Gilroy Multifamily Investment
420 Broadway Gilroy, CA 95020
420 Broadway, Gilroy, CA, 95020
$5,299,000
For Sale
$5,299,000
16-unit apartment complex in Gilroy, near outlets and shopping.
Property Size11,526 SF
Price / SF$459.74
Days on Market394
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 Checked: Mar 16 at 9:09 am
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
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $414.9k | $36.00 |
| − Vacancy | −$16.6k | −$1.44 |
| EGI | $398.3k | $34.56 |
| − OpEx | −$179.3k | −$15.55 |
| NOI | $219.1k | $19.01 |
11,526 SF · lease $36.00/SF/yr · vacancy 4.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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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.
