Six-Unit Apartment
For Sale
$2,250,000
228 Selwyn Drive, Milpitas, CA 95035
Multifamily property with on-site laundry, individual wall furnaces, and selective flooring updates.
Property Size3,795 SF
Price / SF$592.89
Days on Market164
Property Features for 228 Selwyn Drive
General Information
Standard status
Active
Size
3,795 SF
Total Parking Spaces
6
Property subtype
5+ Units / Five or More Units
Property Condition
Severity
Repairs Needed
Evidence
The kitchen and bathrooms need upgrading.
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$28,125
Amenities
laundry facilities
Common Parking Area
No, No, 3795, None, Fire Alarm
Building Details
Year Built
1962
Buildings
2
Listing Agency:
Songs Realty & Inv Co
(408) 854-0828
Listed By:
Melinda Collins · License #01178494
(408) 854-0828
Source:
Compass
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 30 at 1:19PM
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 Songs Realty & Inv Co
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 3,795 square feet and was built in 1962. Each residence is equipped with a wall furnace, and the property includes shared laundry facilities. Flooring has been updated in some units, while kitchen and bathroom improvements remain needed.
The property is located at 228 Selwyn Drive in Milpitas, California, within the Milpitas Unified School District. Its six-unit configuration and existing laundry and heating features provide a defined multifamily layout for continued ownership and renovation planning.
The property is located at 228 Selwyn Drive in Milpitas, California, within the Milpitas Unified School District. Its six-unit configuration and existing laundry and heating features provide a defined multifamily layout for continued ownership and renovation planning.
Key Highlights
- Six‑unit apartment property with 3,795 square feet
- Built in 1962
- Each unit includes a wall furnace
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
$72,135
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
3.21%
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%
$1,442,700
$1.4M
Cap Rate 7%
$1,030,500
$1.0M
Cap Rate 9%
$801,500
$801.5K
Market Conditions
NOI Build-Up for 3,795 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
$136.6K $36.00/SF
− Vacancy
−$5.5K −$1.44/SF
EGI
$131.2K $34.56/SF
− OpEx
−$59.0K −$15.55/SF
NOI
$72.1K $19.01/SF
Area
Santa Clara County, CA
Vacancy
4.00%
Lease Rate
$36.00 /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%
$1,442,700
Cap Rate 7%
$1,030,500
Cap Rate 9%
$801,500
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$901.7K – $1.20M
NOI $72,135 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,377 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Explore this area
Business Placement
Demographics for 95035, CA
80,440
Population
25,851
Households
3.1
Avg Household Size
37
Median Age
59%
College-Educated
90%
High-School Grad
22.4 sq mi
ZIP Area
3,591
Density / Sq Mi
$176,723
Median Household Income
$81,070
Median Earnings
$3,110
Median Rent
$1,180,700
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?
Apartment building - Multifamily property with on-site laundry, individual wall furnaces, and selective flooring updates.
Where is this apartment building located?
The property is located at 228 Selwyn Drive Milpitas, CA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Six‑unit apartment property with 3,795 square feet; Built in 1962; Each unit includes a wall furnace
