Duplex with Updated
New
For Sale
$1,765,000
2117-2119 Los Gatos Almaden RD, San Jose, CA 95124
Two separate homes offer an owner-occupant the option to live in one and receive income from the other.
Property Size2,317 SF
Days on Market6
Property Features for 2117-2119 Los Gatos Almaden RD
General Information
Standard status
Active
Size
2,317 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
in-unit laundry
private backyard
private patio
landscaping
Building Details
Building Size
2,317 SF
Year Built
1971
Abandoned
No
Listing Agency:
Pertria
Listed By:
Helen Pastorino · License #00612357
(408) 357-7770
Source:
Lynnnorth
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 2:32PM
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 Pertria
Investment Insights
Based on property information with market context.
Built in 1971, this San Jose duplex contains two distinct residences. The 2119 home has quartz counters, an upgraded kitchen, LVP flooring, refreshed bathrooms, in-unit laundry and a private backyard with a trellis. The 2117 residence retains its original character and has a private patio. Property improvements include a new roof, fumigation, exterior paint, landscaping and irrigation. Separate gas and electric meters serve the property.
The property is near the Los Gatos border, Downtown Los Gatos, Cambrian Park and Willow Glen, with access to Hwy 85. Vasona Lake, Los Gatos Creek Trail, restaurants, cafes and shopping are also in the surrounding area.
The property is near the Los Gatos border, Downtown Los Gatos, Cambrian Park and Willow Glen, with access to Hwy 85. Vasona Lake, Los Gatos Creek Trail, restaurants, cafes and shopping are also in the surrounding area.
Key Highlights
- Two‑residence duplex with separate gas and electric meters
- 2119 features an upgraded kitchen, quartz counters, LVP flooring and refreshed bathrooms
- In‑unit laundry and private backyard with trellis at 2119
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
$52,169
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
2.96%
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%
$1,043,380
$1.0M
Cap Rate 7%
$745,271
$745.3K
Cap Rate 9%
$579,656
$579.7K
Market Conditions
NOI Build-Up for 2,317 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
$77.9K $33.60/SF
− Vacancy
−$3.3K −$1.43/SF
EGI
$74.5K $32.17/SF
− OpEx
−$22.4K −$9.65/SF
NOI
$52.2K $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%
$1,043,380
Cap Rate 7%
$745,271
Cap Rate 9%
$579,656
Alternative Uses
Best Use
Multifamily LT 5
$745.3K
$652.1K – $869.5K
NOI $52,169 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$688.5K
$602.4K – $803.2K
NOI $48,193 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,951 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 95124, CA
50,054
Population
18,143
Households
2.8
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
6.6 sq mi
ZIP Area
7,584
Density / Sq Mi
$188,433
Median Household Income
$90,422
Median Earnings
$2,936
Median Rent
$1,596,700
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?
Duplex - Two separate homes offer an owner-occupant the option to live in one and receive income from the other.
Where is this duplex located?
The property is located at 2117-2119 Los Gatos Almaden RD San Jose, CA.
What is the asking price?
The asking price for this property is $1,765,000.
What are key features of this property?
This property features: Two‑residence duplex with separate gas and electric meters; 2119 features an upgraded kitchen, quartz counters, LVP flooring and refreshed bathrooms; In‑unit laundry and private backyard with trellis at 2119
