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555 Milpitas

Milpitas, CA

137 Units

Built in 1973

Value Add

Investment Highlights

  • Top-Rated Public Schools: Residents at 555 Apartments benefit from access to top-rated public schools in the well-regarded Milpitas Unified School District. The property's assigned schools include Milpitas High School (9/10 GreatSchools Rating) and Rancho Milpitas Middle School (8/10 GreatSchools Rating), both of which have been recognized as California Distinguished Schools.
  • Robust Local Economy: Milpitas' strategic Silicon Valley location offers convenient access to top employers such as Cisco, Western Digital, KLA-Tencor, Nanometrics Inc., FireEye, Samsung Semiconductors, Lumentum, Oracle, PayPal, ServiceNow, and eBay. 555 Apartments is just minutes from the Golden Triangle, Silicon Valley's largest employment center with over 1,400 technology companies.
  • Value-Add Opportunity: While current ownership has invested more than $2.4M in largely infrastructural capital improvements over the past three years, a future owner has the ability to implement additional interior and exterior enhancements to drive rental income. No systematic interior cosmetic renovation program has been implemented at the property in over a decade.
  • Favorable Physical Plant: 555 Apartments features an attractive low-density setting of just 20.1 units per acre. The community offers four distinctive, well-appointed one-, two- and three-bedroom floor plans, including townhomes, with an overall weighted average unit size of 816 square feet. Approximately 37 percent of the homes feature vaulted ceilings.

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