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75 Fairview Plaza, Los Gatos, California 95030, Los Gatos, 95030 - 5 bed, 5 bath

75 Fairview Plaza, Los Gatos, California 95030 home-pic-0
ACTIVE$2,200,000
75 Fairview Plaza, Los Gatos, California 95030
5Beds
5Baths
2,250Sqft
11,326Lot
Year Built
1900
Close
-
List price
$2.2M
Original List price
$2.2M
Price/Sqft
$978
HOA
-
Days on market
-
Sold On
-
MLS number
ML81977935
Home ConditionFair
Features
Good View: City Lights, Hills, Mountain(s), Neighborhood, Valley
Patio
ViewCity Lights,Hills,Mountain(s),Neighborhood,Valley

About this home

We found 3 Cons,5 Pros. Rank: price - $2.20M(8th), sqft - 2250(44th), beds - 5(64th), baths - 5(74th).

75 Fairview Plaza offers the investor or owner user a rare opportunity to acquire an income producing asset in one of the most prestigious neighborhoods in Los Gatos which is within walking distance to Downtown! 5 units total 1 1bd/1ba and 4 Studios situated on large with a parking lot for 5 cars and walk to town! Charming front porch and common patio area for relaxing. Unit 1 has steps leading to a cozy porch. Inside, high ceilings, and lots of windows, inviting living room, walk-in closet, and an office with access to the front patio. Ample kitchen and the bath features a stall shower and pedestal sink. Unit 2 boasts a living room with wide plank laminate flooring and large window. The kitchen includes an electric stovetop, built-in oven, and an eating area. The bath has a shower over tub and a pedestal sink. Upstairs, Units 3, 4, and 5 each with unique features such as mountain views or a peak of a valley/city light view, high ceilings, and ceiling fans. Each unit includes a kitchen with oven, range and refrigerator. Additional amenities include a large basement for storage, a storage shed, sump pump and each unit has separate meters for convenience. Fully occupied, fantastic commute location and amazing Los Gatos community! Drive-by onlyDo not disturb tenants.

Price History

Date
Event
Price
08/23/24
Listing
$2,200,000
Condition Rating
Fair
Built in 1900, this multi-unit property is aged but appears to be maintained and functional, as it is fully occupied. However, the images reveal significantly outdated kitchens with older appliances (coil-top stoves, white refrigerators), basic cabinetry, and dated countertops. Bathrooms feature pedestal sinks and basic fixtures, indicating a lack of modern updates. The presence of window AC units suggests no central cooling. While livable, the property requires substantial cosmetic and system updates to meet current standards and appeal, aligning with the 'Fair' condition criteria of being aged, maintained through regular upkeep, but with major components showing signs of being outdated and requiring minor updates.
Pros & Cons

Pros

Income-Producing Asset: The property is a fully occupied 5-unit asset (1 1bd/1ba and 4 Studios), offering immediate income generation for investors.
Prime Los Gatos Location: Situated in a prestigious Los Gatos neighborhood, within walking distance to Downtown, enhancing desirability and potential appreciation.
Ample Parking: Includes a parking lot for 5 cars, a significant advantage in a walkable, desirable area.
Separate Utilities: Each unit has separate meters, simplifying utility management and tenant billing for the owner.
Charming Features & Views: Features a charming front porch, common patio, high ceilings, large windows, and some units offer mountain, valley, or city light views.

Cons

Limited Access for Showings: The property is 'drive-by only' with instructions not to disturb tenants, severely limiting a buyer's ability to conduct thorough interior inspections and due diligence.
Age of Property: Built in 1900, the property is very old, suggesting potential for significant deferred maintenance, outdated systems, and higher capital expenditure requirements.
Predominantly Studio Units: Four out of five units are studios, which may attract a specific tenant demographic and could potentially lead to higher turnover or lower per-unit rental income compared to properties with larger units.

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