Downtown San Jose Multifamily
132 East Reed Street, San Jose, CA 95112
Rare 8-unit apartment complex with value-add potential.
Type:5+ Units / Five or More Units
Property size:
3,940 SFPrice / SF:
$406/SF- Added:
- Mar 8, 2026
- Days on Market:
- 84
- Last Refresh:
- Mar 17 at 8:24 am
Property Features for 132 East Reed Street
General Information
- Standard status
- Active
- Size
- 3,940 SF
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1955
Listing agent James Meech License #01145137 (408) 718-3116
Listing office Alain Pinel Realtors (408) 718-3116
Listing date Mar 8, 2026
Source Compass
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 Alain Pinel Realtors
HighLights
- Prime Downtown San Jose location near SJSU, SoFA District, and William Street Park.
- Value‑add opportunity with below‑market rents for increased NOI.
- Stable income stream from 8‑unit multi‑family complex (all 1BR/1BA).
- Potential for bonus revenue from currently unused on‑site laundry facilities.
- Low maintenance with durable construction and double‑pane windows.
- Ideal for 1031 exchange or long‑term hold in Silicon Valley's high‑demand rental market.
Overview
Located in the Sun Neighborhood of Downtown San Jose, the property at 132 E Reed St is an 8-unit multi-family complex featuring all 1BR/1BA units. The building has a footprint of approximately 3,940 square feet. This property presents a value-add opportunity with potential to increase Net Operating Income (NOI) by raising current rents to market rates. The property features durable construction and double-pane windows, contributing to low maintenance. An on-site laundry facility is currently unused, presenting an opportunity for additional income. The property is located in a walkable neighborhood, near San Jose State University (SJSU), the SoFA District, and William Street Park. This property is suitable for a 1031 exchange or a long-term hold in Silicon Valley's rental market.
Local Financial Insights For Apartment 5plus
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 | $156.0k | $39.60 |
| − Vacancy | −$7.0k | −$1.78 |
| EGI | $149.0k | $37.82 |
| − OpEx | −$67.1k | −$17.02 |
| NOI | $82.0k | $20.80 |
3,940 SF · lease $39.60/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.37M
NOI $81,952 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,564 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
1031 exchange properties
Location Insight
- Map
- Local Demand
- City
- San Jose
- County
- Santa Clara
- State
- California
- Longitude
- -121.8809336
- Latitude
- 37.3281459
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Rare 8-unit apartment complex with value-add potential.
Where is this apartment building located?
The property is located at 132 East Reed Street San Jose, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Prime Downtown San Jose location near SJSU, SoFA District, and William Street Park.; Value‑add opportunity with below‑market rents for increased NOI.; Stable income stream from 8‑unit multi‑family complex (all 1BR/1BA).
