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San Jose Multifamily Investment Opportunity

256 La Pala Drive, San Jose, CA 95127

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For Sale

$11,698,000

38-unit apartment community with recent capital improvements and community amenities.

Property size:

32,000 SF

Price / SF:

$365/SF

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.
Located on a large 1.69‑acre parcel in a quiet cul‑de‑sac in San Jose's East Foothills.
Features beautifully designed two‑bedroom and one‑bedroom floor plans.
Walking distance to Capitol Square Mall with dining, shopping, and entertainment.

We can help!

Listing Contact

ROBERT JOHNSTON

For Sale

$11,698,000

38-unit apartment community with recent capital improvements and community amenities.

Property size:

32,000 SF

Price / SF:

$365/SF

Added:: May 10, 2025
Days on Market:: 400
Last Refresh:: Mar 16 at 9:09 am

Property Features for 256 La Pala Drive

General Information

Standard status: Active
Size: 32,000 SF

Building Details

Year Built: 1960

We can help!

Listing Contact

ROBERT JOHNSTON

Listing agent ROBERT JOHNSTON

Listing office MARCUS & MILLICHAP

Listing date May 10, 2025

Source Corcoran

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

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.
Located on a large 1.69‑acre parcel in a quiet cul‑de‑sac in San Jose's East Foothills.
Features beautifully designed two‑bedroom and one‑bedroom floor plans.
Walking distance to Capitol Square Mall with dining, shopping, and entertainment.

Overview

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.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

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 (±1% cap)

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 (±1% cap)

NOI $1,344,771 @ 7.0% cap · market cap 11.50%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Country Club Garden ... Apartment Complex T&S Janitorial and Maintence ... General Contractor Avila plastestering Construction Company

Suggested Use

Location Insight

Map
Local Demand

City: San Jose
County: Santa Clara
State: California
Longitude: -121.828
Latitude: 37.378

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For sale
Apartment buildings
CA
San Jose
95127
256 La Pala Drive

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.