Two-Unit Duplex
For Sale
$1,000,000
342-344 Raymond AVE, San Jose, CA 95128
Residential Income (2-4 units), San Jose, CA
Property Size1,512 SF
Lot Size0.09 Acres
Price / SF$661.38
Days on Market37
Property Features for 342-344 Raymond AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R1-N2
Bedrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 1
Parking
4
Parking features
Garage - Attached, On Street
Security features
Security
Interior features
High Ceiling
Appliances
Appliances - Vary by Unit, Cooktop - Gas, Countertop - Laminate, Garbage Disposal, Hood Over Range, Oven - Built-In, Oven - Electric, Oven Range - Gas, Refrigerator
Lot features
Regular
Subdivision
Central San Jose
Standard status
Active
Size
1,512 SF
Lot size
0.09 Acres
Utilities
Heating system
Natural Gas, Wall Furnace
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1920
Number of units
2
Flooring type
Linoleum, Laminate, Tile
Roof type
Composition
Listing Agency:
KW Elevate · Keller Williams Realty
(408) 818-8886
Listed By:
John Tran · License #02092278
(408) 931-0897
Added: Jul 18
Changed: Aug 20
Last Checked: Aug 23 at 3:06AM
MLS# ML82054228
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-level duplex at 342-344 Raymond AVE contains approximately 1,512 square feet divided into two independent residences of about 750 square feet each. Both units are delivered vacant. Unit 342 has two bedrooms and one bathroom, along with a high ceiling and laminate flooring. Unit 344 provides one bedroom and one bathroom in an open-concept layout with a breakfast-bar pass-through to the living room. Flooring varies among laminate, linoleum, and tile, while heating is provided by natural gas wall furnaces and cooling by wall unit(s).
The property occupies a 0.0918-acre level lot in San Jose, with an attached garage and on-street parking. The site is near Santana Row, the Rose Garden, SAP Center, Trader Joe's, Target, Diridon Station, and shopping and dining at Santana Row. Public water serves the property, which was built in 1920 and is zoned R1-N2. The source information also identifies potential for an ADU on the lot.
The property occupies a 0.0918-acre level lot in San Jose, with an attached garage and on-street parking. The site is near Santana Row, the Rose Garden, SAP Center, Trader Joe's, Target, Diridon Station, and shopping and dining at Santana Row. Public water serves the property, which was built in 1920 and is zoned R1-N2. The source information also identifies potential for an ADU on the lot.
Key Highlights
- Two independent units, approximately 750 square feet each
- Both residences delivered vacant
- Unit mix includes a 2‑bedroom, 1‑bath unit and a 1‑bedroom, 1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,044
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.40%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$680,880
$680.9K
Cap Rate 7%
$486,343
$486.3K
Cap Rate 9%
$378,267
$378.3K
Market Conditions
NOI Build-Up for 1,512 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$50.8K $33.60/SF
− Vacancy
−$2.2K −$1.43/SF
EGI
$48.6K $32.17/SF
− OpEx
−$14.6K −$9.65/SF
NOI
$34.0K $22.52/SF
Area
San Jose, CA
Vacancy
4.27%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$680,880
Cap Rate 7%
$486,343
Cap Rate 9%
$378,267
Alternative Uses
Best Use
Multifamily LT 5
$486.3K
$425.6K – $567.4K
NOI $34,044 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$449.3K
$393.1K – $524.2K
NOI $31,449 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$913.1K
$799.0K – $1.07M
NOI $63,920 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,832
Businesses Nearby
Explore this area
Business Placement
Demographics for 95128, CA
34,776
Population
15,193
Households
2.3
Avg Household Size
38
Median Age
52%
College-Educated
90%
High-School Grad
3.9 sq mi
ZIP Area
8,917
Density / Sq Mi
$122,647
Median Household Income
$71,504
Median Earnings
$2,505
Median Rent
$1,214,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit property with separate layouts, attached garage parking, and a level lot in San Jose.
Where is this duplex located?
The property is located at 342-344 Raymond AVE San Jose, CA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Two independent units, approximately 750 square feet each; Both residences delivered vacant; Unit mix includes a 2‑bedroom, 1‑bath unit and a 1‑bedroom, 1‑bath unit
