Two-Story 8-Unit Multifamily
For Sale
$2,790,000
2173 Aza Dr, Santa Clara, CA 95050
Well-maintained two-story building with four two-bedroom and four one-bedroom units, plus eight covered parking spaces.
Property Size5,640 SF
Price / SF$494.68
Days on Market72
Property Features for 2173 Aza Dr
General Information
Standard status
Active
Size
5,640 SF
Total Parking Spaces
8
Property subtype
Multi Family Home
Zoning
R325
Additional Details
Multifamily Units
8
Amenities
community laundry facility
Building Details
Building Size
5,640 SF
Year Built
1959
Buildings
1
Stories
2
Listing Agency:
Compass
Listed By:
Tony Zizzo · License #01962093
(650) 770-8356
Source:
Dualprideproperties
Added: Jun 26
Changed: Sep 4
Last Checked: Aug 15 at 6:47AM
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 Compass
Investment Insights
Based on property information with market context.
2173 Aza Drive is a well-maintained, two-story multifamily property built in 1959, consisting of eight total units. The unit mix includes (4) two-bedroom/one-bath homes and (4) one-bedroom/one-bath homes. The property is reported to have completed a full electrical upgrade and is SB 721 compliant. Each unit is described as featuring wall heating and functional kitchens with separate stovetops and ovens, along with abundant cabinet space. Flooring includes a mixture of carpet, tile, and vinyl wood-plank.
On-site amenities include eight covered parking spaces and a dedicated community laundry facility for tenant convenience.
The property is offered for sale as an income-producing multifamily asset with an established residential layout and updated electrical systems.
On-site amenities include eight covered parking spaces and a dedicated community laundry facility for tenant convenience.
The property is offered for sale as an income-producing multifamily asset with an established residential layout and updated electrical systems.
Key Highlights
- 8‑unit multifamily property in Santa Clara built in 1959, with 5,640 sqft across a two‑story building
- Unit mix: four (4) two‑bedroom/one‑bath units and four (4) one‑bedroom/one‑bath units
- Recently completed full electrical upgrade and SB 721 compliant
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
$106,666
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
3.82%
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%
$2,133,320
$2.1M
Cap Rate 7%
$1,523,800
$1.5M
Cap Rate 9%
$1,185,178
$1.2M
Market Conditions
NOI Build-Up for 5,640 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
$203.7K $36.12/SF
− Vacancy
−$9.8K −$1.73/SF
EGI
$193.9K $34.39/SF
− OpEx
−$87.3K −$15.47/SF
NOI
$106.7K $18.91/SF
Area
Santa Clara, CA
Vacancy
4.80%
Lease Rate
$36.12 /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%
$2,133,320
Cap Rate 7%
$1,523,800
Cap Rate 9%
$1,185,178
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.78M
NOI $106,666 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.40M
$2.98M – $3.97M
NOI $238,347 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,308
Businesses Nearby
Explore this area
Business Placement
Demographics for 95050, CA
39,031
Population
16,674
Households
2.3
Avg Household Size
35
Median Age
54%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
7,097
Density / Sq Mi
$130,051
Median Household Income
$73,578
Median Earnings
$2,522
Median Rent
$1,420,500
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?
Apartment building - Well-maintained two-story building with four two-bedroom and four one-bedroom units, plus eight covered parking spaces.
Where is this apartment building located?
The property is located at 2173 Aza Dr Santa Clara, CA.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: 8‑unit multifamily property in Santa Clara built in 1959, with 5,640 sqft across a two‑story building; Unit mix: four (4) two‑bedroom/one‑bath units and four (4) one‑bedroom/one‑bath units; Recently completed full electrical upgrade and SB 721 compliant
