Fourplex with Coin-Operated
45 Cleveland Ave San Jose, CA 95128
For Sale
$1,850,000
Well-maintained fourplex with updated interiors, renovated bathrooms, and on-site coin-operated laundry plus surface and covered parking.
Property Size3,492 SF
Price / SF$529.78
Days on Market65
Property Features for 45 Cleveland Ave
General Information
- Standard status
- Active
- Size
- 3,492 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1959
Listing Agency:
Compass
(650) 405-0743
Listed By:
Ray Rodriguez · License #01962093
(650) 405-0743
Source:
Elliman
Added: May 20
Changed: Jul 21
Last Checked: Jul 22 at 8:01AM
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 Compass
Investment Insights
Based on property information with market context.
This well-maintained fourplex features four 2-bedroom, 1-bath units totaling 3,492 square feet. Interior updates include updated kitchens with full-size ranges, modern laminate flooring, recessed lighting, and renovated bathrooms. Both the interior and exterior have been freshly painted. On-site coin-operated laundry adds additional resident convenience, and parking is provided via a combination of surface and covered spaces.
The property is located at 45 Cleveland Ave, positioned less than 1 mile from Santana Row and Westfield Valley Fair, with quick access to Downtown San Jose, major freeways, and major Silicon Valley employers including Nvidia, Intel, Cisco, and ServiceNow.
From a rent regulation standpoint, the property is not bound by the City of San Jose’s Apartment Rent Ordinance, and instead falls under Santa Clara County’s framework and California’s AB 1482, offering flexibility on annual rent adjustments. The asset is also available individually or as part of an 8-unit portfolio alongside its side-by-side twin at 47 Cleveland Ave.
The property is located at 45 Cleveland Ave, positioned less than 1 mile from Santana Row and Westfield Valley Fair, with quick access to Downtown San Jose, major freeways, and major Silicon Valley employers including Nvidia, Intel, Cisco, and ServiceNow.
From a rent regulation standpoint, the property is not bound by the City of San Jose’s Apartment Rent Ordinance, and instead falls under Santa Clara County’s framework and California’s AB 1482, offering flexibility on annual rent adjustments. The asset is also available individually or as part of an 8-unit portfolio alongside its side-by-side twin at 47 Cleveland Ave.
Key Highlights
- Well‑maintained 4plex built in 1959 totaling 3,492 SF, with (4) 2‑bed/1‑bath units
- Interior upgrades include updated kitchens with full‑size ranges, modern laminate flooring, recessed lighting, and renovated bathrooms
- Freshly painted interior and exterior
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.3k | $33.60 |
| − Vacancy | −$5.0k | −$1.43 |
| EGI | $112.3k | $32.17 |
| − OpEx | −$33.7k | −$9.65 |
| NOI | $78.6k | $22.52 |
3,492 SF · lease $33.60/SF/yr · vacancy 4.27% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$982.8K – $1.31M
NOI $78,625 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$1.04M
$907.9K – $1.21M
NOI $72,633 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,625 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Well-maintained fourplex with updated interiors, renovated bathrooms, and on-site coin-operated laundry plus surface and covered parking.
Where is this quadplex located?
The property is located at 45 Cleveland Ave San Jose, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Well‑maintained 4plex built in 1959 totaling 3,492 SF, with (4) 2‑bed/1‑bath units; Interior upgrades include updated kitchens with full‑size ranges, modern laminate flooring, recessed lighting, and renovated bathrooms; Freshly painted interior and exterior
