Eight-Unit Apartment
For Sale
Contact for pricing
50 Cleveland Avenue, San Jose, CA 95128
Eight one-bedroom, one-bath units make up this multifamily asset in unincorporated Santa Clara County.
Property Size3,761 SF
Price / SF$465.30
Days on Market77
Property Features for 50 Cleveland Avenue
General Information
Standard status
Active
Size
3,761 SF
Property subtype
Multifamily
Occupancy
97%
Investment Type
Stabilized
Net Operating Income
$106,601
Additional Details
Multifamily Units
8
Building Details
Year Built
1957
Units
8
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Palo Alto
(650) 391-1824
Listed By:
Mitchell Zurich · License #CA 01870648
Source:
Crexi
Added: May 30
Changed: Aug 8
Last Checked: Aug 13 at 10:51AM
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 - Palo Alto
Investment Insights
Based on property information with market context.
This eight-unit multifamily property consists entirely of one-bedroom, one-bathroom units. The building is positioned as exempt from the City of San Jose Apartment Rent Ordinance, which may provide operational flexibility compared to multifamily assets subject to that ordinance.
Located in the Burbank neighborhood of unincorporated Santa Clara County, the property is described as just moments from Downtown San Jose. It is also presented as near Santana Row, Valley Fair, and major transportation corridors, with convenient access to major employers in the Silicon Valley tech corridor including Adobe, Nvidia, PayPal, and Apple.
Located in the Burbank neighborhood of unincorporated Santa Clara County, the property is described as just moments from Downtown San Jose. It is also presented as near Santana Row, Valley Fair, and major transportation corridors, with convenient access to major employers in the Silicon Valley tech corridor including Adobe, Nvidia, PayPal, and Apple.
Key Highlights
- 8‑unit multifamily property built in 1957, located in unincorporated Santa Clara County
- All units are 1‑bedroom/1‑bath, offering a consistent unit mix throughout the building
- Property is exempt from the City of San Jose Apartment Rent Ordinance
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
$78,228
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
4.47%
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%
$1,564,560
$1.6M
Cap Rate 7%
$1,117,543
$1.1M
Cap Rate 9%
$869,200
$869.2K
Market Conditions
NOI Build-Up for 3,761 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
$148.9K $39.60/SF
− Vacancy
−$6.7K −$1.78/SF
EGI
$142.2K $37.82/SF
− OpEx
−$64.0K −$17.02/SF
NOI
$78.2K $20.80/SF
Area
San Jose, CA
Vacancy
4.50%
Lease Rate
$39.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,564,560
Cap Rate 7%
$1,117,543
Cap Rate 9%
$869,200
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$977.9K – $1.30M
NOI $78,228 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $158,997 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 95128, CA
34,776
Population
15,193
Households
2.3
Avg Household Size
38
Median Age
52%
College-Educated
90%
High-School Grad
3.9 sq mi
ZIP Area
8,917
Density / Sq Mi
$122,647
Median Household Income
$71,504
Median Earnings
$2,505
Median Rent
$1,214,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight one-bedroom, one-bath units make up this multifamily asset in unincorporated Santa Clara County.
Where is this apartment building located?
The property is located at 50 Cleveland Avenue 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: 8‑unit multifamily property built in 1957, located in unincorporated Santa Clara County; All units are 1‑bedroom/1‑bath, offering a consistent unit mix throughout the building; Property is exempt from the City of San Jose Apartment Rent Ordinance
