5-Unit Multifamily Investment
For Sale
$1,575,000
1451 N First St, San Jose, CA 95112
Centrally located five-unit building with updated interiors, private covered carport parking, and on-site laundry facilities.
Property Size3,175 SF
Lot Size0.13 Acres
Price / SF$496.06
Days on Market90
Property Features for 1451 N First St
General Information
Standard status
Active
Size
3,175 SF
Lot size
0.13 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
5
Amenities
private covered carport parking
on-site laundry facility
Centrally Located San Jose Investment Opportunity - Investors have the opportunity to acquire a well-situated investment in one of the most dynamic and desirable locations in the South Bay.
Fully SB 721 Compliant as of 2026 – Ownership has completed all required structural improvements, bringing the subject property into full compliance with California's SB 721 requirements as of 2026.
Upgraded Unit Interiors - Units feature dual-pane windows, upgraded electrical panels, individual water heaters, plus select units with vinyl plank flooring, granite counters, and stainless appliances
Desirable Unit Mix – 1451 N 1st St offers spacious two-bedroom, one-bedroom, and studio floor plans designed to appeal to a broad range of renters.
Quick Access Around the Bay Area – Convenient access to I-280 and major transportation routes connects tenants to leading employers, schools, and Bay Area amenities.
Building Details
Year Built
1953
Tenancy
Multi
Listing Agency:
Marcus & Millichap
Listed By:
Adam Levin · License #License(s): CA: 01462752
(650) 391-1782
Source:
Marcusmillichap
Added: Jul 22
Changed: Oct 7
Last Checked: Oct 16 at 5:43AM
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 Marcus & Millichap
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Investment Insights
Based on property information with market context.
This centrally located five-unit multifamily property was originally constructed in 1953 and is configured with one-bedroom, two-bedroom, and studio floor plans. Apartment interiors have been updated with dual pane windows, upgraded electrical panels, and individual water heaters. Select units include vinyl plank flooring, granite countertops, and stainless steel appliances. Residents also benefit from private covered carport parking and an on-site laundry facility.
The property is near Downtown San Jose and the Target-anchored San Jose Market Center, and it offers convenient access to San Jose Mineta International Airport (SJC). It is also located near San Jose State University and Santa Clara University.
With its mix of studio and one- and two-bedroom units, the building provides a range of rental layouts while maintaining core community amenities including covered parking and on-site laundry.
The property is near Downtown San Jose and the Target-anchored San Jose Market Center, and it offers convenient access to San Jose Mineta International Airport (SJC). It is also located near San Jose State University and Santa Clara University.
With its mix of studio and one- and two-bedroom units, the building provides a range of rental layouts while maintaining core community amenities including covered parking and on-site laundry.
Key Highlights
- 5‑unit multifamily property built in 1953 on a 5,522 SF parcel with approx. 3,175 SF gross building area
- Updated unit interiors include dual pane windows, upgraded electrical panels, and individual water heaters
- Unit mix includes two‑bedroom, one‑bedroom, and studio floor plans
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,040
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,320,800
$1.3M
Cap Rate 7%
$943,429
$943.4K
Cap Rate 9%
$733,778
$733.8K
Market Conditions
NOI Build-Up for 3,175 SF
Gross rent
$125.7K $39.60/SF
− Vacancy
−$5.7K −$1.78/SF
EGI
$120.1K $37.82/SF
− OpEx
−$54.0K −$17.02/SF
NOI
$66.0K $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 Rate 5%
$1,320,800
Cap Rate 7%
$943,429
Cap Rate 9%
$733,778
Alternative Uses
Best Use
Apartment 5plus
$943.4K
$825.5K – $1.10M
NOI $66,040 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,224 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,998
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Centrally located five-unit building with updated interiors, private covered carport parking, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 1451 N First St San Jose, CA.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: 5‑unit multifamily property built in 1953 on a 5,522 SF parcel with approx. 3,175 SF gross building area; Updated unit interiors include dual pane windows, upgraded electrical panels, and individual water heaters; Unit mix includes two‑bedroom, one‑bedroom, and studio floor plans
