20th Street Rehab Deal
Acquired a single family (4 bed, 1.5 bath about 1200 sq ft) home which needs some renovation itself. However the location is close to Downtown San Jose. Downtown San Jose is poised for great growth with Google Village planned to be built, upcoming Beryessa Bart and also future extension of Bart to downtown and beyond.
With the city’s encouragement to increase housing, it is possible build 3 units on this lot. Therefore the plan is to rent out this unit as is, and build a 2 bed 2 bath ADU in the back in parallel. After the ADU is built, then remodel and extend the current home and carve out a Junior ADU of the extended portion. This will become a 4 bed 2 ba main unit, 2 bed 2 bath ADU and a 1 bed 1 ba junior ADU. Once all the units are stabilized, it will be refinanced to capitalize.
Rehab Details
| Property City: | San Jose |
| Property State: | CA |
| Purchase Price: | $805k |
| Rehab + Other: | $ |
| Money Cost: | |
| Gross Profit: | Rental Income |
Proposed Site Plan
***May 16, 2021 ****
1. ADU is complete. A permit is a couple of weeks away
2. New lease in place from June 1
3. Extension is 90% complete. Permit approval a couple of weeks away
4. New lease in place from June 1
5. We will switch this with a new project – 9th St ADU
***Jan 31, 2021 ****
1) ADU has been rented.
2) Extension work in progress.. Framing complete
**Nov 28, 2020 ****
***Sept 26, 2020 ****
1) ADU Work in Progress. Flooring insulation is complete
2) Framing is the next in order
3) Extension permit is in the works.
***July 19, 2020 ****
1) Front house remodeling completed.
2) On the market for lease
3) Waiting for permits on the ADU construction
4) Got a date for extension submission.
***June 05, 2020 ****
1) ADU Plans have been submitted to the City
2) Working on Comments from the City
3) Interior demolition and renovation began
***April 07, 2020 ****
Acquired a Single Family Home in San Jose. New Construction and renovation will convert
this to 3 units. Will be refinanced to convert to a rental. Contact us for more information on
lending opportunities.
