Two-Story Mixed-Use
New
For Sale
Contact for pricing
1891 W San Carlos Street, San Jose, CA 95128
Two commercial storefronts occupy the ground floor, with four residential apartments above and rear parking on the parcel.
Property Size6,934 SF
Lot Size0.15 Acres
Price / SF$237.24
Days on Market3
Property Features for 1891 W San Carlos Street
General Information
Standard status
Active
Size
6,934 SF
Lot size
0.15 Acres
Property subtype
Mixed Use
Zoning
Mixed Use Commercial
Occupancy
100%
Investment Type
Value Add
Additional Details
Asking Price
$1,645,000
Road Access
Yes
Multifamily Units
4
Building Details
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Meacham Oppenheimer
Listed By:
Jeremy Awdisho · License #02064232
Source:
Crexi
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 1:16PM
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 Meacham Oppenheimer
Investment Insights
Based on property information with market context.
This two-story mixed-use property combines commercial and residential space within a ±6,934 SF building on a ±6,331 SF parcel. The ground level contains two storefronts, while four apartment units are positioned on the second floor. Rear on-site parking is included.
All occupants are currently on month-to-month arrangements without written leases. Subject to agreements with existing occupants, the storefronts and apartments may be delivered vacant at closing. The configuration also supports an owner-user occupying one or both commercial spaces while retaining the residential units for rental use.
The property is located at 1891 W. San Carlos Street in San Jose, within the MUC (Mixed Use Commercial) Zoning District and MUC General Plan designation. It is also within the W. San Carlos Street (West) Urban Village Plan.
All occupants are currently on month-to-month arrangements without written leases. Subject to agreements with existing occupants, the storefronts and apartments may be delivered vacant at closing. The configuration also supports an owner-user occupying one or both commercial spaces while retaining the residential units for rental use.
The property is located at 1891 W. San Carlos Street in San Jose, within the MUC (Mixed Use Commercial) Zoning District and MUC General Plan designation. It is also within the W. San Carlos Street (West) Urban Village Plan.
Key Highlights
- ±6,934 SF two‑story mixed‑use building on a ±6,331 SF parcel
- Two ground‑floor commercial storefronts
- Four second‑floor residential apartment 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
$144,227
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
8.77%
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%
$2,884,540
$2.9M
Cap Rate 7%
$2,060,386
$2.1M
Cap Rate 9%
$1,602,522
$1.6M
Market Conditions
NOI Build-Up for 6,934 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
$274.6K $39.60/SF
− Vacancy
−$12.4K −$1.78/SF
EGI
$262.2K $37.82/SF
− OpEx
−$118.0K −$17.02/SF
NOI
$144.2K $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%
$2,884,540
Cap Rate 7%
$2,060,386
Cap Rate 9%
$1,602,522
Alternative Uses
Best Use
Retail
$2.68M
$2.34M – $3.12M
NOI $187,298 @ 7.0% cap · market cap 11.39%
Second Best
Apartment 5plus
$2.06M
$1.80M – $2.40M
NOI $144,227 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$4.19M
$3.66M – $4.89M
NOI $293,136 @ 7.0% cap · market cap 17.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,832
Businesses Nearby
Explore this area
Business Placement
Demographics for 95128, CA
34,776
Population
15,193
Households
2.3
Avg Household Size
38
Median Age
52%
College-Educated
90%
High-School Grad
3.9 sq mi
ZIP Area
8,917
Density / Sq Mi
$122,647
Median Household Income
$71,504
Median Earnings
$2,505
Median Rent
$1,214,500
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?
Mixed-use property - Two commercial storefronts occupy the ground floor, with four residential apartments above and rear parking on the parcel.
Where is this mixed-use property located?
The property is located at 1891 W San Carlos Street San Jose, CA.
What is the asking price?
The asking price for this property is $1,645,000.
What are key features of this property?
This property features: ±6,934 SF two‑story mixed‑use building on a ±6,331 SF parcel; Two ground‑floor commercial storefronts; Four second‑floor residential apartment units
