Gilroy Multifamily Investment
For Sale
$5,299,000
420 Broadway, Gilroy, CA 95020
16-unit apartment complex in Gilroy, near outlets and shopping.
Property Size11,526 SF
Price / SF$459.74
Days on Market485
Property Features for 420 Broadway
General Information
Standard status
Active
Size
11,526 SF
Building Details
Year Built
1958
Listing Agency:
MARCUS & MILLICHAP
Listed By:
ADAM S. LEVIN
Source:
Corcoran
Added: Jun 19, 2025
Changed: Mar 16
Last Checked: Oct 14 at 7:37PM
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 MARCUS & MILLICHAP
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Investment Insights
Based on property information with market context.
Azure Apartments is a 16-unit apartment complex built in 1958, situated on a 34,000 square foot parcel in Gilroy, CA. The property has a gross building area of approximately 11,526 square feet. It features two-bedroom and one-bedroom floor plans. Select units include individual fireplaces and private yards. The property also offers private covered parking. Each unit has a separate water heater and its own PGE meter. The property is located 1.4 miles from The Premium Gilroy Outlets, located off Highway 101, which houses 145 outlet stores. It is also walking distance from the Town Plaza Shopping Center, which offers dining, shopping, and entertainment options. Nearby attractions include the Annual Gilroy Garlic Festival and the Gilroy Gardens theme park.
Key Highlights
- 16‑unit apartment complex in Gilroy, CA, offering a stable investment opportunity.
- Located 1.4 miles from the Premium Gilroy Outlets, a major attraction.
- Walking distance to Town Plaza Shopping Center with diverse options.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$219,086
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,381,720
$4.4M
Cap Rate 7%
$3,129,800
$3.1M
Cap Rate 9%
$2,434,289
$2.4M
Market Conditions
NOI Build-Up for 11,526 SF
Gross rent
$414.9K $36.00/SF
− Vacancy
−$16.6K −$1.44/SF
EGI
$398.3K $34.56/SF
− OpEx
−$179.3K −$15.55/SF
NOI
$219.1K $19.01/SF
Area
Santa Clara County, CA
Vacancy
4.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,381,720
Cap Rate 7%
$3,129,800
Cap Rate 9%
$2,434,289
Alternative Uses
Best Use
Apartment 5plus
$3.13M
$2.74M – $3.65M
NOI $219,086 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.96M
$6.09M – $8.12M
NOI $487,090 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,697
Businesses Nearby
Explore this area
Business Placement
Demographics for 95020, CA
68,090
Population
20,679
Households
3.3
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
151.8 sq mi
ZIP Area
449
Density / Sq Mi
$134,242
Median Household Income
$50,421
Median Earnings
$2,256
Median Rent
$1,005,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit apartment complex in Gilroy, near outlets and shopping.
Where is this apartment building located?
The property is located at 420 Broadway Gilroy, CA.
What is the asking price?
The asking price for this property is $5,299,000.
What are key features of this property?
This property features: 16‑unit apartment complex in Gilroy, CA, offering a stable investment opportunity.; Located 1.4 miles from the Premium Gilroy Outlets, a major attraction.; Walking distance to Town Plaza Shopping Center with diverse options.
