Property Overview:
7521 Chestnut St is a multi-unit property in Gilroy, CA, featuring 2 homes on 1 lot. The main home was built in 1940 and offers a total of 4 bedrooms, 2 bathrooms, and 1,546 sq. ft. of living space. The property is currently listed for $950,000 and is considered a great investment opportunity.
Neighborhood Highlights:
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Crime Rate:
- Personal crime risk: 7.1% (lower than state average of 11.8%).
- Property crime risk: 7.6% (lower than state average of 10.8%).
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Schools:
Nearby schools include Eliot Elementary, South Valley Middle, and Santa Clara County Regional Occupational Program-South.- Average SAT score: 1014 (above state average of 975).
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Job Market:
- 52.5% white-collar jobs, 47.5% blue-collar jobs.
- Unemployment rate: 5.1% (slightly higher than state average of 4.7%).
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Demographics:
- Community population: 48,479 (1% growth since 2000).
- 80% families with children.
- Largest age group: 35-44 years (14.74%); second largest: 25-34 years (13.25%).
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Natural Disaster Risk:
- Moderate flood risk, low tornado risk, high earthquake risk.
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Weather:
- Average temperature: 35.1°F (January), 71.0°F (July).
- Average rainfall: 21.2 inches/year.
- Average snowfall: 0.1 inches/year.
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Cost of Living:
- Median household income: $73,066.
- Average annual spending: $55,562.
Property Features:
- Two separate homes on one parcel:
- Front house:
- 3 bedrooms, 1 bath
- Garage converted to bedroom
- Large kitchen and living room
- Approx. 820 sq. ft. (not including garage conversion)
- Back house:
- 3 bedrooms, 1 bath
- Carport converted to bedroom
- New kitchen and brand new roof
- Approx. 730 sq. ft. (not including carport conversion)
- Front house:
- Both homes have large backyards and laundry rooms
- Individual PG&E and water meters for each home
- Both homes are currently rented; tenants wish to stay
- Front unit: Month-to-month lease
- Back unit: Lease ends 4/30/24
Location Benefits:
- Great investment with strong rental income potential
- Live in one home and rent the other
- Family-friendly neighborhood with a high percentage of households with children
- Convenient access to schools, jobs, and community amenities