Four-Unit Apartment
For Sale
$1,900,000
502 N 18th St, San Jose, CA 95112
Four-unit apartment complex with two duplex buildings and in-unit washer/dryer hook ups.
Property Size4,308 SF
Lot Size0.25 Acres
Price / SF$441.04
Days on Market81
Property Features for 502 N 18th St
General Information
Standard status
Active
Size
4,308 SF
Lot size
0.25 Acres
Property subtype
Multifamily
Occupancy
98%
Additional Details
Cap Rate
5.55%
Multifamily Units
4
Amenities
Large 3 Bed Room Units- Approximately 1077 Sqaure feet
Large Lot- Low Density - Mature Landscaping
Excellent in place income with stable long term rental history
Building Details
Building Size
4,308 SF
Units
4
Tenancy
Multi
Listed By:
Mike Henshaw · License #License(s): CA: 01134592
(650) 391-1770
Source:
Marcusmillichap
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 5 at 3:53AM
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 Mike Henshaw
Investment Insights
Based on property information with market context.
North 18th Flats is a four-unit apartment complex consisting of two duplex-style buildings at 502–508 N. 18th Street. The property includes four three-bedroom, one-bath units within a gross building area of approximately 4,308 square feet on a 0.25-acre parcel. Each unit is described as having modern appliances, upgraded windows, and washer/dryer hook ups.
The offering is presented with an in-place Cap Rate of 5.55 and a 13.01 GRM; the pro forma figures are provided as a 7.46% Cap Rate and 10.47 GRM. WalkScore is listed at 74 and transitScore at 59, with BikeScore reported at 91.
This configuration provides four separate residential units arranged across two duplex buildings, with in-unit laundry readiness and appliance package as reflected in the property remarks.
The offering is presented with an in-place Cap Rate of 5.55 and a 13.01 GRM; the pro forma figures are provided as a 7.46% Cap Rate and 10.47 GRM. WalkScore is listed at 74 and transitScore at 59, with BikeScore reported at 91.
This configuration provides four separate residential units arranged across two duplex buildings, with in-unit laundry readiness and appliance package as reflected in the property remarks.
Key Highlights
- Four‑unit apartment complex at 502–508 N. 18th Street, San Jose, CA
- Built in 1971 on a 0.25‑acre parcel with approximately 4,308 SF of gross building area
- Two duplex‑style buildings with four 3 bed/1 bath units (each about 1,077 SF)
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
$96,998
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
5.11%
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%
$1,939,960
$1.9M
Cap Rate 7%
$1,385,686
$1.4M
Cap Rate 9%
$1,077,756
$1.1M
Market Conditions
NOI Build-Up for 4,308 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
$144.7K $33.60/SF
− Vacancy
−$6.2K −$1.43/SF
EGI
$138.6K $32.17/SF
− OpEx
−$41.6K −$9.65/SF
NOI
$97.0K $22.52/SF
Area
San Jose, CA
Vacancy
4.27%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,939,960
Cap Rate 7%
$1,385,686
Cap Rate 9%
$1,077,756
Alternative Uses
Best Use
Multifamily LT 5
$1.39M
$1.21M – $1.62M
NOI $96,998 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,606 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$2.60M
$2.28M – $3.04M
NOI $182,121 @ 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
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
939
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit apartment complex with two duplex buildings and in-unit washer/dryer hook ups.
Where is this quadplex located?
The property is located at 502 N 18th St San Jose, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Four‑unit apartment complex at 502–508 N. 18th Street, San Jose, CA; Built in 1971 on a 0.25‑acre parcel with approximately 4,308 SF of gross building area; Two duplex‑style buildings with four 3 bed/1 bath units (each about 1,077 SF)
