6-Unit Apartment
For Sale
Contact for pricing
1244 Quincy Dr, San Jose, CA 95132
Fully occupied property with renovated kitchens and bathrooms, updated appliances, and on-site parking.
Property Size5,114 SF
Price / SF$391.08
Days on Market161
Property Features for 1244 Quincy Dr
General Information
Standard status
Active
Size
5,114 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$117,198
Building Details
Year Built
1973
Buildings
1
Stories
2
Units
6
Listing Agency:
Magnify Equity
(916) 548-6515
Listed By:
Eric Katz · License #01900078
Source:
Crexi
Added: Mar 25
Changed: Aug 29
Last Checked: Aug 31 at 9:28AM
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 Magnify Equity
Investment Insights
Based on property information with market context.
This fully occupied apartment property contains six two-bedroom, one-bathroom units. Five units have undergone remodeling with refreshed kitchens and bathrooms, including new cabinetry, quartz countertops, and updated appliances. Half of the units include private patios, while on-site parking supports resident convenience. Recent capital improvements include a new roof and siding completed in December 2025, energy-efficient windows installed in 2022, and a copper repipe completed in 2016.
The property is located in San Jose’s Berryessa neighborhood, within walking distance of Piedmont Hills High School, Noble Elementary, and Piedmont Middle School. Berryessa BART station, I-680, Highway 880, Sierra Plaza shopping center, Penitencia Creek County Park, and major Silicon Valley employment hubs are all described as nearby. The combination of unit upgrades, building-system improvements, and access to schools, transit, shopping, parks, and employment centers supports the property’s residential rental setting.
The property is located in San Jose’s Berryessa neighborhood, within walking distance of Piedmont Hills High School, Noble Elementary, and Piedmont Middle School. Berryessa BART station, I-680, Highway 880, Sierra Plaza shopping center, Penitencia Creek County Park, and major Silicon Valley employment hubs are all described as nearby. The combination of unit upgrades, building-system improvements, and access to schools, transit, shopping, parks, and employment centers supports the property’s residential rental setting.
Key Highlights
- Six fully occupied apartment units, each with 2 bedrooms and 1 bathroom
- 5 out of 6 units recently remodeled with new cabinetry, quartz countertops, and updated appliances
- New roof and siding completed in December 2025
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
$106,371
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
5.32%
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%
$2,127,420
$2.1M
Cap Rate 7%
$1,519,586
$1.5M
Cap Rate 9%
$1,181,900
$1.2M
Market Conditions
NOI Build-Up for 5,114 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
$202.5K $39.60/SF
− Vacancy
−$9.1K −$1.78/SF
EGI
$193.4K $37.82/SF
− OpEx
−$87.0K −$17.02/SF
NOI
$106.4K $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%
$2,127,420
Cap Rate 7%
$1,519,586
Cap Rate 9%
$1,181,900
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,371 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $216,195 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 95132, CA
40,426
Population
12,391
Households
3.3
Avg Household Size
41
Median Age
50%
College-Educated
87%
High-School Grad
27.4 sq mi
ZIP Area
1,475
Density / Sq Mi
$172,266
Median Household Income
$66,364
Median Earnings
$3,092
Median Rent
$1,263,600
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 - Fully occupied property with renovated kitchens and bathrooms, updated appliances, and on-site parking.
Where is this apartment building located?
The property is located at 1244 Quincy Dr San Jose, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Six fully occupied apartment units, each with 2 bedrooms and 1 bathroom; 5 out of 6 units recently remodeled with new cabinetry, quartz countertops, and updated appliances; New roof and siding completed in December 2025
