Four-Unit Apartment
New
For Sale
$1,998,000
3851 Blackford Ave, San Jose, CA 95117
Ground-floor layouts, central A/C, private carports, and community laundry support resident convenience in West San Jose.
Property Size4,514 SF
Days on Market4
Property Features for 3851 Blackford Ave
General Information
Standard status
Active
Size
4,514 SF
Total Parking Spaces
4
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,112
Amenities
on-site laundry
central air conditioning
Building Details
Building Size
4,514 SF
Year Built
1978
Buildings
1
Stories
2
Units
4
Listing Agency:
DPL Real Estate
(408) 621-5649
Listed By:
David Lillo · License #01803836
(408) 621-5649
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 5:42AM
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 DPL Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential income property includes three ground-floor residences and one second-floor residence. Three units have been updated, and all units feature spacious bedrooms and central A/C. Each residence has separate electric and gas metering. The property also provides four private carports and on-site community laundry.
Located in West San Jose, the property is within walking distance of Mitsuwa grocery, Lion grocery, and other amenities. Saratoga Avenue, freeways, and expressways are readily accessible. The property was built in 1978 and is served by Easterbrook Elementary, Easterbrook Middle, and Prospect High schools. WalkScore is 59, BikeScore is 77, and TransitScore is 37.
Located in West San Jose, the property is within walking distance of Mitsuwa grocery, Lion grocery, and other amenities. Saratoga Avenue, freeways, and expressways are readily accessible. The property was built in 1978 and is served by Easterbrook Elementary, Easterbrook Middle, and Prospect High schools. WalkScore is 59, BikeScore is 77, and TransitScore is 37.
Key Highlights
- Four‑unit property with 3 ground‑floor units and 1 second‑floor unit
- Three of four units have been updated
- Central A/C in all 4 units
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
$101,636
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
5.09%
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%
$2,032,720
$2.0M
Cap Rate 7%
$1,451,943
$1.5M
Cap Rate 9%
$1,129,289
$1.1M
Market Conditions
NOI Build-Up for 4,514 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
$151.7K $33.60/SF
− Vacancy
−$6.5K −$1.43/SF
EGI
$145.2K $32.17/SF
− OpEx
−$43.6K −$9.65/SF
NOI
$101.6K $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%
$2,032,720
Cap Rate 7%
$1,451,943
Cap Rate 9%
$1,129,289
Alternative Uses
Best Use
Multifamily LT 5
$1.45M
$1.27M – $1.69M
NOI $101,636 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,891 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$2.73M
$2.39M – $3.18M
NOI $190,830 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,503
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Ground-floor layouts, central A/C, private carports, and community laundry support resident convenience in West San Jose.
Where is this quadplex located?
The property is located at 3851 Blackford Ave San Jose, CA.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: Four‑unit property with 3 ground‑floor units and 1 second‑floor unit; Three of four units have been updated; Central A/C in all 4 units
