Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Gilroy Multifamily Investment Opportunity Title is generated by Realmo AI

    420 Broadway, Gilroy, CA 95020

    View on Map
    Claim this Listing
    For Sale
    $5,299,000

    16-unit apartment complex in Gilroy, near outlets and shopping.

    Property size:
    11,526 SF
    Price / SF:
    $459/SF
    Added:
    Jun 19, 2025
    Days on Market:
    349
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 420 Broadway

    General Information

    Standard status
    Active
    Size
    11,526 SF

    Building Details

    Year Built
    1958

    We can help!

    Listing Contact
    ADAM S. LEVIN

    Listing agent ADAM S. LEVIN

    Listing office MARCUS & MILLICHAP

    Listing date Jun 19, 2025

    Source Corcoran

    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

    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.
    • Units feature individual fireplaces and private yards in select units.
    • Private covered parking available for residents.
    • Each unit has a separate water heater and PGE meter, providing tenant convenience.

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gilroy
    County
    Santa Clara
    State
    California
    Longitude
    -121.578
    Latitude
    37.0142

    Nearby Similar for Sale

    • $2,650,000
      8,000 SF

      Gilroy Winery with Vineyard Potential

      Winery with vineyard, tasting room, and production facilities on 9.20± acres.
      2143 Buena Vista Avenue, Gilroy, CA 95020
      View Details
    • $850,000
      1,528 SF

      Turnkey Duplex in Gilroy

      Recently remodeled duplex in Gilroy with good tenants and rents.
      301 W 6th Street, Gilroy, CA 95020
      View Details
    • $1,799,900
      3,534 SF

      Retail Building in Historic District

      Retail building in Gilroy's Downtown Historic District for sale.
      7660 Monterey St, Gilroy, CA 95020
      View Details
    • $999,950

      Mixed-Use Retail Property in Gilroy

      Two-story mixed-use retail property in downtown Gilroy, California.
      383 1st St, Gilroy, CA 95020
      View Details
    • $1,459,900

      Renovated Gilroy Commercial Property

      Two renovated buildings in revitalizing downtown Gilroy with business opportunities.
      7451 Monterey Rd, Gilroy, CA 95020
      View Details
    • $1,449,999

      Downtown Gilroy Retail and Office

      Retail and office spaces in historic downtown Gilroy.
      7579 Monterey St, Gilroy, CA 95020
      View Details
    • $2,949,000
      7,313 SF

      Gilroy Apartment Complex Investment Opportunity

      10-unit apartment complex in Gilroy, CA, near major attractions.
      8275 Westwood Dr, Gilroy, CA 95020
      View Details
    • $555,000

      Cold Shell Industrial Condo

      Commercial/industrial condo in a 10-unit building, ready for customization.
      7500 Arroyo Cir 140, Gilroy, CA 95020
      View Details
    • $2,099,000
      2,504 SF

      Contemporary Home with Rental Income

      Spacious home with rental unit in desirable Gilroy neighborhood.
      3455 Susie Lane, Gilroy, CA 95020
      View Details
    • $3,900,000
      7,550 SF

      Freestanding Commercial Building For Sale

      7,550 SF building on 2.27 acre parcel for sale.
      7950 Arroyo Circle, Gilroy, CA, 95020
      View Details
    • $1,600,000

      Gilroy Office Suites For Sale

      Multiple office suites in a prime, growing location.
      7881 Church St, Gilroy, CA 95020
      View Details
    • $10,500,000
      4,222 SF

      Premier Equestrian Estate and Venue

      58+ acre estate with equestrian facilities, vineyard, and event potential.
      3970 Leavesley Rd, Gilroy, CA 95020
      View Details

    FAQs

    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.
    We can help!
    Listing Contact
    ADAM S. LEVIN
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    420 Broadway, GILROY, CA 95020
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!