497 Leigh Avenue

SOLD! – 8/28/2013 – 8-Units Recently Renovated in San Jose —

The subject property, located at 497 Leigh Avenue, is a beautiful garden-style community located in the heart of the
thriving city of San Jose, California.
The property consists of eight spacious one-bedroom/one-bathroom units that are not under the San Jose rent control
ordinance. Leigh Avenue has been completely remodeled inside and out over the past year. The exterior renovation
includes new landscaping with drought resistant plants and palm trees on a drip watering system, elegant new paver stone
between the sidewalk and curb, new doors, screen doors and entry locks in most units, newly resurfaced driveways and
walkways, and a new attractive two-tone exterior paint scheme. An inspection report from last year has been meticulously
reviewed and implemented. These items include fixing the upper walkway and stairs, fixing two building support poles,
fixing the electrical panel, and fixing a previous tripping hazard from an uneven section of the sidewalk.
Most of the spacious interiors has been extensively remodeled with an open, contemporary design. The kitchens feature
modern wood-like flooring, new kitchen appliances and stainless steel sinks, dramatic granite countertops and new
shaker wood cabinets. The bathrooms have been completely redone with new low-flow toilets, modern vanities and
mirrors, and a new tile shower backsplash. Many units benefit from brilliant, high-end lighting fixtures.
The property is located near major employers including HP, Kaiser Permanente, The City of San Jose, Santa Clara
University, Rosendin Electric, Sanmina-SCI Corporation, and Atmel Corporation. Residents enjoy convenient
commutes to these employers via Interstate 280 and 880, State Route 87 and U.S. Highway 101. The Diridon Caltrain
station and the VTA light rail are also just a short drive from the property.
The subject property is ideally located near many of the area's key amenities, including extensive retail and entertainment
options, parks and recreational centers. Santana Row and the Valley Fair Mall are less than two miles from the
Community. The Buena Vista Park is also just two blocks away. The downtown areas of San Jose offer countless
restaurants and boutique retail and entertainment options.
The property is well positioned for future NOI growth given its location, amenities, the perpetual housing constraints in
the market and the continued economic upturn in Silicon Valley.