Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Extensively Renovated Multifamily Near University Title is generated by Realmo AI

    508 11th Street, San Jose, CA 95112

    View on Map
    Claim this Listing
    For Sale
    $7,995,000

    20-unit multifamily property near San Jose State University.

    Property size:
    16,199 SF
    Price / SF:
    $493/SF
    Added:
    May 10, 2025
    Days on Market:
    389
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 508 11th Street

    General Information

    Standard status
    Active
    Size
    16,199 SF

    Building Details

    Year Built
    1963

    We can help!

    Listing Contact
    CARLOS AZUCENA

    Listing agent CARLOS AZUCENA

    Listing office MARCUS & MILLICHAP

    Listing date May 10, 2025

    Source Corcoran

    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

    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.
    • Unit mix features (19) two‑bedroom/two‑bathroom apartments and (1) one‑bedroom/one‑bathroom apartment.
    • Extensively remodeled unit interiors feature vinyl plank flooring, stainless steel appliances, quartz countertops, and fully remodeled bathrooms.
    • Amenities include a laundry room, assigned gated parking, and enclosed garages for additional income.

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    UCLA Medical Neuro ... Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Jose
    County
    Santa Clara
    State
    California
    Longitude
    -121.874
    Latitude
    37.3335

    Nearby Similar for Sale

    • $998,000
      1,282 SF

      San Jose Duplex Investment Opportunity

      Well-maintained duplex in San Jose with strong cash flow.
      3350-3352 Senter Rd, San Jose, CA 95111
      View Details
    • $1,995,000
      8,350 SF

      San Jose Medical Office Building

      Medical office building in downtown San Jose with four units.
      556 N 1st St, San Jose, CA 95112
      View Details
    • $1,550,000
      3,328 SF

      San Jose 4-Plex Investment Opportunity

      Fully rented 4-unit building with upside potential in San Jose.
      450 Lewis RD, San Jose, CA 95111
      View Details
    • $848,000
      1,100 SF

      Evergreen San Jose Office Condo

      Spacious office condo in a thriving San Jose location.
      1569 Lexann Ave 224, San Jose, CA 95121
      View Details
    • $749,000
      1,600 SF

      Medical Office Condo For Sale

      Medical/professional office condo near O'Connor Hospital, San Jose.
      2039 Forest Ave 304, San Jose, CA 95128
      View Details
    • $950,000

      Downtown Retail Near San Jose State

      Retail space with high foot traffic near San Jose State.
      420 E Santa Clara St, San Jose, CA 95113
      View Details
    • $625,000
      1,454 SF

      Alum Rock Professional Office Space

      Commercial office space suitable for healthcare practices and other businesses.
      1863 Alum Rock Ave C, San Jose, CA 95116
      View Details
    • $1,299,999
      1,534 SF

      Freestanding Office Building Rose Garden

      Updated 1,534 SF office building in Rose Garden neighborhood.
      1217 Park Ave, San Jose, CA 95126
      View Details
    • $849,999
      1,568 SF

      Move-in Ready San Jose Office Suite

      Commercial office suite ideal for medical or professional use.
      2114 Senter Road #6, SAN JOSE, CA 95112
      View Details
    • $375,000

      Spacious Home in 55+ Community

      Triple-wide home in a desirable 55+ community with amenities.
      353 Mill Pond 353, San Jose, CA 95125
      View Details
    • $529,000
      1,550 SF

      San Jose Senior Community Home

      Three-bedroom home in active San Jose senior community.
      829 Villa Teresa Way 829, San Jose, CA 95123
      View Details
    • $1,899,000

      San Jose Retail Investment Opportunity

      Rare mixed-use property with redevelopment potential in prime San Jose location.
      899 W San Carlos St 1, San Jose, CA 95126
      View Details

    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.
    We can help!
    Listing Contact
    CARLOS AZUCENA
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    508 11th Street, SAN JOSE, CA 95112
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!