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Marcus & Millichap Capital Arranges $5.85M Financing For Rancho Verde Apartments Acquisition In San Jose

Property Image
SOLD
$8,800,000
Chad O’Connor
Eymon Binesh

California

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MultiFamily
Sold
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Capital Arranges $5.85M Financing For Rancho Verde Apartments Acquisition In San Jose

127 Rancho Dr San Jose, CA 95111, USA

See Similar Deals
MultiFamily
Sold
Chad O’Connor
Eymon Binesh
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The Rancho Verde Apartments in San Jose, a multifamily property, was recently sold for $8.8 million. The transaction took place on 06/27/2023 and the property is located at 127 Rancho Drive. The sale price translates to a per unit price of $293,333. The buyer plans to carry out substantial renovations in order to achieve market rents.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $8,800,000
  • Units: 30
  • Price Per Unit: $293,333
  • Market: San Jose

Eymon Binesh from Marcus & Millichap represented the buyer in this transaction as the broker. Chad O’Connor, also from Marcus & Millichap, acted as the mortgage broker for the buyer. Marcus & Millichap Capital Corporation arranged the acquisition financing, securing a loan amount of $5.85 million.

Please note that the provided information does not mention any additional details about the deal.

Players

Eymon Binesh
Marcus & Millichap
Eymon Binesh
6 deals$103.2M volume(650) 546-1030
BROKER
Chad O’Connor
Marcus & Millichap
Chad O’Connor
27 deals$267.3M volume
BROKER

Details

SOLD
IMAGE: Chad O’Connor & Eymon Binesh DATE: 06/27/2023 ADDRESS: 127 Rancho Drive MARKET: San Jose ASSET TYPE: Multifamily BROKER: Eymon Binesh - Marcus & Millichap MORTGAGE BROKER: Chad O’Connor - Marcus & Millichap Capital Corporation SALE PRICE: $8,800,000 UNITS: 30 ~ PPU: $293,333 NOTE: Rancho Verde Apartments in San Jose was sold for $8.8 million through Marcus & Millichap, with plans for substantial renovations by the buyer to achieve market rents. The acquisition financing of $5.85 million was arranged by Marcus & Millichap Capital Corporation.

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

$469,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$31,264.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$41,716.49
Annual Debt Service$500,597.87