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Sunbelt Rentals Acquires 2.4 Acres Of Land In San Jose For $5M
SOLD
$5,000,000
California
See Similar DealsLand
Sold 09/13/2023
SOLD
Sunbelt Rentals Acquires 2.4 Acres Of Land In San Jose For $5M
2101 Alum Rock Avenue
See Similar DealsLand
Sold 09/13/2023
Summary
CALIFORNIA
Asset Type:Land
Transaction Type:Sale
Sunbelt Rentals has acquired 2.4 acres of land in East San Jose for $5 million. The land, which was originally intended for an 800-home development, was previously owned by a developer accused of real estate fraud. It is currently unclear how Sunbelt Rentals plans to utilize the land.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $5,000,000
- Address: 2101 & 2149 Alum Rock Avenue, San Jose
- Market: San Jose
- Buyer: Sunbelt Rentals - Brendan Horgan
- Seller: Sanjeev Acharya
This acquisition marks Sunbelt Rentals' entry into the San Jose real estate market. With their purchase of 2.4 acres of land, the company has positioned itself for future growth and development opportunities. It will be interesting to see how Sunbelt Rentals leverages this strategic acquisition and contributes to the ongoing development of the East San Jose area.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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