8001 Church Street, Gilroy, CA

8001 Church Street Apartment for Sale in Gilroy Photo

COMPLEX NOTES:

  • Rarely available multi-family complex in Gilroy featuring:
  • One Three Bedroom / Two Bathroom House with large fenced backyard. The house has new vinyl windows, new asphalt composition roof, and has been recently painted. The backyard has artificial grass and a trophy black oak tree.
  • The interior features a kitchen with newer kitchen cabinets, a gas stove, Formica and granite counters, recently refinished hardwood floors, a natural gas forced air heating system and a washer dryer laundry hookups.
  • The garage has been converted into living space. The tenant has parking on the side of the house for two cars and on the driveway.
  • Tenant pays water, garbage, sewer, and PG&E.
  • Four Two Bedroom / One Bathroom units have new vinyl windows, a new roof, and has been recently been painted. The downstairs units have large fenced patios.  Units C and B have use of covered sheds in the rear of the property.
  • The interiors feature gas wall furnaces, gas stoves, and large living rooms. Two bathrooms have been recently remodeled.
  • The tenants have access to 4 covered carports and two off street parking places.
  • The four unit tenants pay for PG&E, garbage, cable, and internet. Landlord pays for water and sewer.
  • The complex is 4,000 sq. ft. The house was built in 1947.

 

GILROY:

  • The estimated population is 48,821 as per the 2010 Census.
  • 37% of the work force commutes to Silicon Valley, which is 34 miles away.
  • The median sales price of a single family home as of May 2017 is $689,000.
  • Major employers include: Christopher Ranch, Gilroy Foods, Olam Spices & Vegetables, Headstart Nursery, the Gilroy Outlet Mall retailers, and Cintas.
  • Gilroy has rail access via Cal Train to the San Jose Metro and Lite Rail systems.
  • Potentially, Gilroy will be a stop on the proposed Bullet Train between the Bay Area and Los Angeles.
Listing Price:  $1,515,000  Building Sq. Ft:   4,000  Units:  5
Down Payment:  $700,000  Lot Square Ft:   10,081  Price/Unit:  $303,000 
Loan Amount:  $815,000  APN:  790-35-007 Age:  1947
Gross Rent Multiplier:  18.82 Market GRM:  13.95 Roof:  Pitched 
Cap Rate:  3.30% Market Cap:  5.10%
Rent Roll:  Current:  Market: 
Three Bedroom /Two Bathroom  $2,010 $2,650
Two Bedroom / One Bathroom $1,200 $1,600
Two Bedroom / One Bathroom $1,200 $1,600
Two Bedroom / One Bedroom $1,150 $1,600
Two Bedroom / One  Bathroom  $1,150 $1,600
Monthly Scheduled Rents: $6,710 $9,050
Scheduled Gross Annual Income $80,520 $108,600
Less: Vacancy Factor 3% $2,416 $3,258
Additional Income: Laundry 
Effective Gross Income:  $78,104 $105,342
Less: Expenses
Property Taxes 1.149% $17,407 22.29% $17,407 16.52%
Repairs & Maintenance $600.00 $3,000 3.84% $3,000 2.85%
Property Insurance $1,700 2.18% $1,700 1.61%
Garbage:  $1,526 1.95% $1,526 1.45%
Sewer $1,590 2.04% $1,590 1.51%
Water $1,284 1.64% $1,284 1.22%
PG&E:  0.00% $0 0.00%
Landscaping:  $600 0.77% $600 0.57%
Miscellaneous $1,000 1.28% $1,000 0.95%
Total Expenses: $5,621.45 $28,107 35.99% $28,107 26.68%
Net Operating Income $49,997 $77,235
Annual Debt Service:  4.00% $47,132 $47,132
Before Tax Cash Flow $2,866 0.41% $30,103 4.30%
Principal Reduction: $14,532 $14,532
Return Before Taxes: $17,397 2.49% $44,635 6.38%
Notes: 
1. Property taxes are based on the 2017/2018 property tax bill and reflect new Proposition 13 rates. 
2. Repairs and Maintenance is based on $600 per unit per year. 
3. Property Insurance is based on Sellers most recent insurance bill. 
4. Building square footage is estimated. 
5. Tenants pay PG&E. 
6. Landlord pays all utilities for 4 plex. Landlord pays no utilities for the house. 

 

 

 

8001 Church Street Gilroy Plot Map

 

8001 Church Street in Gilroy Area Map

 

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