6-Unit Apartment
For Sale
$1,898,000
52 Cleveland Ave, San Jose, CA 95128
Fully occupied multifamily property with refreshed interiors, attached parking, and individually metered utilities.
Property Size2,839 SF
Days on Market10
Property Features for 52 Cleveland Ave
General Information
Standard status
Active
Size
2,839 SF
Total Parking Spaces
6
Property subtype
Multifamily
Occupancy
100%
Financials
Asking Price
$1,898,000
Cap Rate
5.03%
Units
Unit Mix
5 x 1-bedroom/1-bath, 1 x 2-bedroom/1-bath
Multifamily Units
6
Amenities
Fully occupied with steady cash flow, ideal for investors seeking a low-maintenance, income-producing asset.
A mix of spacious 1- and 2-bedroom units with attached parking, appealing to a broad range of renters.
Situated near major employers, top retail, dining, and healthcare in one of the nation's strongest rental markets.
Building Details
Building Size
2,839 SF
Year Built
1960
Buildings
1
Units
6
Listing Agency:
Marcus & Millichap
(415) 625-2161
Listed By:
Eymon Binesh · License #License(s): CA: 02060059
(415) 625-2161
Source:
Marcusmillichap
Added: Aug 15
Changed: Aug 17
Last Checked: Aug 23 at 2:31AM
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.
This 6-unit apartment property was built in 1960 and has updated interior finishes. The unit mix includes five 1-bedroom/1-bath residences and one 2-bedroom/1-bath residence. All six units are currently occupied, with six attached parking spaces and separate gas and electric metering. Laundry and storage provide additional income sources.
Located at 52 Cleveland Ave in San Jose, the property is within the 95128 zip code and offers access to Westfield Valley Fair, Santana Row, major employers, retail, dining, and medical amenities. Current rents are approximately 5% below market. The property produces a 5.03% cap rate on current income and a 5.38% pro forma cap rate at market rents.
Located at 52 Cleveland Ave in San Jose, the property is within the 95128 zip code and offers access to Westfield Valley Fair, Santana Row, major employers, retail, dining, and medical amenities. Current rents are approximately 5% below market. The property produces a 5.03% cap rate on current income and a 5.38% pro forma cap rate at market rents.
Key Highlights
- 6‑unit multifamily property with 100% occupancy
- Unit mix includes five 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- Built in 1960 with updated interior finishes
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
$59,051
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
3.11%
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%
$1,181,020
$1.2M
Cap Rate 7%
$843,586
$843.6K
Cap Rate 9%
$656,122
$656.1K
Market Conditions
NOI Build-Up for 2,839 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
$112.4K $39.60/SF
− Vacancy
−$5.1K −$1.78/SF
EGI
$107.4K $37.82/SF
− OpEx
−$48.3K −$17.02/SF
NOI
$59.1K $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%
$1,181,020
Cap Rate 7%
$843,586
Cap Rate 9%
$656,122
Alternative Uses
Best Use
Apartment 5plus
$843.6K
$738.1K – $984.2K
NOI $59,051 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $120,019 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
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 - Fully occupied multifamily property with refreshed interiors, attached parking, and individually metered utilities.
Where is this apartment building located?
The property is located at 52 Cleveland Ave San Jose, CA.
What is the asking price?
The asking price for this property is $1,898,000.
What are key features of this property?
This property features: 6‑unit multifamily property with 100% occupancy; Unit mix includes five 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; Built in 1960 with updated interior finishes
