Turnkey Fourplex Residential
For Sale
$1,750,000
45 S 22nd St, San Jose, CA 95116
Newer fourplex offers four one-bedroom, one-bath units with private laundry hookups and dedicated on-site parking.
Property Size3,122 SF
Days on Market32
Property Features for 45 S 22nd St
General Information
Standard status
Active
Size
3,122 SF
Property subtype
Multifamily
Occupancy
97%
Additional Details
Multifamily Units
4
Amenities
dedicated water heater
private laundry hook-ups
soaring high ceilings
abundant natural light
double-patio
well-manicured common areas
on-site parking
Premium turnkey interiors, fully remodeled units boast durable tile flooring, sleek granite kitchen countertops, and a complete appliance package including a stove, refrigerator, and dishwasher.
In-demand tenant amenities with each unit designed for independent living with its own dedicated water heater, private laundry hook-ups, soaring high ceilings, and abundant natural light.
Unbeatable Silicon Valley location strategically located for maximum commuter appeal, the property offers effortless transit access to Highways 101, 280, and 680 and close proximity to San Jose State.
Building Details
Building Size
3,122 SF
Year Built
1990
Units
4
Listing Agency:
Marcus & Millichap
(650) 391-1739
Listed By:
Cassie Smillie · License #License(s): CA: 02208464
(650) 391-1739
Source:
Marcusmillichap
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 23 at 5:55AM
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.
Built in 1990, this turnkey fourplex features four one-bedroom, one-bathroom units designed for independent living. The configuration includes two units on the ground floor and two on the upper level, each with a functional, identical floor plan. Interiors were remodeled within the last nine years and include tile flooring, granite kitchen countertops, and a complete appliance package with a stove, refrigerator, and dishwasher. Each unit also has a dedicated water heater, private laundry hookups, high ceilings, and abundant natural light.
The property includes a double-patio outdoor layout with well-maintained common areas, and dedicated on-site parking is located in the rear. Walk, bike, and transit scores are reported as 40 (walkable), 49 (somewhat bikeable), and 48 (some transit), respectively.
Outdoors and common-area space are supported by dedicated patios for the building’s use, while unit amenities such as laundry hookups and individual water heating are built into the overall layout.
The property includes a double-patio outdoor layout with well-maintained common areas, and dedicated on-site parking is located in the rear. Walk, bike, and transit scores are reported as 40 (walkable), 49 (somewhat bikeable), and 48 (some transit), respectively.
Outdoors and common-area space are supported by dedicated patios for the building’s use, while unit amenities such as laundry hookups and individual water heating are built into the overall layout.
Key Highlights
- Newer 1990‑built downtown San Jose fourplex with four 1‑bedroom, 1‑bath units
- Unit mix: four identical floor plans, with two units on the ground level and two on the upper level
- Approx. 780 sq. ft. per unit; high ceilings and abundant natural light
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
$70,294
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
4.02%
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%
$1,405,880
$1.4M
Cap Rate 7%
$1,004,200
$1.0M
Cap Rate 9%
$781,044
$781.0K
Market Conditions
NOI Build-Up for 3,122 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
$104.9K $33.60/SF
− Vacancy
−$4.5K −$1.43/SF
EGI
$100.4K $32.17/SF
− OpEx
−$30.1K −$9.65/SF
NOI
$70.3K $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%
$1,405,880
Cap Rate 7%
$1,004,200
Cap Rate 9%
$781,044
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$878.7K – $1.17M
NOI $70,294 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$927.7K
$811.7K – $1.08M
NOI $64,937 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $131,983 @ 7.0% cap · market cap 7.54%
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
1,413
Businesses Nearby
Explore this area
Business Placement
Demographics for 95116, CA
51,222
Population
13,987
Households
3.7
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
3.6 sq mi
ZIP Area
14,228
Density / Sq Mi
$83,428
Median Household Income
$41,992
Median Earnings
$2,049
Median Rent
$842,700
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 - Newer fourplex offers four one-bedroom, one-bath units with private laundry hookups and dedicated on-site parking.
Where is this quadplex located?
The property is located at 45 S 22nd St San Jose, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Newer 1990‑built downtown San Jose fourplex with four 1‑bedroom, 1‑bath units; Unit mix: four identical floor plans, with two units on the ground level and two on the upper level; Approx. 780 sq. ft. per unit; high ceilings and abundant natural light
