12-Unit Apartment
121 8th Street San Jose, CA 95112
For Sale
$3,360,000
Twelve-unit residential income property with one- and two-bedroom layouts, private carport parking, and an on-site laundry facility.
Property Size6,779 SF
Lot Size0.22 Acres
Price / SF$495.65
Days on Market75
Property Features for 121 8th Street
General Information
- Standard status
- Active
- Size
- 6,779 SF
- Lot size
- 0.22 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1958
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
ADAM S. LEVIN · License #01462752
Source:
Corcoran
Added: May 10
Changed: Jul 21
Last Checked: Jul 23 at 9:19AM
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.
Fama Apartments is a 12-unit apartment community originally constructed in 1958. The property includes a mix of one-bedroom and two-bedroom floor plans and offers on-site laundry facilities, along with private carport parking for residents.
The property is located at 121 N 8th St, steps from Downtown San Jose and within walking distance of San Jose State University. It is also described as being near the Target-anchored San Jose Market Center and within close proximity to Santa Clara University. Additional employers mentioned in the listing include Santa Clara County Medical Center, Adobe, PwC, Deloitte, and Cisco.
Set on a parcel totaling 9,453 square feet with an approximate gross building area of 6,779 square feet, Fama Apartments provides a compact multifamily configuration suited to everyday resident convenience.
The property is located at 121 N 8th St, steps from Downtown San Jose and within walking distance of San Jose State University. It is also described as being near the Target-anchored San Jose Market Center and within close proximity to Santa Clara University. Additional employers mentioned in the listing include Santa Clara County Medical Center, Adobe, PwC, Deloitte, and Cisco.
Set on a parcel totaling 9,453 square feet with an approximate gross building area of 6,779 square feet, Fama Apartments provides a compact multifamily configuration suited to everyday resident convenience.
Key Highlights
- 12‑unit apartment community at 121 N 8th St, originally built in 1958
- Property sits on a 9,453 SF parcel with approximately 6,779 SF gross building area
- Unit mix includes one‑bedroom and two‑bedroom floor plans
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 | $268.4k | $39.60 |
| − Vacancy | −$12.1k | −$1.78 |
| EGI | $256.4k | $37.82 |
| − OpEx | −$115.4k | −$17.02 |
| NOI | $141.0k | $20.80 |
6,779 SF · lease $39.60/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.35M
NOI $141,003 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.09M
$3.58M – $4.78M
NOI $286,583 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Twelve-unit residential income property with one- and two-bedroom layouts, private carport parking, and an on-site laundry facility.
Where is this apartment building located?
The property is located at 121 8th Street San Jose, CA.
What is the asking price?
The asking price for this property is $3,360,000.
What are key features of this property?
This property features: 12‑unit apartment community at 121 N 8th St, originally built in 1958; Property sits on a 9,453 SF parcel with approximately 6,779 SF gross building area; Unit mix includes one‑bedroom and two‑bedroom floor plans
