San Jose Multifamily Investment
256 La Pala Drive San Jose, CA 95127
For Sale
$11,698,000
38-unit apartment community with recent capital improvements and community amenities.
Property Size32,000 SF
Price / SF$365.56
Days on Market445
Property Features for 256 La Pala Drive
General Information
Standard status
Active
Size
32,000 SF
Building Details
Year Built
1960
Listing Agency:
MARCUS & MILLICHAP
Listed By:
ROBERT JOHNSTON
Source:
Corcoran
Added: May 10, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
Country Club Garden Apartments is a 38-unit apartment community situated on 1.69 acres in a quiet cul-de-sac in San Jose's East Foothills. The property features a gross building area of approximately 32,000 square feet, offering tenants two-bedroom and one-bedroom floor plans. Community amenities include private covered parking, a community pool, and an on-site laundry facility. The property has undergone extensive capital improvements, including repiping with copper water pipes, new dual-pane windows, a new roof membrane, and a remodeled laundry room. A new solar energy system has been installed, featuring Siemens main electrical panels, a new 32.16kW LG solar system, and new carport roofs, with total capital expenditures exceeding $300k. Country Club Garden Apartments is within walking distance of the Target-anchored Capitol Square Mall, which offers dining, shopping, and entertainment options.
Key Highlights
- Extensive recent capital improvements EXCEEDING $300k, including new copper piping, dual‑pane windows, roof membrane, and remodeled laundry room.
- New solar energy system installed, featuring Siemens electrical panels and a 32.16kW LG system.
- Community amenities include a pool, private covered parking, and on‑site laundry facility.
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 | $1.15M | $36.00 |
| − Vacancy | −$48.4k | −$1.51 |
| EGI | $1.10M | $34.49 |
| − OpEx | −$496.6k | −$15.52 |
| NOI | $607.0k | $18.97 |
32,000 SF · lease $36.00/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$8.67M
$7.59M – $10.12M
NOI $606,989 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$19.21M
$16.81M – $22.41M
NOI $1,344,771 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 38-unit apartment community with recent capital improvements and community amenities.
Where is this apartment building located?
The property is located at 256 La Pala Drive San Jose, CA.
What is the asking price?
The asking price for this property is $11,698,000.
What are key features of this property?
This property features: Extensive recent capital improvements EXCEEDING $300k, including new copper piping, dual‑pane windows, roof membrane, and remodeled laundry room.; New solar energy system installed, featuring Siemens electrical panels and a 32.16kW LG system.; Community amenities include a pool, private covered parking, and on‑site laundry facility.
