551 Northlake Drive, San Jose, California 95117, San Jose, 95117 - bed, bath
ACTIVE$1,950,000$2,992/sqft
551 Northlake Drive, San Jose, California 95117
0Bed
0Bath
2,992Sqft
6,535Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Strong Income Generation: The property is a fully rented fourplex generating $95,580 in annual gross income, providing immediate and substantial cash flow for investors.
Top Cons:
Property Age: Built in 1960, the property's underlying infrastructure is over 60 years old, which may lead to higher long-term maintenance costs or require more extensive system upgrades in the future, despite recent cosmetic improvements.
Compared to the nearby listings
Price:$1.95M vs avg $1.68M (+$275,000)86%
Size:2,992 sqft vs avg 2,880 sqft57%
Price/sqft:$652 vs avg $52057%
More Insights
Built in 1960 (66 years old).
Condition: The property, built in 1960, has received recent functional upgrades including a newer roof, front siding, water heater, and some appliances (approx. 5 years), and a freshly painted exterior, indicating good maintenance. However, the interior images reveal significantly dated kitchens with older cabinets, countertops, and basic appliances (despite some being newer), and bathrooms with outdated fixtures and tile. Popcorn ceilings and worn carpets are also visible. While livable and functional, the property requires minor updates and cosmetic renovations to modernize the interior styles and features, particularly in the kitchen and bathrooms, aligning with a 'Fair' condition.
Year Built
1960
Close
-
List price
$1.95M
Original List price
$1.95M
Price/Sqft
$652
HOA
-
Days on market
-
Sold On
-
MLS number
ML82031091
Home ConditionFair
Features
View-
About this home
Well-maintained fourplex centrally located in the Northlake neighborhood of West San Jose. All four units are 2BR/1BA with $95,580 annual gross income. First-floor units feature double-pane windows and laminate wood flooring. Recent upgrades include newer roof, front siding, water heater, and appliances (approx. 5 years), and freshly painted exterior. Fully rented with majority month-to-month tenancies, providing immediate cash flow for owner-occupied or investors. Prime location near Apple, Google, Netflix, eBay, Santana Row, and major commute routes including Hwy 280/880, San Tomas, and Lawrence Expressway.
V
Valerie Lam
Listing Agent
Price History
Date
Event
Price
07/14/20
Sold
$1,620,000
06/30/05
Sold
$850,000
Condition Rating
Fair
The property, built in 1960, has received recent functional upgrades including a newer roof, front siding, water heater, and some appliances (approx. 5 years), and a freshly painted exterior, indicating good maintenance. However, the interior images reveal significantly dated kitchens with older cabinets, countertops, and basic appliances (despite some being newer), and bathrooms with outdated fixtures and tile. Popcorn ceilings and worn carpets are also visible. While livable and functional, the property requires minor updates and cosmetic renovations to modernize the interior styles and features, particularly in the kitchen and bathrooms, aligning with a 'Fair' condition.
Pros & Cons
Pros
Strong Income Generation: The property is a fully rented fourplex generating $95,580 in annual gross income, providing immediate and substantial cash flow for investors.
Prime Location: Centrally located in West San Jose's Northlake neighborhood, offering exceptional proximity to major tech employers (Apple, Google, Netflix, eBay), Santana Row, and key commute routes (Hwy 280/880, San Tomas, Lawrence Expressway), ensuring high tenant demand.
Recent Capital Improvements: Significant recent upgrades (approx. 5 years ago) including a newer roof, front siding, water heater, and appliances, along with a freshly painted exterior, reduce immediate capital expenditure for a new owner.
Flexible Tenancy Structure: The majority of tenancies are month-to-month, offering a new owner flexibility to adjust rents, implement renovations, or potentially occupy a unit.
Well-Maintained Condition: Described as 'well-maintained' with specific upgrades and a freshly painted exterior, indicating good overall upkeep and curb appeal.
Cons
Property Age: Built in 1960, the property's underlying infrastructure is over 60 years old, which may lead to higher long-term maintenance costs or require more extensive system upgrades in the future, despite recent cosmetic improvements.
Inconsistent Unit Modernization: Only first-floor units are specified to have double-pane windows and laminate wood flooring, suggesting other units or common areas might have dated interiors or require further modernization.
High Entry Price Point: The list price of $1.95 million represents a substantial capital investment, which could limit the pool of potential buyers and impact the initial capitalization rate depending on market rents and operating expenses.