358 N 7th Street, San Jose, California 95112, San Jose, 95112 - bed, bath
ACTIVE UNDER CONTRACT$2,500,000
358 N 7th Street, San Jose, California 95112
0Bed
0Bath
6,536Sqft
12,420Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Significant Value-Add Potential: Current average rents of $1,339/month are substantially below the estimated market rate of ~$2,000/month, offering a strong opportunity for significant income growth through strategic rent increases and property repositioning.
Top Cons:
Age of Property & Extensive Renovation Needs: Built in 1961, the property is over 60 years old, and the description explicitly mentions the need for 'renovations' and 'compliance upgrades' for 'repositioning,' indicating a requirement for significant capital expenditure.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
This property has been on the market for 126 days.
Built in 1961 (64 years old).
Condition: Built in 1961, this multifamily property is significantly outdated and requires substantial renovations to meet current market standards and achieve its 'value-add potential' as stated in the description. The kitchen features very old cabinets, basic laminate countertops, an older electric coil stove, and a dated fluorescent light fixture. While the flooring appears to be a more recent laminate update, the overall unit condition, including wall-mounted heaters and likely equally dated bathrooms (not pictured), indicates a need for extensive rehabilitation and compliance upgrades. It is functional but far from modern, necessitating significant capital expenditure for repositioning.
Year Built
1961
Close
-
List price
$2.5M
Original List price
$2.92M
Price/Sqft
$382
HOA
-
Days on market
126 Days
Sold On
2026-02-09
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. 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
Condition Rating
Poor
Built in 1961, this multifamily property is significantly outdated and requires substantial renovations to meet current market standards and achieve its 'value-add potential' as stated in the description. The kitchen features very old cabinets, basic laminate countertops, an older electric coil stove, and a dated fluorescent light fixture. While the flooring appears to be a more recent laminate update, the overall unit condition, including wall-mounted heaters and likely equally dated bathrooms (not pictured), indicates a need for extensive rehabilitation and compliance upgrades. It is functional but far from modern, necessitating significant capital expenditure for repositioning.
Pros & Cons
Pros
Significant Value-Add Potential: Current average rents of $1,339/month are substantially below the estimated market rate of ~$2,000/month, offering a strong opportunity for significant income growth through strategic rent increases and property repositioning.
Prime Downtown San Jose Location: Situated in downtown San Jose, this multifamily property benefits from a desirable urban core location, typically associated with high rental demand and long-term appreciation potential.
Stable Cash Flow with Upside: The property currently provides stable cash flow, with substantial upside potential through planned renovations, rent adjustments, and compliance upgrades, making it attractive for investors.
Ample On-Site Parking: With 12 parking spaces, including 9 covered, for 13 units, the property offers a strong parking ratio, which is a significant amenity and competitive advantage in a dense urban environment.
On-Site Laundry & Curb Appeal: The inclusion of on-site laundry facilities enhances tenant convenience, while attractive curb appeal and mature landscaping contribute to the property's marketability and tenant retention.
Cons
Age of Property & Extensive Renovation Needs: Built in 1961, the property is over 60 years old, and the description explicitly mentions the need for 'renovations' and 'compliance upgrades' for 'repositioning,' indicating a requirement for significant capital expenditure.
Extended Market Time & Price Adjustment: The property has been on the market for 126 days and experienced a notable price reduction from $2.925M to $2.5M, suggesting potential challenges in attracting buyers or an initial overpricing relative to its condition and required investment.
Potential for Unforeseen Costs: Given the property's age and the necessity for 'compliance upgrades,' there is an inherent risk of encountering unexpected structural, mechanical, or code-related issues during renovations, which could lead to increased costs and project delays.