San Jose Sixteen-Unit Multifamily
For Sale
$4,475,000
2748 Kollmar Dr, San Jose, CA 95127
Sixteen-unit apartment community in San Jose with recent upgrades.
Property Size10,416 SF
Lot Size0.34 Acres
Price / SF$429.63
Days on Market152
Property Features for 2748 Kollmar Dr
General Information
Standard status
Active
Size
10,416 SF
Lot size
0.34 Acres
Property subtype
Multifamily
Occupancy
97%
Amenities
16 Unit Apartment Complex: Featuring 1-Bedroom & 2-Bedroom Units
Ample Parking: 16 Assigned Carport Spaces & Additional Uncovered Spaces
2025 Electrical Upgrades: New Electrical Disconnects, New Main Panels, and Brand-New Electrical Panels in Every Unit
On-Site Laundry Facility with Laundry Appliances Included in the Sale
Recent Capital Improvements: New LED Lighting in Rear Alleyways and Fresh Paint in Common Areas and Front Exterior
Building Details
Building Size
10,416 SF
Units
16
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1824
Listed By:
Mitch Zurich · License #License(s): CA: 01870648
(650) 391-1824
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 31 at 1:10PM
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.
The property at 2748 Kollmar Drive, San Jose, is a sixteen-unit apartment community. It features a unit mix of seven 1-bedroom x 1-bathroom units and nine 2-bedroom x 1-bathroom units. The building has approximately 10,416 square feet of rentable living space on a 15,000 square foot lot. There are sixteen covered carport parking spaces, one for each unit, along with four additional uncovered parking spaces. Residents have access to a shared on-site laundry room, with all laundry appliances included in the sale. In 2025, the property's electrical systems were upgraded, including new electrical disconnects, new primary electrical panels for the building, and new electrical panels in every unit, ensuring there are no Zinsco panels remaining. Additional improvements include new LED lighting in the rear alleyways as well as fresh paint in the common areas and on the front exterior of the building. The property is positioned to benefit from the strong rental demand and economic fundamentals of the San Jose market.
Key Highlights
- 16‑unit apartment community in San Jose.
- Desirable unit mix: seven 1‑Bed/1‑Bath and nine 2‑Bed/1‑Bath units.
- Recent electrical system upgrades in 2025: new disconnects, primary panels, and in‑unit panels (no Zinsco).
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
$197,575
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
4.42%
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%
$3,951,500
$4.0M
Cap Rate 7%
$2,822,500
$2.8M
Cap Rate 9%
$2,195,278
$2.2M
Market Conditions
NOI Build-Up for 10,416 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
$375.0K $36.00/SF
− Vacancy
−$15.7K −$1.51/SF
EGI
$359.2K $34.49/SF
− OpEx
−$161.7K −$15.52/SF
NOI
$197.6K $18.97/SF
Area
ZIP 95127
Vacancy
4.20%
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%
$3,951,500
Cap Rate 7%
$2,822,500
Cap Rate 9%
$2,195,278
Alternative Uses
Best Use
Apartment 5plus
$2.82M
$2.47M – $3.29M
NOI $197,575 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.25M
$5.47M – $7.30M
NOI $437,723 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Explore this area
Business Placement
Demographics for 95127, CA
63,749
Population
16,823
Households
3.8
Avg Household Size
37
Median Age
27%
College-Educated
73%
High-School Grad
19.0 sq mi
ZIP Area
3,355
Density / Sq Mi
$120,548
Median Household Income
$45,348
Median Earnings
$2,549
Median Rent
$995,100
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 - Sixteen-unit apartment community in San Jose with recent upgrades.
Where is this apartment building located?
The property is located at 2748 Kollmar Dr San Jose, CA.
What is the asking price?
The asking price for this property is $4,475,000.
What are key features of this property?
This property features: 16‑unit apartment community in San Jose.; Desirable unit mix: seven 1‑Bed/1‑Bath and nine 2‑Bed/1‑Bath units.; Recent electrical system upgrades in 2025: new disconnects, primary panels, and in‑unit panels (no Zinsco).
