11-Unit Apartment
For Sale
$2,475,000
1180 Driftwood Terrace, Gilroy, CA 95020
All residences have the same one-bedroom, one-bathroom configuration.
Property Size8,336 SF
Lot Size0.51 Acres
Price / SF$296.90
Days on Market8
Property Features for 1180 Driftwood Terrace
General Information
Standard status
Active
Size
8,336 SF
Lot size
0.51 Acres
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
11 x 1BR/1BA
Multifamily Units
11
Amenities
Opportunity to acquire an 11-unit income property at an attractive low basis of $225,000 per unit.
Rare Offering: Same-family ownership since 1986, reflecting nearly 40 years of consistent stewardship
Uniform 11-unit, all 1x1 unit mix with abundant parking, mostly single-story layout, and a large lot, creating strong tenant appeal and broad renter demand
Gilroy offers Santa Clara County's last sub-$1,000,000 median home price, supporting relative housing affordability and durable renter demand
Ideally located on Gilroy's west side near Santa Teresa Boulevard and the Hecker Pass corridor, offering convenient access to shopping and dining while surrounded by rolling farmland, vineyards, and local produce stands
Building Details
Units
11
Listing Agency:
Marcus & Millichap - Palo Alto
Listed By:
Kirk Trammell · License #License(s): CA: 01038657
(650) 391-1809
Source:
Marcusmillichap
Added: Oct 7
Last Checked: Oct 12 at 4:47PM
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 - Palo Alto
Investment Insights
Based on property information with market context.
This 11-unit apartment property in Gilroy contains 8,336 square feet of building area on an approximately 22,000-square-foot lot. The residences share a uniform layout, with each offering one bedroom and one bathroom. The same family has owned the property since 1986.
The property is in Gilroy, in southern Santa Clara County. The area is described as providing access to employment centers throughout Silicon Valley and the greater South Bay.
The property is in Gilroy, in southern Santa Clara County. The area is described as providing access to employment centers throughout Silicon Valley and the greater South Bay.
Key Highlights
- 11 one‑bedroom, one‑bathroom residences
- 8,336 square feet of building area
- Approximately 22,000‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$158,451
Cap Rate
6.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,169,020
$3.2M
Cap Rate 7%
$2,263,586
$2.3M
Cap Rate 9%
$1,760,567
$1.8M
Market Conditions
NOI Build-Up for 8,336 SF
Gross rent
$300.1K $36.00/SF
− Vacancy
−$12.0K −$1.44/SF
EGI
$288.1K $34.56/SF
− OpEx
−$129.6K −$15.55/SF
NOI
$158.5K $19.01/SF
Area
Santa Clara County, CA
Vacancy
4.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,169,020
Cap Rate 7%
$2,263,586
Cap Rate 9%
$1,760,567
Alternative Uses
Best Use
Apartment 5plus
$2.26M
$1.98M – $2.64M
NOI $158,451 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.03M
$4.40M – $5.87M
NOI $352,280 @ 7.0% cap · market cap 14.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
799
Businesses Nearby
Explore this area
Business Placement
Demographics for 95020, CA
68,090
Population
20,679
Households
3.3
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
151.8 sq mi
ZIP Area
449
Density / Sq Mi
$134,242
Median Household Income
$50,421
Median Earnings
$2,256
Median Rent
$1,005,600
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
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Frequently Asked Questions
What type of property is this?
Apartment building - All residences have the same one-bedroom, one-bathroom configuration.
Where is this apartment building located?
The property is located at 1180 Driftwood Terrace Gilroy, CA.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: 11 one‑bedroom, one‑bathroom residences; 8,336 square feet of building area; Approximately 22,000‑square‑foot lot
