Seven-Unit Multifamily
For Sale
Contact for pricing
27 Topeka Ave, San Jose, CA 95128
A 7-unit multifamily property with two units currently occupied and additional vacant units available.
Property Size5,625 SF
Price / SF$328.89
Days on Market166
Property Features for 27 Topeka Ave
General Information
Standard status
Active
Size
5,625 SF
Class
C
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R1-N2
Occupancy
29%
Investment Type
Value Add
Additional Details
Multifamily Units
7
Building Details
Year Built
1953
Year Renovated
2024
Buildings
2
Stories
2
Units
7
Listing Agency:
Key Opp
Listed By:
KeyOpp Group · License #02167546
Source:
Crexi
Added: Mar 26
Changed: Sep 5
Last Checked: Sep 1 at 6:01PM
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 Key Opp
Investment Insights
Based on property information with market context.
27 Topeka Ave is a 7-unit multifamily property in San Jose, CA. The asset is currently underutilized, with two units occupied and the remaining units vacant, creating immediate leasing opportunities for an owner-operator or investor.
The property is situated in a well-established San Jose neighborhood near major retail at Santana Row, along with employment centers, universities, and transportation corridors.
For a buyer looking to put units back into service, this configuration supports straightforward near-term steps to stabilize occupancy by leasing the vacant units.
The property is situated in a well-established San Jose neighborhood near major retail at Santana Row, along with employment centers, universities, and transportation corridors.
For a buyer looking to put units back into service, this configuration supports straightforward near-term steps to stabilize occupancy by leasing the vacant units.
Key Highlights
- 27 Topeka Avenue is a 7‑unit multifamily property in San Jose
- Year built: 1953
- Currently, 2 units are occupied and additional units are vacant and available for lease‑up
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
$116,999
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
6.32%
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%
$2,339,980
$2.3M
Cap Rate 7%
$1,671,414
$1.7M
Cap Rate 9%
$1,299,989
$1.3M
Market Conditions
NOI Build-Up for 5,625 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
$222.8K $39.60/SF
− Vacancy
−$10.0K −$1.78/SF
EGI
$212.7K $37.82/SF
− OpEx
−$95.7K −$17.02/SF
NOI
$117.0K $20.80/SF
Area
San Jose, CA
Vacancy
4.50%
Lease Rate
$39.60 /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%
$2,339,980
Cap Rate 7%
$1,671,414
Cap Rate 9%
$1,299,989
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,999 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.40M
$2.97M – $3.96M
NOI $237,798 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
28.6%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 95128, CA
34,776
Population
15,193
Households
2.3
Avg Household Size
38
Median Age
52%
College-Educated
90%
High-School Grad
3.9 sq mi
ZIP Area
8,917
Density / Sq Mi
$122,647
Median Household Income
$71,504
Median Earnings
$2,505
Median Rent
$1,214,500
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 - A 7-unit multifamily property with two units currently occupied and additional vacant units available.
Where is this apartment building located?
The property is located at 27 Topeka Ave San Jose, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 27 Topeka Avenue is a 7‑unit multifamily property in San Jose; Year built: 1953; Currently, 2 units are occupied and additional units are vacant and available for lease‑up
