Fourplex with Flat
For Sale
$1,948,000
3691 Cape Cod CT, San Jose, CA 95117
MULTI_FAMILY - SAN JOSE, CA
Property Size3,584 SF
Lot Size0.17 Acres
Price / SF$543.53
Days on Market34
Property Features for 3691 Cape Cod CT
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
9
Rooms
Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 9, Bedroom 7, Bedroom 8, Bedroom 6, Bedroom 2, Bedroom 1
Parking features
Carport, Assigned
Appliances
Dishwasher, Exhaust Fan, Garbage Disposal, Hood Over Range, Microwave, Oven Range, Refrigerator
Subdivision
Campbell
Standard status
Active
Size
3,584 SF
Lot size
0.17 Acres
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1964
Number of units
4
Flooring type
Tile, Carpet, Linoleum
Roof type
Flat
Listing Agency:
SiliconValley MultiFamilyGroup
(408) 356-1900
Listed By:
Michael Shields · License #01327546
(408) 356-1900
Added: Jul 6
Changed: Aug 2
Last Checked: Aug 8 at 3:06PM
MLS# ML82029860
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.
Well-maintained fourplex featuring a flat roof and a townhouse-style unit configuration, built in 1964. The property includes four units totaling 3,584 square feet on a 7,260 SF lot, with heating provided via wall furnaces. Flooring includes tile, carpet, and linoleum, and each unit is equipped with in-unit appliances such as a dishwasher, microwave, oven range, refrigerator, and garbage disposal, along with an exhaust fan and hood over range. Parking is provided with carport and assigned spaces, and water service is public.
The property is located at 3691 Cape Cod CT in San Jose (95117) within RM zoning. Major system upgrades include complete plumbing infrastructure replacement in 2024, new roof in 2022, and updated heating systems. Unit renovations include Unit 2 extensive remodeling in 2024, Unit 4 updates in 2021, Unit 3 in 2017, and kitchen and bath upgrades in 2013 plus a downstairs bathroom remodel in 2025 for Unit 1. Additional improvements include new water heaters, exterior painting, comprehensive termite treatment with tree removal, and front post replacement.
Section 1 clearance was provided before close.
The property is located at 3691 Cape Cod CT in San Jose (95117) within RM zoning. Major system upgrades include complete plumbing infrastructure replacement in 2024, new roof in 2022, and updated heating systems. Unit renovations include Unit 2 extensive remodeling in 2024, Unit 4 updates in 2021, Unit 3 in 2017, and kitchen and bath upgrades in 2013 plus a downstairs bathroom remodel in 2025 for Unit 1. Additional improvements include new water heaters, exterior painting, comprehensive termite treatment with tree removal, and front post replacement.
Section 1 clearance was provided before close.
Key Highlights
- Four units totaling 3,584 SF on a 7,260 SF lot in RM zoning
- Complete plumbing infrastructure replacement in 2024 including drains, supply lines, and sewer systems
- New roof installed in 2022
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
$80,696
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
4.14%
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%
$1,613,920
$1.6M
Cap Rate 7%
$1,152,800
$1.2M
Cap Rate 9%
$896,622
$896.6K
Market Conditions
NOI Build-Up for 3,584 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
$120.4K $33.60/SF
− Vacancy
−$5.1K −$1.43/SF
EGI
$115.3K $32.17/SF
− OpEx
−$34.6K −$9.65/SF
NOI
$80.7K $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%
$1,613,920
Cap Rate 7%
$1,152,800
Cap Rate 9%
$896,622
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,696 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$1.06M
$931.8K – $1.24M
NOI $74,547 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$2.16M
$1.89M – $2.53M
NOI $151,514 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
Explore this area
Business Placement
Demographics for 95117, CA
30,137
Population
11,226
Households
2.7
Avg Household Size
36
Median Age
44%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
13,103
Density / Sq Mi
$115,778
Median Household Income
$56,791
Median Earnings
$2,367
Median Rent
$1,425,200
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?
Quadplex - Zoned RM fourplex with flat roof, carport and assigned parking, on public water, built in 1964.
Where is this quadplex located?
The property is located at 3691 Cape Cod CT San Jose, CA.
What is the asking price?
The asking price for this property is $1,948,000.
What are key features of this property?
This property features: Four units totaling 3,584 SF on a 7,260 SF lot in RM zoning; Complete plumbing infrastructure replacement in 2024 including drains, supply lines, and sewer systems; New roof installed in 2022
