Extensively Renovated Multifamily Near
For Sale
$7,995,000
508 11th Street, San Jose, CA 95112
20-unit multifamily property near San Jose State University.
Property Size16,199 SF
Price / SF$493.55
Days on Market525
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
Changed: Mar 16
Last Checked: Apr 13 at 10:25AM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$336,938
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,738,760
$6.7M
Cap Rate 7%
$4,813,400
$4.8M
Cap Rate 9%
$3,743,756
$3.7M
Market Conditions
NOI Build-Up for 16,199 SF
Gross rent
$641.5K $39.60/SF
− Vacancy
−$28.9K −$1.78/SF
EGI
$612.6K $37.82/SF
− OpEx
−$275.7K −$17.02/SF
NOI
$336.9K $20.80/SF
Area
San Jose, CA
Vacancy
4.50%
Lease Rate
$39.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,738,760
Cap Rate 7%
$4,813,400
Cap Rate 9%
$3,743,756
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 authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 95112, CA
60,754
Population
22,969
Households
2.6
Avg Household Size
33
Median Age
39%
College-Educated
82%
High-School Grad
7.3 sq mi
ZIP Area
8,322
Density / Sq Mi
$89,649
Median Household Income
$45,690
Median Earnings
$2,095
Median Rent
$956,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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.
