Remodeled Student Housing
For Sale
$4,000,000
168 11th Street, San Jose, CA 95112
Two-story apartment property with shared gathering areas, dual kitchens, auditorium space, and R-3F zoning.
Property Size15,190 SF
Lot Size0.43 Acres
Price / SF$263.33
Days on Market8
Property Features for 168 11th Street
General Information
Standard status
Active
Size
15,190 SF
Lot size
0.43 Acres
Property subtype
General Commercial
Zoning
R-3F
Additional Details
Public Transit
Yes
Amenities
commercial kitchen
residential kitchen
common room
auditorium
common restrooms
on-site parking
10 Parking Spaces.
Building Details
Year Built
1961
Stories
2
Tenancy
Multi
Listing Agency:
(408) 453-4700
Listed By:
Borelli Investment Company
Source:
Xome
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 1:39PM
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 Borelli Investment Company
Investment Insights
Based on property information with market context.
Built in 1961, this apartment property contains approximately 15,190 SF across two stories and a basement on an 18,560 SF lot, or 0.426 acre. The layout provides 27 bedrooms, a commercial kitchen, a separate residential kitchen, a large common room, an auditorium, multiple common restrooms, and on-site parking. Major building work includes a new roof, HVAC, plumbing, and electrical systems.
The property is located at 168 11th Street in San Jose, one block from San José State University and within walking distance of dining and light rail. It is zoned R-3F and currently has six month-to-month tenancies. The site includes 10 parking spaces and is configured for continued student-housing use, subject to buyer verification of all information.
The property is located at 168 11th Street in San Jose, one block from San José State University and within walking distance of dining and light rail. It is zoned R-3F and currently has six month-to-month tenancies. The site includes 10 parking spaces and is configured for continued student-housing use, subject to buyer verification of all information.
Key Highlights
- 27‑bedroom apartment property with approximately 15,190 SF
- 18,560 SF lot totaling 0.426 acre
- One block from San José State University; walkable to dining and light rail
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
$315,950
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
7.90%
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%
$6,319,000
$6.3M
Cap Rate 7%
$4,513,571
$4.5M
Cap Rate 9%
$3,510,556
$3.5M
Market Conditions
NOI Build-Up for 15,190 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
$601.5K $39.60/SF
− Vacancy
−$27.1K −$1.78/SF
EGI
$574.5K $37.82/SF
− OpEx
−$258.5K −$17.02/SF
NOI
$316.0K $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%
$6,319,000
Cap Rate 7%
$4,513,571
Cap Rate 9%
$3,510,556
Alternative Uses
Best Use
Apartment 5plus
$4.51M
$3.95M – $5.27M
NOI $315,950 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.17M
$8.03M – $10.70M
NOI $642,159 @ 7.0% cap · market cap 16.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,627
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 apartment property with shared gathering areas, dual kitchens, auditorium space, and R-3F zoning.
Where is this apartment building located?
The property is located at 168 11th Street San Jose, CA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 27‑bedroom apartment property with approximately 15,190 SF; 18,560 SF lot totaling 0.426 acre; One block from San José State University; walkable to dining and light rail
