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 Market44
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 - Palo Alto
Listed By:
Adam Levin · License #License(s): CA: 01462752
(650) 391-1782
Source:
Marcusmillichap
Added: Jul 22
Changed: Aug 23
Last Checked: Sep 2 at 1:24PM
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 - Palo Alto
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 = 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
$66,040
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
4.19%
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%
$1,320,800
$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
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
$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 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%
$1,320,800
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.
Property Analytics
Property Profile
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
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 - 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
