Remodeled Four-Unit
New
For Sale
$2,150,000
2965 Walgrove Way, San Jose, CA 95128
Four residences feature updated interiors, modern appliances, dedicated parking, and on-site laundry in West San Jose.
Property Size3,973 SF
Days on Market2
Property Features for 2965 Walgrove Way
General Information
Standard status
Active
Size
3,973 SF
Total Parking Spaces
12
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BD/2BA, 2 x 2BD/1.5BA, 1 x 1BD/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$28,378
Amenities
on-site laundry
Building Details
Building Size
3,973 SF
Year Built
1968
Stories
2
Units
4
Listing Agency:
Silicon Valley Multifamily Group
Listed By:
Rebecca Nevarez · License #1965425
(408) 510-4203
Source:
Elliman
Added: Sep 11
Last Checked: Sep 12 at 7:38AM
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 Silicon Valley Multifamily Group
Investment Insights
Based on property information with market context.
This 1968 quadplex at 2965 Walgrove Way includes one 3BD/2BA residence, two 2BD/1.5BA residences, and one 1BD/1BA residence. Each unit has been remodeled with upgraded kitchens, microwaves, dishwashers, and renovated bathrooms. Units 1, 3, and 4 offer central air and heat, while the one-bedroom unit uses an energy-efficient mini-split system for heating and cooling.
Property improvements include double-pane windows, copper plumbing, drought-tolerant landscaping with a drip irrigation system, low-flow toilets, and a water heater with a recirculating hot-water pump. Elevated walkways have been inspected and are SB-721 compliant. The property also provides a two-car garage, four carports, six uncovered on-site parking spaces, and a laundry room with a washer and dryer. Santana Row, Westfield Valley Fair, major freeways, and a light rail station are minutes away.
Property improvements include double-pane windows, copper plumbing, drought-tolerant landscaping with a drip irrigation system, low-flow toilets, and a water heater with a recirculating hot-water pump. Elevated walkways have been inspected and are SB-721 compliant. The property also provides a two-car garage, four carports, six uncovered on-site parking spaces, and a laundry room with a washer and dryer. Santana Row, Westfield Valley Fair, major freeways, and a light rail station are minutes away.
Key Highlights
- Four‑unit mix: one 3BD/2BA, two 2BD/1.5BA, and one 1BD/1BA residences
- All four units remodeled with upgraded kitchens, microwaves, dishwashers, and renovated bathrooms
- 12 parking spaces: two‑car garage, 4 carports, and 6 uncovered on‑site spaces
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
$89,455
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
4.16%
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%
$1,789,100
$1.8M
Cap Rate 7%
$1,277,929
$1.3M
Cap Rate 9%
$993,944
$993.9K
Market Conditions
NOI Build-Up for 3,973 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
$133.5K $33.60/SF
− Vacancy
−$5.7K −$1.43/SF
EGI
$127.8K $32.17/SF
− OpEx
−$38.3K −$9.65/SF
NOI
$89.5K $22.52/SF
Area
San Jose, CA
Vacancy
4.27%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,789,100
Cap Rate 7%
$1,277,929
Cap Rate 9%
$993,944
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,455 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,638 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $167,959 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,052
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences feature updated interiors, modern appliances, dedicated parking, and on-site laundry in West San Jose.
Where is this quadplex located?
The property is located at 2965 Walgrove Way San Jose, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Four‑unit mix: one 3BD/2BA, two 2BD/1.5BA, and one 1BD/1BA residences; All four units remodeled with upgraded kitchens, microwaves, dishwashers, and renovated bathrooms; 12 parking spaces: two‑car garage, 4 carports, and 6 uncovered on‑site spaces
