17-Unit Apartment Building with
For Sale
$6,630,000
165 Monroe Street, Santa Clara, CA 95050
Upgraded one- and two-bedroom residences include laundry, pool, and private tuck-under parking.
Property Size12,775 SF
Lot Size0.48 Acres
Price / SF$518.98
Days on Market8
Property Features for 165 Monroe Street
General Information
Standard status
Active
Size
12,775 SF
Lot size
0.48 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
17
Amenities
on-site laundry facility
community pool
private tuck-under parking stalls
Building Details
Year Built
1960
Listing Agency:
Marcus & Millichap
(650) 391-1744
Listed By:
Robert Johnston · License #01853816
(650) 391-1744
Source:
Exitrealty
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 7:13AM
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
Investment Insights
Based on property information with market context.
Built in 1960, this 17-unit apartment property contains approximately 12,775 square feet on a 21,060-square-foot parcel. The unit mix includes one-bedroom and two-bedroom floor plans, with upgraded interiors across select residences. Improvements include stainless steel appliances, dishwashers, kitchen islands, hardwood flooring, quartz countertops, modern cabinetry, recessed lighting, and energy-efficient mini-split air conditioning systems.
Community amenities include an on-site laundry facility, swimming pool, and private tuck-under parking stalls. The property is located at 165 Monroe Street in Santa Clara, within walking distance of Santa Clara University.
Community amenities include an on-site laundry facility, swimming pool, and private tuck-under parking stalls. The property is located at 165 Monroe Street in Santa Clara, within walking distance of Santa Clara University.
Key Highlights
- 17‑unit apartment property on a 21,060‑square‑foot parcel
- Approximately 12,775 square feet of gross building area
- One‑bedroom and two‑bedroom 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
$241,606
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
3.64%
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%
$4,832,120
$4.8M
Cap Rate 7%
$3,451,514
$3.5M
Cap Rate 9%
$2,684,511
$2.7M
Market Conditions
NOI Build-Up for 12,775 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
$461.4K $36.12/SF
− Vacancy
−$22.1K −$1.73/SF
EGI
$439.3K $34.39/SF
− OpEx
−$197.7K −$15.47/SF
NOI
$241.6K $18.91/SF
Area
Santa Clara, CA
Vacancy
4.80%
Lease Rate
$36.12 /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%
$4,832,120
Cap Rate 7%
$3,451,514
Cap Rate 9%
$2,684,511
Alternative Uses
Best Use
Apartment 5plus
$3.45M
$3.02M – $4.03M
NOI $241,606 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.71M
$6.75M – $9.00M
NOI $539,872 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 95050, CA
39,031
Population
16,674
Households
2.3
Avg Household Size
35
Median Age
54%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
7,097
Density / Sq Mi
$130,051
Median Household Income
$73,578
Median Earnings
$2,522
Median Rent
$1,420,500
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 - Upgraded one- and two-bedroom residences include laundry, pool, and private tuck-under parking.
Where is this apartment building located?
The property is located at 165 Monroe Street Santa Clara, CA.
What is the asking price?
The asking price for this property is $6,630,000.
What are key features of this property?
This property features: 17‑unit apartment property on a 21,060‑square‑foot parcel; Approximately 12,775 square feet of gross building area; One‑bedroom and two‑bedroom floor plans
