5-Unit Apartment
New
For Sale
$2,250,000
103-115 James AVE, Redwood City, CA 94062
Five-unit multifamily property with a detached residence, apartment building, separately metered utilities, and a two-car garage.
Property Size4,414 SF
Lot Size0.15 Acres
Price / SF$509.74
Days on Market5
Property Features for 103-115 James AVE
General Information
Standard status
Active
Size
4,414 SF
Total Parking Spaces
2
Lot size
0.15 Acres
Property subtype
FiveOrMoreUnits
Net Operating Income
$95,610
Financials
Cap Rate
4.25%
Gross Income
$151,560
Gross Rent Multiplier
14.85
Units
Unit Mix
1 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Building Details
Building Size
4,414 SF
Year Built
1922
Buildings
2
Listing Agency:
Compass
Listed By:
Nate Gustavson · License #01898316
(415) 786-9410
Source:
Johnpaye
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 20 at 11:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
This five-unit multifamily property combines a four-unit apartment building with a detached single-family residence on one parcel. The improvements contain approximately 4,414 square feet across a 6,500-square-foot lot. The unit mix includes one 1-bedroom/1-bath apartment measuring 725 square feet and four 2-bedroom/1-bath units ranging from 875 to 925 square feet, including the 1,014-square-foot detached house. Separately metered electric and gas, Siemens circuit-breaker sub-panels, and a two-car garage support the property’s physical configuration.
Built in 1922, the property is located at 103-115 James Avenue in Redwood City’s Arch Street corridor, west of El Camino Real. A California SB 721 mandated inspection has been completed and is on file. Current performance is reported at a 4.25% cap rate and 14.85 GRM.
Built in 1922, the property is located at 103-115 James Avenue in Redwood City’s Arch Street corridor, west of El Camino Real. A California SB 721 mandated inspection has been completed and is on file. Current performance is reported at a 4.25% cap rate and 14.85 GRM.
Key Highlights
- Five units across a 4‑unit apartment building and detached single‑family residence
- Approximately 4,414 square feet of building area on a 6,500‑square‑foot lot
- Unit mix includes one 1‑bedroom/1‑bath unit and four 2‑bedroom/1‑bath units
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
$120,136
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
5.34%
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%
$2,402,720
$2.4M
Cap Rate 7%
$1,716,229
$1.7M
Cap Rate 9%
$1,334,844
$1.3M
Market Conditions
NOI Build-Up for 4,414 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
$230.4K $52.20/SF
− Vacancy
−$12.0K −$2.71/SF
EGI
$218.4K $49.49/SF
− OpEx
−$98.3K −$22.27/SF
NOI
$120.1K $27.22/SF
Area
San Mateo County, CA
Vacancy
5.20%
Lease Rate
$52.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,402,720
Cap Rate 7%
$1,716,229
Cap Rate 9%
$1,334,844
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.50M – $2.00M
NOI $120,136 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.51M
$3.07M – $4.09M
NOI $245,426 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,714
Businesses Nearby
Explore this area
Business Placement
Demographics for 94062, CA
26,689
Population
10,496
Households
2.5
Avg Household Size
45
Median Age
68%
College-Educated
98%
High-School Grad
64.7 sq mi
ZIP Area
413
Density / Sq Mi
$233,333
Median Household Income
$115,938
Median Earnings
$2,885
Median Rent
$2,000,001
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?
Apartment building - Five-unit multifamily property with a detached residence, apartment building, separately metered utilities, and a two-car garage.
Where is this apartment building located?
The property is located at 103-115 James AVE Redwood City, CA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Five units across a 4‑unit apartment building and detached single‑family residence; Approximately 4,414 square feet of building area on a 6,500‑square‑foot lot; Unit mix includes one 1‑bedroom/1‑bath unit and four 2‑bedroom/1‑bath units
