Multifamily Asset Near San
For Sale
$1,580,000
139 E Julian St, San Jose, CA 95112
Two-story multifamily asset with positive cash flow potential.
Property Size5,000 SF
Lot Size0.11 Acres
Price / SF$316
Days on Market157
Property Features for 139 E Julian St
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.11 Acres
Property subtype
Multifamily
Amenities
Strong In-Place Cap Rate
$175,555 per unit
Walkable, Transit-Connected Northside/Downtown San Jose Location
Located Within the Nationally Registered Hensley Historic District
Approximately One Mile from San Jose State University, with Direct Bus and Light Rail Access
San Jose State University Posted Record Enrollment of Nearly 40,000 Students in Fall 2025 (+8% YoY)
Building Details
Units
9
Listed By:
Jimmy Castellanos · License #License(s): CA: 02024152
(650) 391-1777
Source:
Marcusmillichap
Added: Apr 4
Changed: Sep 3
Last Checked: Sep 6 at 4:03AM
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 Jimmy Castellanos
Investment Insights
Based on property information with market context.
The property, constructed in 1898, is a two-story multifamily asset located in the Northside submarket. Situated on a 0.11-acre lot, it comprises eight studio units and one one-bedroom, one-bathroom unit, with an additional building at the rear of the property. The rentable space totals nearly 5,000 square feet and includes additional side yard space and parking. The property offers investment potential in a high barrier to entry market, driven by existing positive cash flow. Its location provides convenient access to San Jose State, Downtown San Jose, and Highway 280. The nearest BART stop is 5 minutes away, and the nearest VTA station is 6 minutes away.
Key Highlights
- Positive cash flow investment property.
- Located in a high barrier to entry market.
- Close proximity to San Jose State, Downtown San Jose, and Highway 280.
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
$104,000
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
6.58%
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%
$2,080,000
$2.1M
Cap Rate 7%
$1,485,714
$1.5M
Cap Rate 9%
$1,155,556
$1.2M
Market Conditions
NOI Build-Up for 5,000 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
$198.0K $39.60/SF
− Vacancy
−$8.9K −$1.78/SF
EGI
$189.1K $37.82/SF
− OpEx
−$85.1K −$17.02/SF
NOI
$104.0K $20.80/SF
Area
San Jose, CA
Vacancy
4.50%
Lease Rate
$39.60 /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%
$2,080,000
Cap Rate 7%
$1,485,714
Cap Rate 9%
$1,155,556
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.73M
NOI $104,000 @ 7.0% cap · market cap 6.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,376 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,827
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?
Apartment building - Two-story multifamily asset with positive cash flow potential.
Where is this apartment building located?
The property is located at 139 E Julian St San Jose, CA.
What is the asking price?
The asking price for this property is $1,580,000.
What are key features of this property?
This property features: Positive cash flow investment property.; Located in a high barrier to entry market.; Close proximity to San Jose State, Downtown San Jose, and Highway 280.
