Seven-Unit Apartment Building For
For Sale
$2,700,000
7001 Eigleberry Street, Gilroy, CA 95020
Well-maintained 7-unit apartment building with strong rental potential.
Property Size5,476 SF
Price / SF$493.06
Days on Market533
Property Features for 7001 Eigleberry Street
General Information
Standard status
Active
Size
5,476 SF
Property subtype
Commercial
Amenities
Central air
Common Garage
Assigned Spaces
Carpet Flooring
Carport(s)
Coin Operated Laundry
Composition Roof
Laminate Flooring
Wall Furnace Heating
Window/Wall Unit Cooling
Building Details
Year Built
1981
Listing Agency:
J. BARR REALTY INC
(408) 847-7300
Listed By:
JODI BARR
(408) 892-2128
Source:
Corcoran
Added: Mar 20, 2025
Changed: Aug 12
Last Checked: Sep 2 at 7:27PM
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 J. BARR REALTY INC
Investment Insights
Based on property information with market context.
This well-maintained, owner-built and managed 7-unit apartment building features six 2-bedroom units and one 1-bedroom unit. Each unit includes an electric stove, refrigerator, microwave, dishwasher, garbage disposal, pantry, gas wall furnace, and in-wall air conditioner. The property also features an on-site laundry room with a coin-operated washer and dryer, and extensive security camera coverage. Mandatory SB 721 Balcony Inspection and repairs have been completed, and the balcony is permitted and finalized. The building has fire sprinklers. Located at the corner of Eigleberry and 10th Street, across from 7-Eleven, this property offers strong rental potential in a desirable location. The property size is 5476 square feet.
Key Highlights
- Meticulously maintained 7‑unit apartment complex with strong rental potential.
- Prime, high‑visibility corner location.
- Six 2‑bedroom units and one 1‑bedroom unit.
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
$104,088
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
3.86%
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%
$2,081,760
$2.1M
Cap Rate 7%
$1,486,971
$1.5M
Cap Rate 9%
$1,156,533
$1.2M
Market Conditions
NOI Build-Up for 5,476 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
$197.1K $36.00/SF
− Vacancy
−$7.9K −$1.44/SF
EGI
$189.3K $34.56/SF
− OpEx
−$85.2K −$15.55/SF
NOI
$104.1K $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 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%
$2,081,760
Cap Rate 7%
$1,486,971
Cap Rate 9%
$1,156,533
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.73M
NOI $104,088 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.31M
$2.89M – $3.86M
NOI $231,416 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,148
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 7-unit apartment building with strong rental potential.
Where is this apartment building located?
The property is located at 7001 Eigleberry Street Gilroy, CA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Meticulously maintained 7‑unit apartment complex with strong rental potential.; Prime, high‑visibility corner location.; Six 2‑bedroom units and one 1‑bedroom unit.
