Features
View
About this home
13-unit multifamily in downtown San Jose. Features 12 one-bedroom/one-bath units and 1 studio, with on-site laundry, 12 parking spaces (9 covered), and attractive curb appeal with mature landscaping. Current average rent is $1,339/month vs. ~$2,000 market, creating strong value-add potential. Priced below area averages at $225k/unit with a 4.4% cap rate and 13.96 GRM, pro forma returns reach 7.67% cap and 9.47 GRM. Built in 1961 on a 12,420 SF lot, the 6,536 SF structure offers stable cash flow with upside through renovations, rent increases, and compliance upgrades. Ideal for investors seeking repositioning opportunities, 1031 exchange buyers, or those comfortable with renovation-driven appreciation. Marketing package and disclosures available.
Nearby schools
4/10
Horace Mann Elementary School
Public,•K-5•0.4mi
2/10
Grant Elementary School
Public,•K-5•0.5mi
4/10
Empire Gardens Elementary School
Public,•K-5•0.9mi
3/10
Lowell Elementary School
Public,•K-5•1.2mi
2/10
Selma Olinder Elementary School
Public,•K-5•1.2mi
4/10
Washington Elementary School
Public,•K-5•1.6mi
4/10
Gardner Elementary School
Public,•K-5•1.7mi
4/10
Merritt Trace Elementary School
Public,•K-5•2.3mi
4/10
Peter Burnett Middle School
Public,•6-8•0.9mi
3/10
Herbert Hoover Middle School
Public,•6-8•2.1mi
6/10
Orchard Elementary School
Public,•K-8•3.1mi
5/10
Willow Glen Middle School
Public,•6-8•3.7mi
3/10
San Jose High School
Public,•9-12•1.0mi
6/10
Independence High School
Public,•9-12•2.2mi
5/10
Abraham Lincoln High School
Public,•9-12•2.3mi
6/10
Willow Glen High School
Public,•9-12•3.7mi
Price History
Date
Event
Price
10/06/25
Listing
$2,925,000
Condition Rating
Poor
The property was built in 1961, making it 63 years old. The listing explicitly states 'upside through renovations, rent increases, and compliance upgrades' and targets investors seeking 'repositioning opportunities' and 'renovation-driven appreciation.' This language, combined with the significant gap between current and market rents, strongly indicates that the property requires substantial repairs and rehabilitation, particularly in the interior units (kitchens, bathrooms, and other finishes) to meet current market standards. While the exterior appears maintained, the lack of interior photos and the emphasis on renovation potential suggest the units are significantly outdated and in need of major upgrades, aligning with the 'poor' condition criteria.
Pros & Cons
Pros
Significant Value-Add Potential: Current average rents are substantially below market rates ($1,339 vs. ~$2,000), offering clear and immediate upside through rent increases post-renovation.
Attractive Pricing: The property is priced below area averages at $225,000 per unit, providing a competitive entry point for investors in the San Jose market.
Strong Pro Forma Returns: Projected pro forma returns of 7.67% cap rate and 9.47 GRM indicate excellent potential for increased profitability after value-add execution.
Prime Downtown San Jose Location: Located in downtown San Jose, the property benefits from strong rental demand, accessibility, and potential for long-term appreciation in a dynamic urban core.
Desirable Unit Mix & Amenities: The property offers a practical mix of 12 one-bedroom units and 1 studio, complemented by on-site laundry and 12 parking spaces (9 covered), enhancing tenant appeal.
Cons
Renovation & Compliance Upgrades Required: The description explicitly mentions 'upside through renovations' and 'compliance upgrades,' indicating a need for significant capital expenditure and potential operational disruption.
Age of Property: Built in 1961, the property is over 60 years old, which may lead to higher maintenance costs, outdated systems, and potential for unforeseen repairs.
Modest Current Cash Flow: The current 4.4% cap rate suggests that immediate cash flow is relatively low, requiring an investor with a long-term vision and comfort with initial lower returns during the value-add phase.