159 5th Street, Gilroy, CA

 

5 Units

 

159 5th Street Gilroy 5 Unit Multi Family For Sale

 

$1,699,000

 

Download PDF Brochure


Complex Notes:

 

  • Units A & B are upstairs two bedroom / one bathroom units with vaulted open beam ceilings. These units are approximately 850 square feet.
  • Units C & D are upstairs one bedroom / one bathroom units with vaulted open beam ceilings. These units are approximately 700 square feet.
  • Unit E is a ground floor one bedroom / one bathroom with a very large fenced yard accessible via a sliding glass door. This unit is approximately 700 square feet.
  • The upstairs units all share a large wooden deck.
  • The interiors are all similar with tile kitchen and bathroom counters, tile bathroom surrounds, and a mix of flooring. The upstairs units have lots of storage above cabinets.
  • The property has 8 carport spaces and one uncovered parking space.
  • Potentially,  at least one 800-1000 sq.ft Accessory Dwelling Unit (ADU) may be constructed on this parcel. The ground floor, below units A and B, is ideal for the additional of an ADU..
  • Gilroy Planning Department Website: https://www.cityofgilroy.org/903/Accessory-Dwelling-Units
  • The complex is a short distance to downtown Gilroy with its many restaurants, banks, stores, gyms, and other services. The property is also close to Safeway, Nob Hill, Starbucks, Walgreens, CVS, Wells Fargo, and Anytime Fitness.
  • The complex is 3,799 square feet was constructed in 1963.
  • Laundry facility with a washer and dryer.  The owner collects all income and pays a monthly equipment rental fee. 
  • The owner pays water, sewer, garbage, and common area PG&E. Tenants pay their own PG&E, cable, and internet.

 

Gilroy Facts:

 

  • The estimated population is 59,250 as per the 2020 Census.
  • 37% of the work force commutes to Silicon Valley, which is 34 miles away.
  • Gilroy has rail access via Cal Train to the San Jose Metro and Lite Rail systems.
  • Gilroy is known as the Garlic Capitol of the World and is home to the annual Garlic Festival held in July.
  • Gilroy has access to the St. Louise Hospital.
  • Gavilan Community College, with a 7,300 student enrollment, is located in Gilroy.
  • The Gilroy Premium Outlet Center has 150 stores and is one of the nations largest.
  • Major employers include: Christopher Ranch, Gilroy Foods, Olam Spices & Vegetables, Headstart Nursery, and Cintas.

 

 

Financials

 

Listing Price:  $1,699,000  Building Sq. Ft: 3,799  Units 5
Down Payment: $874,000  Lot Square Ft: 9,097  Price/Unit:  $339,800
Loan Amount: $825,000  APN:  79906030  Age: 1963
Gross Rent Multiplier: 13.24  Market GRM: 12.00  Roof: Pitched
Cap Rate: 4.81%  Market Cap: 5.52% Price/Sq Ft $447
Rent Roll: Current: Market:
Unit A Two Bed / 1 Bath - 850sq ft $2,475 $2,600
Unit B Two Bed / 1 Bath - 850 sq ft $2,475 $2,600
Unit C One Bed / 1 Bath - 700 sq ft $1,722 $2,200
Unit D One Bed / 1 Bath - 700 sq ft $2,195 $2,200
Unit E One Bed / 1 Bath - 700 sq ft $1,825 $2,200
Monthly Scheduled Rents: $10,692 $11,800
Scheduled Gross Annual Income $128,304 $141,600
Less: Vacancy Factor @ 5% $6,415 $7,080
Additional Income Laundry: $2,055 $2,055
Effective Gross Income: $123,944 $136,575
Less Expenses:
Property Taxes: 1.126% $19,131 15.44% $19,131 14.01%
Repairs and Maintenance: $750 $3,750 3.03% $3,750 2.75%
Property Management 4% $4,958 4.00% $5,463 4.00%
Property Insurance: $1,876 1.51% $1,876 1.37%
Garbage: $1,939 1.56% $1,939 1.42%
Water & Sewer: $3,293 2.66% $3,293 2.41%
PG&E: $3,980 3.21% $3,980 2.91%
Laundry Equipment: $506 0.41% $506 0.37%
License Fee: $35 0.03% $35 0.03%
Landscaping: $1,800 1.45% $1,800 1.32%
Miscellaneous: $1,000 0.81% $1,000 0.73%
Total Expenses: $8,454 $42,268 34.10% $42,773 31.32%
Net Operating Income: $81,676 $93,802
Annual Debt Service:: 6.00% $59,935 $59,935
Before Tax Cash Flow: $21,741 2.49% $33,867 3.87%

 

Notes:

 

1. Property taxes are based on the 2021/2022 property tax bill and reflect new Proposition 13 rates. 
2. Repairs and Maintenance is based on $750 per unit per year. 
3. Property Insurance is based on Sellers most recent insurance bill. 
4. Building square footage is estimated.
5. Landlord pays water, garbage, sewer and house PG&E. Tenants pay individual unit PG&E.
6. Water & Sewer bill is based on the 2021 P&L.

 

 

 

Plot Map

159 5th Street Gilroy Parcel Map

 

Area Map

159 5th Street Gilroy Area Map

 

 

 

 

 


Download PDF Brochure

 

Subscribe to our Newsletter

Periodic news regarding our listings and services.