Duplex with Private
For Sale
$1,195,000
923 & 925 Paula ST, San Jose, CA 95126
Residential Income (2-4 units), SAN JOSE, CA
Property Size1,542 SF
Lot Size0.13 Acres
Price / SF$774.97
Days on Market20
Property Features for 923 & 925 Paula ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R2
Bedrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 1
Parking
2
Parking features
Off Street, Garage - Attached
Appliances
Cooktop - Electric, Cooktop - Gas, Countertop - Granite, Dishwasher, Oven - Electric, Refrigerator, Varies by Unit
Subdivision
Central San Jose
Standard status
Active
Size
1,542 SF
Lot size
0.13 Acres
Utilities
Heating system
Wall Furnace
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1959
Number of units
2
Flooring type
Tile, Laminate, Hardwood
Roof type
Composition
Listing Agency:
Christie's International Real Estate Sereno
(650) 947-2900
Listed By:
Jennifer Paulson · License #01221390
(650) 996-7147
Added: Aug 7
Changed: Aug 24
Last Checked: Aug 26 at 9:06AM
MLS# ML82056970
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 1,542-square-foot duplex, built in 1959, contains two distinct residences on a 0.1286-acre lot. The front home offers two bedrooms and one bathroom, along with a renovated kitchen, refreshed bath, and hardwood, laminate, and tile flooring. The rear residence includes one bedroom and one bathroom, an eat-in kitchen with newer countertops, fresh paint, and a private backyard. Wall furnaces and ceiling fans serve the units, while the property also includes an attached garage and off-street parking.
Located at 923 & 925 Paula St in San Jose, the property is less than one mile from downtown Willow Glen. Shopping, dining, Caltrain, Apple and other major technology employers, the Los Gatos Creek Trail, and major commute routes are identified nearby. Public water service and a composition roof complete the existing property features.
Located at 923 & 925 Paula St in San Jose, the property is less than one mile from downtown Willow Glen. Shopping, dining, Caltrain, Apple and other major technology employers, the Los Gatos Creek Trail, and major commute routes are identified nearby. Public water service and a composition roof complete the existing property features.
Key Highlights
- 1,542 SF duplex on a 0.1286‑acre lot
- Two‑bedroom front unit and one‑bedroom rear unit, each with one bathroom
- R2 zoning and 1959 construction
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
$34,719
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
2.91%
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%
$694,380
$694.4K
Cap Rate 7%
$495,986
$496.0K
Cap Rate 9%
$385,767
$385.8K
Market Conditions
NOI Build-Up for 1,542 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
$51.8K $33.60/SF
− Vacancy
−$2.2K −$1.43/SF
EGI
$49.6K $32.17/SF
− OpEx
−$14.9K −$9.65/SF
NOI
$34.7K $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%
$694,380
Cap Rate 7%
$495,986
Cap Rate 9%
$385,767
Alternative Uses
Best Use
Multifamily LT 5
$496.0K
$434.0K – $578.7K
NOI $34,719 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$458.2K
$400.9K – $534.6K
NOI $32,073 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$931.3K
$814.9K – $1.09M
NOI $65,188 @ 7.0% cap · market cap 5.46%
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
1,620
Businesses Nearby
Explore this area
Business Placement
Demographics for 95126, CA
37,372
Population
16,936
Households
2.2
Avg Household Size
36
Median Age
55%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
11,325
Density / Sq Mi
$127,297
Median Household Income
$72,722
Median Earnings
$2,544
Median Rent
$1,195,700
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 - R2-zoned duplex with updated interiors, separate unit layouts, and attached garage parking.
Where is this duplex located?
The property is located at 923 & 925 Paula ST San Jose, CA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 1,542 SF duplex on a 0.1286‑acre lot; Two‑bedroom front unit and one‑bedroom rear unit, each with one bathroom; R2 zoning and 1959 construction
