Remodeled Fourplex With
New
For Sale
$2,150,000
2965 Walgrove WAY, San Jose, CA 95128
Residential Income (2-4 units), SAN JOSE, CA
Property Size3,973 SF
Lot Size0.22 Acres
Price / SF$541.15
Days on Market1
Property Features for 2965 Walgrove WAY
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
7
Rooms
Bedroom 5, Bedroom 7, Bedroom 4, Bedroom 1, Laundry Room, Bedroom 6, Bedroom 3, Bedroom 2
Parking
6
Parking features
Carport, Covered, Guest, Assigned
Appliances
Countertop - Solid Surface / Corian, Dishwasher, Exhaust Fan, Garbage Disposal, Microwave, Oven Range - Electric, Refrigerator
Subdivision
Campbell
Standard status
Active
Size
3,973 SF
Lot size
0.22 Acres
Utilities
Water source
Public
Amenities
on-site laundry room
mini-split AC and heating
drought tolerant landscaping
Building Details
Year built
1968
Number of units
4
Flooring type
Carpet, Laminate
Building materials
Wood Frame
Roof type
Composition
Listing Agency:
SiliconValley MultiFamilyGroup
(408) 356-1900
Listed By:
Michael Shields · License #01327546
(408) 354-7470
Added: Sep 10
Last Checked: Sep 10 at 9:06PM
MLS# ML82060188
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This RM-zoned fourplex at 2965 Walgrove WAY in San Jose contains 3,973 square feet on a 0.2212-acre lot. The unit mix includes one 3BD/2BA residence, two 2BD/1.5BA residences, and one 1BD/1BA residence. Built in 1968, the property has updated kitchens and bathrooms, double-pane windows, copper plumbing, drought-tolerant landscaping with a drip system, and mini-split heating and cooling in every unit.
Parking totals 12 spaces, including a two-car garage, four carports, and six uncovered on-site spaces. An on-site laundry room includes a washer and dryer transferring with the sale. The elevated walkways have been inspected and are SB-721 compliant. The property is near Santana Row and Westfield Valley Fair, with access to major freeways and a light rail station.
Parking totals 12 spaces, including a two-car garage, four carports, and six uncovered on-site spaces. An on-site laundry room includes a washer and dryer transferring with the sale. The elevated walkways have been inspected and are SB-721 compliant. The property is near Santana Row and Westfield Valley Fair, with access to major freeways and a light rail station.
Key Highlights
- Fourplex with one 3BD/2BA, two 2BD/1.5BA, and one 1BD/1BA unit
- 3,973 square feet on a 0.2212‑acre lot
- 12 parking spaces: two‑car garage, 4 carports, and 6 uncovered 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four updated residences feature dishwashers, mini-split heating and cooling, and shared on-site laundry facilities.
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: Fourplex with one 3BD/2BA, two 2BD/1.5BA, and one 1BD/1BA unit; 3,973 square feet on a 0.2212‑acre lot; 12 parking spaces: two‑car garage, 4 carports, and 6 uncovered spaces
