Triplex with Wraparound
For Sale
$1,200,000
188 S 14th Street, San Jose, CA 95112
Three-unit property with shared interior access, a wraparound porch, and partial basement storage and laundry space.
Property Size2,226 SF
Price / SF$539.08
Days on Market445
Property Features for 188 S 14th Street
General Information
Standard status
Active
Size
2,226 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,450
Building Details
Year Built
1906
Listing Agency:
Keller Williams Thrive
(408) 850-6900
Listed By:
Kevin Cole · License #01127612
Source:
Exitrealty
Added: Jun 13, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:27PM
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 Keller Williams Thrive
Investment Insights
Based on property information with market context.
This 2,226-square-foot triplex was built in 1906 and retains a three-unit configuration. The first level contains two residences, while the upper level houses a third unit reached from the interior lobby staircase. A wraparound front porch provides an additional entry point to Unit 2, and the central lobby connects the building’s residential spaces.
The walk-in partial basement includes washer and dryer space along with storage area. The property occupies a large parcel at 188 S 14th Street in San Jose, near San Jose State University and downtown San Jose. Its established residential layout and original-era construction provide a defined physical platform for continued multifamily use.
The walk-in partial basement includes washer and dryer space along with storage area. The property occupies a large parcel at 188 S 14th Street in San Jose, near San Jose State University and downtown San Jose. Its established residential layout and original-era construction provide a defined physical platform for continued multifamily use.
Key Highlights
- Three‑unit configuration within a 2,226‑square‑foot building
- 1906 construction date
- First‑level interior lobby connects access to all 3 units
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
$50,120
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
4.18%
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%
$1,002,400
$1.0M
Cap Rate 7%
$716,000
$716.0K
Cap Rate 9%
$556,889
$556.9K
Market Conditions
NOI Build-Up for 2,226 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
$74.8K $33.60/SF
− Vacancy
−$3.2K −$1.43/SF
EGI
$71.6K $32.17/SF
− OpEx
−$21.5K −$9.65/SF
NOI
$50.1K $22.52/SF
Area
San Jose, CA
Vacancy
4.27%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,002,400
Cap Rate 7%
$716,000
Cap Rate 9%
$556,889
Alternative Uses
Best Use
Multifamily LT 5
$716.0K
$626.5K – $835.3K
NOI $50,120 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$661.4K
$578.8K – $771.7K
NOI $46,301 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,104 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,353
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?
Triplex - Three-unit property with shared interior access, a wraparound porch, and partial basement storage and laundry space.
Where is this triplex located?
The property is located at 188 S 14th Street San Jose, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit configuration within a 2,226‑square‑foot building; 1906 construction date; First‑level interior lobby connects access to all 3 units
