Vacant Two-Unit
For Sale
$1,000,000
342-344 Raymond Avenue, San Jose, CA 95128
Two independent residences are delivered vacant, with distinct layouts and an open, level lot.
Property Size1,512 SF
Price / SF$661.38
Days on Market50
Property Features for 342-344 Raymond Avenue
General Information
Standard status
Active
Size
1,512 SF
Total Parking Spaces
4
Property subtype
RESIDENTIAL INCOME / DUPLEX
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
https://www.342raymond.com
Building Details
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
KW Elevate
(408) 931-0897
Listed By:
John Tran · License #02092278
(408) 931-0897
Source:
Compass
Added: Jul 14
Changed: Aug 30
Last Checked: Aug 31 at 10:27PM
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 KW Elevate
Investment Insights
Based on property information with market context.
This two-level duplex contains approximately 1,512 square feet across two independent residences of about 750 square feet each. Unit 342 provides two bedrooms, one bathroom, high ceilings, laminate flooring, and wood paneling. Unit 344 is a bright one-bedroom, one-bath residence with an open-concept layout and a breakfast-bar pass-through to the living room. Both units are delivered vacant, allowing the property to serve as a residence or rental asset.
The property is located on Raymond Avenue in San Jose, approximately 5 minutes from Santana Row and the Rose Garden. Nearby destinations include SAP Center, Trader Joe’s, Target, Diridon Station, and Santana Row’s shopping and dining. The open, level lot is identified as having potential for an ADU.
The property is located on Raymond Avenue in San Jose, approximately 5 minutes from Santana Row and the Rose Garden. Nearby destinations include SAP Center, Trader Joe’s, Target, Diridon Station, and Santana Row’s shopping and dining. The open, level lot is identified as having potential for an ADU.
Key Highlights
- Approximately 1,512 sq ft duplex with two independent units
- Two vacant residences, each approximately 750 sq ft
- Unit 342: 2‑bedroom, 1‑bath layout with high ceilings and laminate flooring
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
$34,044
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
3.40%
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%
$680,880
$680.9K
Cap Rate 7%
$486,343
$486.3K
Cap Rate 9%
$378,267
$378.3K
Market Conditions
NOI Build-Up for 1,512 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
$50.8K $33.60/SF
− Vacancy
−$2.2K −$1.43/SF
EGI
$48.6K $32.17/SF
− OpEx
−$14.6K −$9.65/SF
NOI
$34.0K $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%
$680,880
Cap Rate 7%
$486,343
Cap Rate 9%
$378,267
Alternative Uses
Best Use
Multifamily LT 5
$486.3K
$425.6K – $567.4K
NOI $34,044 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$449.3K
$393.1K – $524.2K
NOI $31,449 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$913.1K
$799.0K – $1.07M
NOI $63,920 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,832
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?
Duplex - Two independent residences are delivered vacant, with distinct layouts and an open, level lot.
Where is this duplex located?
The property is located at 342-344 Raymond Avenue San Jose, CA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Approximately 1,512 sq ft duplex with two independent units; Two vacant residences, each approximately 750 sq ft; Unit 342: 2‑bedroom, 1‑bath layout with high ceilings and laminate flooring
