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 Market113
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
(650) 391-1782
Listed By:
Adam Levin · License #License(s): CA: 01462752
(650) 391-1782
Source:
Marcusmillichap
Added: May 12
Changed: Aug 25
Last Checked: Aug 31 at 12:56PM
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
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$141,003
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
