Updated Dec 4, 2024
Santa Clara Valley Transportation Authority (VTA) Acquires 1.12-Acre Development Site In San Jose For $23.8M
32 Stockton Avenue & 60 Stockton Avenue
$23,800,000
Building Size
—
Asset Type
Development Site
Closing
Oct 19, 2023
About this deal
AI
The Santa Clara Valley Transportation Authority (VTA) has acquired a 1.12-acre development site located at 32 and 60 Stockton Avenue in San Jose for a total of $23.8 million. This property was originally intended for the development of the Apollo Tower mixed-use project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $23,800,000
- Date: October 19, 2023
- Address: 32 & 60 Stockton Avenue, San Jose
- Market: San Jose
- Buyer: Santa Clara Valley Transportation Authority (VTA)
- Seller's Representative: Carolyn Gonot
The Santa Clara Valley Transportation Authority (VTA) was the purchasing party in this transaction. The acquisition of this development site highlights the authority's ongoing investment in properties that align with their strategic vision for transportation and infrastructure development in the San Jose area.
Players
San Jose Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.67%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93