Quadplex with Private
For Sale
$1,825,000
851 Leigh AVE, San Jose, CA 95128
Residential Income (2-4 units), SAN JOSE, CA
Property Size3,694 SF
Lot Size0.15 Acres
Price / SF$494.04
Days on Market40
Property Features for 851 Leigh AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
10
Rooms
Bedroom 5, Bedroom 7, Laundry Room, Bedroom 8, Bedroom 6, Bedroom 2, Bedroom 10, Bedroom 4, Bedroom 9, Bedroom 1, Bedroom 3
Parking
2
Parking features
Garage - Attached, Assigned
Appliances
Appliances - Vary by Unit, Dishwasher, Exhaust Fan, Garbage Disposal, Hood Over Range, Oven Range, Refrigerator
Subdivision
Central San Jose
Standard status
Active
Size
3,694 SF
Lot size
0.15 Acres
Utilities
Heating system
Forced Air, Central, Wall Furnace
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
common-area laundry facility
Building Details
Year built
1964
Number of units
4
Flooring type
Linoleum, Tile, Carpet
Building materials
Wood Frame
Roof type
Composition, Shingle
Listing Agency:
SiliconValley MultiFamilyGroup
(408) 356-1900
Listed By:
Michael Shields · License #01327546
(408) 354-7470
Added: Jul 25
Changed: Aug 20
Last Checked: Sep 2 at 10:06AM
MLS# ML82055552
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 1964 quadplex contains 3,694 square feet within a 6,534-square-foot lot. The unit mix includes one approximately 1,200-square-foot residence with four bedrooms and two bathrooms, plus three approximately 800-square-foot residences, each with two bedrooms and one bathroom. Four private garages and three additional on-site parking spaces serve the property. A common laundry room is equipped for resident use, with the equipment transferring with the property.
The building features stucco over wood-frame construction, a concrete perimeter foundation, copper plumbing, and a pitched composition shingle roof. Unit utilities are separately metered for gas and electricity, while ownership handles water, sewer, trash, common-area utilities, landscaping, repairs and maintenance, property taxes, and insurance. The property is in Central/West San Jose near retail services, employment centers, schools, and regional commuter routes. San Jose's Apartment Rental and Tenant Protection Ordinance applies to multifamily properties with three or more rental units.
The building features stucco over wood-frame construction, a concrete perimeter foundation, copper plumbing, and a pitched composition shingle roof. Unit utilities are separately metered for gas and electricity, while ownership handles water, sewer, trash, common-area utilities, landscaping, repairs and maintenance, property taxes, and insurance. The property is in Central/West San Jose near retail services, employment centers, schools, and regional commuter routes. San Jose's Apartment Rental and Tenant Protection Ordinance applies to multifamily properties with three or more rental units.
Key Highlights
- Four‑unit property with one 4‑bedroom, 2‑bath unit and three 2‑bedroom, 1‑bath units
- 3,694‑square‑foot building on a 6,534‑square‑foot lot
- Four private garages plus three additional on‑site parking spaces
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
$83,173
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
4.56%
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%
$1,663,460
$1.7M
Cap Rate 7%
$1,188,186
$1.2M
Cap Rate 9%
$924,144
$924.1K
Market Conditions
NOI Build-Up for 3,694 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
$124.1K $33.60/SF
− Vacancy
−$5.3K −$1.43/SF
EGI
$118.8K $32.17/SF
− OpEx
−$35.6K −$9.65/SF
NOI
$83.2K $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%
$1,663,460
Cap Rate 7%
$1,188,186
Cap Rate 9%
$924,144
Alternative Uses
Best Use
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,173 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$1.10M
$960.4K – $1.28M
NOI $76,835 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $156,164 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,404
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?
Quadplex - Four-unit multifamily property with varied unit layouts, individual utility metering, and shared laundry facilities.
Where is this quadplex located?
The property is located at 851 Leigh AVE San Jose, CA.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: Four‑unit property with one 4‑bedroom, 2‑bath unit and three 2‑bedroom, 1‑bath units; 3,694‑square‑foot building on a 6,534‑square‑foot lot; Four private garages plus three additional on‑site parking spaces
