Mixed-Use Warehouse and
For Sale
$1,500,000
194 S 24th ST, San Jose, CA 95116
Residential Income (2-4 units), Traditional, SAN JOSE, CA
Property Size3,656 SF
Lot Size0.24 Acres
Price / SF$410.28
Days on Market58
Property Features for 194 S 24th ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C1
Bedrooms
3
Rooms
Bedroom 1, Bedroom 2, Bedroom 3
Parking features
On Street, Garage - Detached
Appliances
Countertop - Solid Surface / Corian, Exhaust Fan, Garbage Disposal, Hookups - Gas, Oven Range - Gas
Subdivision
Central San Jose
Standard status
Active
Size
3,656 SF
Lot size
0.24 Acres
Utilities
Heating system
Central, Forced Air
Water source
Public
Building Details
Year built
1950
Flooring type
Linoleum, Tile
Building materials
Wood Frame
Roof type
Tile
Architectural style
Other
Listing Agency:
KW Bay Area Estates · Keller Williams Realty
(408) 560-9000
Listed By:
Lisa Leung · License #00600854
(408) 835-8866
Added: Jul 17
Changed: Sep 11
Last Checked: Sep 12 at 3:06PM
MLS# ML82046878
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property combines a spacious single-family residence and a separate commercial warehouse on one lot. The main home provides approximately 1,300 square feet of remodeled living space, with almost all new dual pane windows, fresh interior and exterior paint, and new flooring throughout. The updated kitchen includes new quartz finishes, a gas range, and an exhaust fan. Both bathrooms have been newly updated, and a laundry room sits just off the kitchen. Comfort features include central forced air heating, and the property also includes a detached one-car garage.
A detached commercial building totaling approximately 3,400 square feet provides additional space for a variety of potential uses. The property is listed as C1 zoned, and buyers should verify zoning, permitted uses, and all square footage with the appropriate city and county departments to confirm any development or use potential.
For tenants, buyers, or operators seeking a live-and-work configuration, the split setup supports different day-to-day needs between the residence and the warehouse. The warehouse component also provides room to accommodate flexible commercial or light industrial arrangements, subject to confirmation of permitted uses under the applicable zoning and local requirements.
A detached commercial building totaling approximately 3,400 square feet provides additional space for a variety of potential uses. The property is listed as C1 zoned, and buyers should verify zoning, permitted uses, and all square footage with the appropriate city and county departments to confirm any development or use potential.
For tenants, buyers, or operators seeking a live-and-work configuration, the split setup supports different day-to-day needs between the residence and the warehouse. The warehouse component also provides room to accommodate flexible commercial or light industrial arrangements, subject to confirmation of permitted uses under the applicable zoning and local requirements.
Key Highlights
- Remodeled single‑family home with approx. 1,300 sq ft living space on a 10,484 sq ft lot
- Almost all new dual pane windows (two fixed windows excluded), plus fresh interior and exterior paint and new flooring
- Updated kitchen with quartz finishes, gas range, and exhaust fan; includes laundry room off the kitchen
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
$76,044
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
5.07%
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%
$1,520,880
$1.5M
Cap Rate 7%
$1,086,343
$1.1M
Cap Rate 9%
$844,933
$844.9K
Market Conditions
NOI Build-Up for 3,656 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
$144.8K $39.60/SF
− Vacancy
−$6.5K −$1.78/SF
EGI
$138.3K $37.82/SF
− OpEx
−$62.2K −$17.02/SF
NOI
$76.0K $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%
$1,520,880
Cap Rate 7%
$1,086,343
Cap Rate 9%
$844,933
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$950.6K – $1.27M
NOI $76,044 @ 7.0% cap · market cap 5.07%
Second Best
Mixed Use
$1.08M
$946.0K – $1.26M
NOI $75,679 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,558 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 95116, CA
51,222
Population
13,987
Households
3.7
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
3.6 sq mi
ZIP Area
14,228
Density / Sq Mi
$83,428
Median Household Income
$41,992
Median Earnings
$2,049
Median Rent
$842,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled residence plus a separate commercial warehouse on one C1-zoned lot offers flexible owner-operator or redevelopment options.
Where is this mixed-use property located?
The property is located at 194 S 24th ST San Jose, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Remodeled single‑family home with approx. 1,300 sq ft living space on a 10,484 sq ft lot; Almost all new dual pane windows (two fixed windows excluded), plus fresh interior and exterior paint and new flooring; Updated kitchen with quartz finishes, gas range, and exhaust fan; includes laundry room off the kitchen
