*PROPERTY VIEWING - Friday December 20th, 2-4pm* A unique rental property, directly across the street from San Jose State University. This 5-unit apartment building actually has 6 legal units! There are three (3), two bedroom/one bath units; two (2) one bedroom/one bath units; and one (1), fully permitted, legal, three bedroom/two bath+ office. The building is classified as 5-unit building only because there are 5 on-site parking spaces, but there are six (6) legal, permitted units. All the units are fully rented. The four-bedroom unit is currently being rented as an SRO unit (Single Room Occupancy), meaning the bedrooms are rented out individually. The unit can continue to be operated in this manner or it can be rented out as a 3BD/2BA+office unit with minor modifications to the kitchen. There is also a large living room and a laundry room with appliances within this unit. There is large upside potential with this property. The rents are below market, especially due to its proximity to San Jose State University, and although the units are in reasonably good condition, they could be upgraded to generate considerably higher revenue. At present the building generates $11,935 in monthly revenue. But could be generating up to $14,700/month with renovations and strong management. The building was constructed in 1951 on a 5,850 SF, level lot. The building was constructed with stucco over wood framing on a concrete perimeter foundation. The total square footage of the 6 units is more 6,000 square feet in size. (Buyer to verify measurements.) The building is ideally located for both student or workforce rentals. The multifamily market in San Jose has seen compelling growth over the past 20 years. Silicon Valley's tech economy's success has driven large increases in employment and income and generated strong growth in housing demand. Competition for for-sale and rental housing in the premier Silicon Valley suburbs has pushed housing costs to some of the highest levels in the nation. Average apartment rents are the third highest in the U.S., after New York and San Francisco, while for sale housing is out of the reach of many residents. Accordingly, the vacancy rate is projected to remain low as the number of new apartment deliveries increases over the next two years. The for-sale housing market remains expensive. With house prices continuing to rise and mortgage rates at approximately 7%, San Jose has the nation's widest affordability gap between buying and renting. That means most new households will become renters rather than owners, creating a backstop for apartment demand.