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The Core Companies Acquires Development Site In Downtown San Jose For $18.2M

Property Image
SOLD
$18,200,000

California

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Development Site
Sold 04/19/2022
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Property Image
SOLD

The Core Companies Acquires Development Site In Downtown San Jose For $18.2M

470 South Market Street, San Jose, California 95113, United States

See Similar Deals
Development Site
Sold 04/19/2022

Summary

CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale

Located at 470 S. Market Street in Downtown San Jose, this property is a development site that was recently sold. The sale took place on April 19, 2022, for a total price of $18,200,000. The property consists of 300 units, with an average price per unit of $60,666. The transaction was completed by The Core Companies, represented by David & Chris Neale.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $18,200,000
  • Address: 470 S. Market Street, Downtown San Jose
  • Units: 300
  • Price per Unit: $60,666
  • Buyer: The Core Companies - David & Chris Neale

The Core Companies, led by David & Chris Neale, successfully acquired the development site located at 470 S. Market Street. This deal marks another milestone for The Core Companies as they continue to expand their portfolio in the Downtown San Jose market.

Details

SOLD
IMAGE: David Neale & Chris Neale DATE: 04/19/2022 ADDRESS: 470 S. Market Street MARKET: Downtown San Jose ASSET TYPE: Development Site BUYER: The Core Companies - David & Chris Neale SALE PRICE: $18,200,000 UNITS: 300 ~ PPU: $60,666

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$970,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$64,660.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$86,277.29
Annual Debt Service$1,035,327.42