Multifamily Property for Sale in San Jose, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Jose, CA 95128

Description

Marcus & Millichap is pleased to present 3047 David Avenue, a 14-unit multifamily property in San Jose, California. Built in 1958, the property sits on a 13,200 square foot parcel and includes approximately 8,076 square feet of rentable space. The unit mix consists of ten one-bedroom/one-bath units and four two-bedroom/one-bath units, offering an efficient layout that appeals to a wide tenant base. The garden-style design allows for easy management and has historically supported strong occupancy. The property is ideally located between Historic Downtown Campbell and Santana Row, with convenient access to dining, retail, and entertainment. It is also within 3–5 miles of major tech employers, including Adobe, eBay, PayPal, Zoom, Western Digital, and Nutanix. The location also offers excellent connectivity via Highways 280, 880, and 17, further supporting strong tenant demand. Investment Highlights: • PRIME WEST SAN JOSE LOCATION BETWEEN DOWNTOWN CAMPBELL AND SANTANA ROW • SIGNIFICANT RENTAL UPSIDE Rents are 30% Below Market • STRONG-RENTAL MARKET WITH LOWEST VACANCY RATES IN THE NATION (CoStar Source) • DESIRABLE UNIT MIX 10 One-Bedroom & 4 Two-Bedroom Units • THE PROPERTY OFFERS A CURRENT CAP RATE EXCEEDING 4.00%, WITH A PRO FORMA CAP RATE PROJECTED ABOVE 7.00% • EXCELLENT ACCESS TO HIGHWAYS 280, 880 & 17 • HIGH DEMAND FOR WORKFORCE HOUSING IN SILICON VALLEY

Market Context

This multifamily in San Jose, CA is listed for sale. It is offered at an approximate 4.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in San Jose, CA — <a href="/search/sale/multifamily/california/san-jose">view the full market</a>.

As of Q3 2021, the Silicon Valley multifamily market showed a 4.4% vacancy rate, and average asking rents near $1591.00/unit/mo. Source: Www.lee-Associates.com Q3 2021 market report.

Tight vacancy keeps competition for quality space elevated.

Multifamily market FAQ

Is the Silicon Valley multifamily market tightening or softening?
Vacancy is around 4.4% (Q3 2021).

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