Duplex with Enclosed
New
For Sale
$1,499,000
11191121 Topaz Avenue, San Jose, CA 95117
Two residential units offer individual outdoor areas and direct access to enclosed parking.
Property Size2,240 SF
Price / SF$669.20
Days on Market6
Property Features for 11191121 Topaz Avenue
General Information
Standard status
Active
Size
2,240 SF
Total Parking Spaces
4
Property subtype
Multi Family
Units
Multifamily Units
2
Parking per Unit
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,000
Amenities
separate backyard
Building Details
Year Built
1967
Buildings
1
Listing Agency:
Happy Real Estate Inc
(408) 861-0112
Listed By:
Stanley Chen · License #00595066
Source:
Exitrealty
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 12 at 6:30AM
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 Happy Real Estate Inc
Investment Insights
Based on property information with market context.
This duplex contains 2,240 square feet and was built in 1967. Each unit includes a two-car enclosed garage, providing dedicated indoor parking, along with a separate backyard. The property’s two-unit configuration supports distinct residential living spaces within one income-producing asset.
The property is located on Topaz Avenue in San Jose, with access to freeway routes and nearby shopping. Its established construction and separate outdoor areas add practical functionality for both units.
The property is located on Topaz Avenue in San Jose, with access to freeway routes and nearby shopping. Its established construction and separate outdoor areas add practical functionality for both units.
Key Highlights
- 2,240‑square‑foot duplex built in 1967
- Each unit includes a 2‑car enclosed garage
- Separate backyard for each 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
$50,435
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
3.36%
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%
$1,008,700
$1.0M
Cap Rate 7%
$720,500
$720.5K
Cap Rate 9%
$560,389
$560.4K
Market Conditions
NOI Build-Up for 2,240 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
$75.3K $33.60/SF
− Vacancy
−$3.2K −$1.43/SF
EGI
$72.1K $32.17/SF
− OpEx
−$21.6K −$9.65/SF
NOI
$50.4K $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%
$1,008,700
Cap Rate 7%
$720,500
Cap Rate 9%
$560,389
Alternative Uses
Best Use
Multifamily LT 5
$720.5K
$630.4K – $840.6K
NOI $50,435 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$665.6K
$582.4K – $776.5K
NOI $46,592 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,696 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
850
Businesses Nearby
Explore this area
Business Placement
Demographics for 95117, CA
30,137
Population
11,226
Households
2.7
Avg Household Size
36
Median Age
44%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
13,103
Density / Sq Mi
$115,778
Median Household Income
$56,791
Median Earnings
$2,367
Median Rent
$1,425,200
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 - Two residential units offer individual outdoor areas and direct access to enclosed parking.
Where is this duplex located?
The property is located at 11191121 Topaz Avenue San Jose, CA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 2,240‑square‑foot duplex built in 1967; Each unit includes a 2‑car enclosed garage; Separate backyard for each unit
