Extensively Renovated Multifamily Near
508 11th Street San Jose, CA 95112
508 11th Street, San Jose, CA, 95112
$7,995,000
For Sale
$7,995,000
20-unit multifamily property near San Jose State University.
Property Size16,199 SF
Price / SF$493.55
Days on Market435
Property Features for 508 11th Street
General Information
- Standard status
- Active
- Size
- 16,199 SF
Building Details
- Year Built
- 1963
Listing Agency
MARCUS & MILLICHAP
Listed by
CARLOS AZUCENA
Source
Corcoran
Added: May 10, 2025 Checked: Mar 16 at 9:09 am
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 MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
Located two blocks from San Jose State University, the multifamily property at 508 S. 11th Street features 20 units. The unit mix includes 19 two-bedroom, two-bathroom apartments, each approximately 821 square feet, and one one-bedroom, one-bathroom apartment of approximately 600 square feet. Situated on a 0.29-acre lot (12,506 sq ft), the property includes amenities such as a laundry room, assigned gated parking, and enclosed garages. The unit interiors have been extensively remodeled with vinyl plank flooring, stainless steel appliances, new furnace, quartz countertops, new kitchen cabinets, new lighting and plumbing fixtures, new closet and bedroom doors, and fully remodeled bathrooms. Exterior renovations include repainting, new exterior wooden fencing, asphalt and restriping, hand rails, and a newer roof. The property offers a potential for strong cash flow.
Key Highlights
- Extensively renovated 20‑unit multifamily property, providing strong cash flow from day one.
- Located two blocks from San Jose State University in the heart of Silicon Valley.
- Turnkey asset with reduced future costs due to recent renovations.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $641.5k | $39.60 |
| − Vacancy | −$28.9k | −$1.78 |
| EGI | $612.6k | $37.82 |
| − OpEx | −$275.7k | −$17.02 |
| NOI | $336.9k | $20.80 |
16,199 SF · lease $39.60/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.81M
$4.21M – $5.62M
NOI $336,938 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.78M
$8.56M – $11.41M
NOI $684,815 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
UCLA Medical Neuro ...
Physician
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FAQs
What type of property is this?
Apartment building - 20-unit multifamily property near San Jose State University.
Where is this apartment building located?
The property is located at 508 11th Street San Jose, CA.
What is the asking price?
The asking price for this property is $7,995,000.
What are key features of this property?
This property features: Extensively renovated 20‑unit multifamily property, providing strong cash flow from day one.; Located two blocks from San Jose State University in the heart of Silicon Valley.; Turnkey asset with reduced future costs due to recent renovations.
