497 Leigh Avenue
San Jose, CA 95128
Sq. Feet 6,098
111-123 Fairchild Drive represents an incredible development opportunity in highly desirable Mountain View, California. The 43,640 square feet of space lies on two separate lots with nearly 500 square feet of street frontage facing Fairchild Drive, Tyrella Avenue and Evandale Avenue, and is less than one quarter-mile from Google's rapidly expanding campus. Located in "Area B" of The City of Mountain View's 2012 Evandale Precise Plan, the property has received encouragement from the city for residential redevelopment and the preservation and construction of low and moderate income housing.
The maximum density shall be 20 to 25 units per acre and can be increased to 26 to 30 units per acre if at least 20 percent of the units are set aside as housing for lower-income households, or 10 percent for very-low income households, or 50 percent for the elderly. The subject property has received a case closure from the Santa Clara Valley Water District in reference to the gas and oil tanks removed in 1996. Monitoring wells have been installed on the site as well. There are currently six two-bedroom/one-bath cottage-style apartment units on the site, as well as five industrial sites, to supplement income during the entitlement process.
Cap Rate: 3.09% NOI: $114,178 Livable Sq. Ft: 4,988
Built in 1949 12 units Lot Sq. Ft: 43,640