Value-Add Apartment
2388 Karen Drive Santa Clara, CA 95050
For Sale
$4,150,000
Apartment building with 12 units, including 2BD/1BA and 1BD/1BA layouts, plus a swimming pool.
Property Size9,269 SF
Lot Size0.37 Acres
Price / SF$447.73
Days on Market46
Property Features for 2388 Karen Drive
General Information
- Standard status
- Active
- Size
- 9,269 SF
- Lot size
- 0.37 Acres
- Property subtype
- General Commercial
Building Details
- Year Built
- 1963
Listing Agency:
(877) 776-7718
Listed By:
Magnify Real Estate
Source:
Xome
Added: Jun 9
Changed: Jul 21
Last Checked: Jul 23 at 3:51AM
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 Magnify Real Estate
Investment Insights
Based on property information with market context.
2388 Karen Drive is a value-add multifamily property featuring 12 total units in a unit mix of (8) 2BD/1BA and (4) 1BD/1BA. The community includes dishwashers and functional floor plans. Outdoor amenities include a swimming pool. The building also has copper plumbing and low-maintenance hardscaping, and it has completed the SB-721 inspection.
The property is located in Santa Clara, with proximity to major employers including NVIDIA (about 2 miles) and Apple (about 3 miles).
Recent capital improvements include a new roof installed in 2019 and a water heater replacement in 2026. The offering consists of 9,269 building square feet on a 0.37-acre parcel.
The property is located in Santa Clara, with proximity to major employers including NVIDIA (about 2 miles) and Apple (about 3 miles).
Recent capital improvements include a new roof installed in 2019 and a water heater replacement in 2026. The offering consists of 9,269 building square feet on a 0.37-acre parcel.
Key Highlights
- 12‑unit apartment building (9,269 SF) on a 0.37‑acre parcel in Santa Clara; built in 1963 and zoned R3
- Unit mix: (8) 2BD/1BA and (4) 1BD/1BA, with dishwashers and functional floor plans
- Major capital improvements include a new roof in 2019 and a water heater installed in 2026
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $334.8k | $36.12 |
| − Vacancy | −$16.1k | −$1.73 |
| EGI | $318.7k | $34.39 |
| − OpEx | −$143.4k | −$15.47 |
| NOI | $175.3k | $18.91 |
9,269 SF · lease $36.12/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $175,299 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.60M
$4.90M – $6.53M
NOI $391,709 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Apartment building with 12 units, including 2BD/1BA and 1BD/1BA layouts, plus a swimming pool.
Where is this apartment building located?
The property is located at 2388 Karen Drive Santa Clara, CA.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: 12‑unit apartment building (9,269 SF) on a 0.37‑acre parcel in Santa Clara; built in 1963 and zoned R3; Unit mix: (8) 2BD/1BA and (4) 1BD/1BA, with dishwashers and functional floor plans; Major capital improvements include a new roof in 2019 and a water heater installed in 2026
