Fourplex with Enclosed Garage
For Sale
$1,950,000
Pending
1342 Essex Way, San Jose, CA 95117
Four-unit income property with a mix of 2- and 3-bedroom layouts and 6 enclosed garages plus tandem parking.
Property Size3,928 SF
Lot Size0.14 Acres
Days on Market66
Property Features for 1342 Essex Way
General Information
Standard status
Pending
Size
3,928 SF
Total Parking Spaces
12
Lot size
0.14 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1967
Tenancy
Multi
Listing Agency:
Magnify Real Estate
(408) 438-0585
Listed By:
David Katz · License #01971921
(408) 438-0585
Source:
Exitrealty
Added: Jun 24
Changed: Aug 25
Last Checked: Aug 26 at 6:44AM
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 Real Estate
Investment Insights
Based on property information with market context.
1342 Essex Way is a 4plex built in 1967 featuring a unit mix of one 3-bedroom/2-bath, one 2-bedroom/2-bath, and two 2-bedroom/1-bath units. The property totals 3,928 building square feet on a 6,120 square foot parcel. Several interiors include upgrades such as vinyl plank flooring, tile finishes, and updated kitchens and bathrooms. The spacious 3BD/2BA unit has been remodeled and includes a yard, dual-pane windows, and central heating.
The building offers parking convenience for residents with 6 enclosed garages and 6 additional tandem spaces. Located in West San Jose near Campbell, the property provides convenient access to Downtown Campbell, Santana Row, Valley Fair, and major employers including Apple, NVIDIA, Netflix, Adobe, and more.
This configuration can suit investors seeking a four-unit asset with a diversified tenant mix across 2- and 3-bedroom floorplans, along with meaningful parking capacity on site. The remodeled 3-bedroom unit, in particular, may support an owner-occupant style arrangement given the included yard and central heating, while the other units offer additional variety within the same property.
The building offers parking convenience for residents with 6 enclosed garages and 6 additional tandem spaces. Located in West San Jose near Campbell, the property provides convenient access to Downtown Campbell, Santana Row, Valley Fair, and major employers including Apple, NVIDIA, Netflix, Adobe, and more.
This configuration can suit investors seeking a four-unit asset with a diversified tenant mix across 2- and 3-bedroom floorplans, along with meaningful parking capacity on site. The remodeled 3-bedroom unit, in particular, may support an owner-occupant style arrangement given the included yard and central heating, while the other units offer additional variety within the same property.
Key Highlights
- Built in 1967, 1342 Essex Way is a 4‑plex totaling 3,928 SF on a 6,120 SF parcel.
- Unit mix: (1) 3BD/2BA, (1) 2BD/2BA, and (2) 2BD/1BA layouts.
- Owner‑occupant 3BD/2BA unit features a yard, dual‑pane windows, and central heating, plus remodeling.
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
$88,442
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
4.54%
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%
$1,768,840
$1.8M
Cap Rate 7%
$1,263,457
$1.3M
Cap Rate 9%
$982,689
$982.7K
Market Conditions
NOI Build-Up for 3,928 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
$132.0K $33.60/SF
− Vacancy
−$5.6K −$1.43/SF
EGI
$126.3K $32.17/SF
− OpEx
−$37.9K −$9.65/SF
NOI
$88.4K $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%
$1,768,840
Cap Rate 7%
$1,263,457
Cap Rate 9%
$982,689
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.47M
NOI $88,442 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,702 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,057 @ 7.0% cap · market cap 8.52%
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
1,629
Businesses Nearby
Explore this area
Business Placement
Demographics for 95117, CA
30,137
Population
11,226
Households
2.7
Avg Household Size
36
Median Age
44%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
13,103
Density / Sq Mi
$115,778
Median Household Income
$56,791
Median Earnings
$2,367
Median Rent
$1,425,200
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 income property with a mix of 2- and 3-bedroom layouts and 6 enclosed garages plus tandem parking.
Where is this quadplex located?
The property is located at 1342 Essex Way San Jose, CA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Built in 1967, 1342 Essex Way is a 4‑plex totaling 3,928 SF on a 6,120 SF parcel.; Unit mix: (1) 3BD/2BA, (1) 2BD/2BA, and (2) 2BD/1BA layouts.; Owner‑occupant 3BD/2BA unit features a yard, dual‑pane windows, and central heating, plus remodeling.
