1299 Leigh Avenue, San Jose, CA 95126

Property Description

Significantly Improved Pricing! Built in 1971, the Mission Villa Apartments offers a rare unit mix and variety of amenities not commonly found in a 36-unit community. The thoughtfully designed 705 sq. ft. one bedroom on baths, 850 sq. ft. 2 bedroom 2 baths, and 1,150+ sq ft. three bedroom two baths units offer in-wall A/C, dishwashers and disposals, and either private patios or balconies. The attractive Spanish-Style architecture property boasts a heated swimming pool and spa, BBQ area, recreation room, fitness center and an adjoining sauna with shower and restrooms. The Mission Villa Apartments provides a compelling value-add investment opportunity, with upside through both interior and common area renovations combined with mark-to-market benefit. While current ownership has maintained the asset well and renovated select units, the groundwork is laid to expand the unit modernization program to compete with nearby higher-end communities. Additional operational upside can be captured via loss to lease upside, contemporization of existing amenities, or conversion to add multiple additional rental units. Tenants benefit from proximity to the 11-mile Los Gatos Creek Trail, retail and restaurant options of The Pruneyard, Santana Row and Downtown Campbell, and world-class​​‌​​​​‌​​‌‌​​‌​​​‌‌​​​​​‌​​​‌‌​​​‌‌‌​​​ employers.