12-Unit Apartment
For Sale
$2,988,000
121 N 8th St, San Jose, CA 95112
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$440.77
Days on Market158
Property Features for 121 N 8th St
General Information
Standard status
Active
Size
6,779 SF
Lot size
0.22 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
12
Amenities
private carport parking
on-site laundry facility
Downtown San Jose Multifamily Investment Opportunity
Strong Renter's Market
Convenient Community Amenities
Proximity to Essential Amenities
Convenient Access to the Entire Bay Area
Building Details
Year Built
1958
Tenancy
Multi
Listing Agency:
Marcus & Millichap
Listed By:
Adam Levin · License #License(s): CA: 01462752
(650) 391-1782
Source:
Marcusmillichap
Added: May 12
Changed: Oct 3
Last Checked: Oct 14 at 7:38PM
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.
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
Estimated NOI and Cap Rate
NOI / Yr
$141,003
Cap Rate
4.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,820,060
$2.8M
Cap Rate 7%
$2,014,329
$2.0M
Cap Rate 9%
$1,566,700
$1.6M
Market Conditions
NOI Build-Up for 6,779 SF
Gross rent
$268.4K $39.60/SF
− Vacancy
−$12.1K −$1.78/SF
EGI
$256.4K $37.82/SF
− OpEx
−$115.4K −$17.02/SF
NOI
$141.0K $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%
$2,820,060
Cap Rate 7%
$2,014,329
Cap Rate 9%
$1,566,700
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.35M
NOI $141,003 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.09M
$3.58M – $4.78M
NOI $286,583 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,117
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 - 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 N 8th St San Jose, CA.
What is the asking price?
The asking price for this property is $2,988,000.
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
