Multifamily Property for Sale in San Jose, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Jose, CA 95112

Description

Marcus & Millichap is pleased to present Metro Walk, a 39-unit mixed-use apartment community located at 555–569 South 2nd Street in Downtown San Jose. Built in 1928 on approximately 14,474 square feet of land, the property consists of a 38-unit apartment building plus one ground-floor retail space totaling roughly 20,521 rentable square feet. The asset is positioned within walking distance of San Jose State University and benefits from its proximity to major transit infrastructure, including Diridon Station and the proposed Google Downtown West campus, placing it in the center of one of Silicon Valley’s most rapidly evolving urban districts. The community features a predominantly studio unit mix, consisting of 37 studio apartments, one one-bedroom/one-bath unit, and one retail space. Within the last 10 years, an estimated 15 units have been updated with improvements such as updated kitchen cabinets and countertops, new carpet, baseboards, and two-tone paint. Exterior improvements include dual-pane windows and building updates that enhance the property’s long-term durability. The property will be delivered with approximately 15 vacant units, providing a rare opportunity for a new owner to quickly implement a renovation and repositioning strategy without waiting for natural tenant turnover, allowing for a faster lease-up at market rents. Metro Walk is located in the vibrant SoFA District (South First Area), one of Downtown San Jose’s most lively and culturally rich neighborhoods, known for its eclectic mix of restaurants, cafés, art galleries, music venues, and boutique retail. Residents benefit from a walkable urban lifestyle with convenient access to entertainment, dining, and employment centers throughout Silicon Valley. With strong local demand driven by nearby universities, expanding transit connectivity, and continued employment growth across the region, the property offers investors stable in-place income with meaningful long-term upside. Investment Highlight

Market Context

This multifamily in San Jose, CA is listed for sale. It is offered at an approximate 6.9% 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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