Renovated
For Sale
$1,948,000
3691 Cape Cod Court San, San Jose, CA 95117
Four-unit multifamily property with substantial system upgrades and updated interiors in West San Jose’s rental corridor.
Property Size3,584 SF
Lot Size0.17 Acres
Price / SF$543.53
Days on Market223
Property Features for 3691 Cape Cod Court San
General Information
Standard status
Active
Size
3,584 SF
Lot size
0.17 Acres
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Amenities
Wall Furnace
Dishwasher
Exhaust Fan
Garbage Disposal
Hood Over Range
Microwave
Oven Range
Refrigerator
Public Utilities, Water - Public, Flat
Building Details
Year Built
1964
Buildings
1
Listing Agency:
SiliconValley MultiFamilyGroup
(408) 356-1900
Listed By:
Michael Shields · License #01327546
(408) 356-1900
Source:
Kw
Added: Jan 10
Changed: Aug 19
Last Checked: Aug 20 at 7:19PM
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 SiliconValley MultiFamilyGroup
Investment Insights
Based on property information with market context.
This fourplex contains four residential units totaling 3,584 square feet on a 7,260 SF lot. Built in 1964, the property has received extensive building and interior improvements, including replacement of the plumbing infrastructure, drains, supply lines, and sewer systems in 2024. A new roof was installed in 2022, and additional work includes new water heaters, heating systems, exterior painting, termite treatment, tree removal, and front post replacement.
Unit improvements span multiple years: Unit 2 was extensively remodeled in 2024, Unit 4 was updated in 2021, and Unit 3 was renovated in 2017. Unit 1 includes a townhouse-style layout with kitchen and bathroom upgrades from 2013 and a downstairs bathroom remodel completed in 2025. The property is near downtown Campbell and less than three miles from Santana Row and Valley Fair. Section 1 clearance is provided before closing.
Unit improvements span multiple years: Unit 2 was extensively remodeled in 2024, Unit 4 was updated in 2021, and Unit 3 was renovated in 2017. Unit 1 includes a townhouse-style layout with kitchen and bathroom upgrades from 2013 and a downstairs bathroom remodel completed in 2025. The property is near downtown Campbell and less than three miles from Santana Row and Valley Fair. Section 1 clearance is provided before closing.
Key Highlights
- Four‑unit property totaling 3,584 square feet on a 7,260 SF lot
- 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
4
Residential units
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 - Four-unit multifamily property with substantial system upgrades and updated interiors in West San Jose’s rental corridor.
Where is this quadplex located?
The property is located at 3691 Cape Cod Court San 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‑unit property totaling 3,584 square feet on a 7,260 SF lot; Complete plumbing infrastructure replacement in 2024, including drains, supply lines, and sewer systems; New roof installed in 2022
