115 S 28th Street, San Jose, California 95116, San Jose, 95116 - 3 bed, 2 bath
ACTIVE$799,000
115 S 28th Street, San Jose, California 95116
3Beds
2Baths
1,293Sqft
7,616Lot
Price Vs. Estimate
The estimated value ($799,000) is $0 (0%) lower than the list price ($799,000). This property may be overpriced.
Key pros and cons
Top Pros:
Mixed-Use Zoning & Income Potential: The property boasts versatile mixed-use zoning, allowing for diverse applications beyond a single-family home, and is currently generating rental income, providing immediate cash flow.
Top Cons:
Age of Property & Potential for Updates: Built in 1935, the property is nearly 90 years old, suggesting that systems and finishes may be outdated and could require significant capital investment for modernization or deferred maintenance.
Compared to the nearby listings
Price:$799.0K vs avg $1.05M ($-251,000)8%
Size:1,293 sqft vs avg 1,338 sqft44%
Price/sqft:$618 vs avg $72124%
More Insights
Built in 1935 (90 years old).
Condition: The property was built in 1935, making it quite old. While the exterior appears maintained with updated windows, there are no interior images provided, especially for the kitchen and bathrooms. This absence typically indicates that these key areas are likely outdated and have not undergone recent, extensive renovations. The description focuses on its income potential and mixed-use zoning rather than its updated condition. Therefore, the property is likely aged but maintained, with functional but outdated components, requiring minor updates or repairs to meet modern standards.
Year Built
1935
Close
-
List price
$799K
Original List price
$799K
Price/Sqft
$618
HOA
-
Days on market
-
Sold On
-
MLS number
ML82017824
Home ConditionFair
Features
View-
About this home
Versatile income property with mixed-use potential115 S. 28th Street offers a rare combination of residential comfort and income potential. The main residence is a spacious 3-bed/2-bath single-family home and flexible yard space currently generating rental income. Zoned for mixed-use and set on a contiguous parcel next to 101 S. 28th Street (also available for sale), this property invites multiple strategies: live in one, lease out the rest, or redevelop for higher use. Month-to-month agreements and separate utilities for most tenants create immediate income and long-term flexibility. Purchase individually or combine with 101 S. 28th Street for a two-parcel, five-income-stream investment in the heart of San Jose.
Condition Rating
Fair
The property was built in 1935, making it quite old. While the exterior appears maintained with updated windows, there are no interior images provided, especially for the kitchen and bathrooms. This absence typically indicates that these key areas are likely outdated and have not undergone recent, extensive renovations. The description focuses on its income potential and mixed-use zoning rather than its updated condition. Therefore, the property is likely aged but maintained, with functional but outdated components, requiring minor updates or repairs to meet modern standards.
Pros & Cons
Pros
Mixed-Use Zoning & Income Potential: The property boasts versatile mixed-use zoning, allowing for diverse applications beyond a single-family home, and is currently generating rental income, providing immediate cash flow.
Redevelopment & Expansion Opportunity: The zoning and contiguous parcel availability (with 101 S. 28th Street also for sale) present significant potential for redevelopment or higher-density use, maximizing future value.
Flexible Investment Strategies: With month-to-month tenant agreements and separate utilities, the property offers immediate income while providing flexibility for an owner to live in one unit, lease out others, or pursue redevelopment.
Multiple Income Streams: The property is described as having multiple income streams, and the potential to combine with the adjacent parcel could create up to five income streams, enhancing investment returns.
Prime San Jose Location: Situated 'in the heart of San Jose,' the property benefits from a desirable urban location, likely offering strong rental demand and long-term appreciation potential.
Cons
Age of Property & Potential for Updates: Built in 1935, the property is nearly 90 years old, suggesting that systems and finishes may be outdated and could require significant capital investment for modernization or deferred maintenance.
High Redevelopment Costs & Complexity: While offering redevelopment potential, realizing 'higher use' will likely involve substantial financial investment, permits, and project management, which can be a barrier for some buyers.
Management of Multiple Tenants: Managing multiple tenants, especially with month-to-month agreements and separate utilities, can be more complex and time-consuming than a standard single-family rental, requiring active landlord involvement.