9-Unit Apartment
For Sale
$2,880,000
545 S 9th St, San Jose, CA 95112
Consistent one-bedroom unit layouts support straightforward residential property management.
Property Size5,044 SF
Lot Size0.15 Acres
Price / SF$570.98
Days on Market62
Property Features for 545 S 9th St
General Information
Standard status
Active
Size
5,044 SF
Total Parking Spaces
10
Lot size
0.15 Acres
Property subtype
Multifamily
Occupancy
77%
Financials
Asking Price
$2,880,000
Cap Rate
5.05%
Gross Rent Multiplier
12.51
Units
Unit Mix
9 x 1BR/1BA
Multifamily Units
9
Additional Details
Utilities to Site
Yes
Amenities
Located in a high-cost, low-vacancy housing market where elevated homeownership costs continue to fuel strong multifamily rental demand.
Ten covered parking spaces serve the property, a valuable amenity that supports tenant retention in a dense urban submarket.
Steps from San José State University, retail, dining, and transit in one of the Bay Area's most supply-constrained rental markets.
Building Details
Building Size
5,044 SF
Year Built
1959
Units
9
Listing Agency:
Marcus & Millichap
Listed By:
Eymon Binesh · License #License(s): CA: 02060059
(415) 625-2161
Source:
Marcusmillichap
Added: Aug 16
Changed: Oct 1
Last Checked: Oct 14 at 7:37PM
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
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Investment Insights
Based on property information with market context.
Built in 1959, this 9-unit apartment property contains 5,044 gross square feet on a 0.15-acre lot. The configuration consists entirely of 1-bedroom/1-bathroom residences averaging 560 square feet, creating a consistent unit profile across the building. Ten covered parking spaces serve the nine apartments, while gas and electric service are individually metered; water is master-metered.
Two units are vacant, providing an existing lease-up component. In-place rents are approximately 3% below market, and the property carries a 5.05% current cap rate and 12.51 GRM. Operating expenses represent 35.08% of effective gross income.
The property is within walking distance of San José State University and Downtown San Jose, with restaurants, cafés, and retail located along S 9th and S 10th Streets. Its San Jose setting also places it within the broader South Bay workforce area described in the source information.
Two units are vacant, providing an existing lease-up component. In-place rents are approximately 3% below market, and the property carries a 5.05% current cap rate and 12.51 GRM. Operating expenses represent 35.08% of effective gross income.
The property is within walking distance of San José State University and Downtown San Jose, with restaurants, cafés, and retail located along S 9th and S 10th Streets. Its San Jose setting also places it within the broader South Bay workforce area described in the source information.
Key Highlights
- 9‑unit apartment property built in 1959
- 5,044 gross square feet on a 0.15‑acre lot
- Nine 1‑bedroom/1‑bathroom units averaging 560 square feet each
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$104,915
Cap Rate
3.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,098,300
$2.1M
Cap Rate 7%
$1,498,786
$1.5M
Cap Rate 9%
$1,165,722
$1.2M
Market Conditions
NOI Build-Up for 5,044 SF
Gross rent
$199.7K $39.60/SF
− Vacancy
−$9.0K −$1.78/SF
EGI
$190.8K $37.82/SF
− OpEx
−$85.8K −$17.02/SF
NOI
$104.9K $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 Rate 5%
$2,098,300
Cap Rate 7%
$1,498,786
Cap Rate 9%
$1,165,722
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $104,915 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.05M
$2.67M – $3.55M
NOI $213,236 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
9
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,972
Businesses Nearby
Explore this area
Business Placement
Demographics for 95112, CA
60,754
Population
22,969
Households
2.6
Avg Household Size
33
Median Age
39%
College-Educated
82%
High-School Grad
7.3 sq mi
ZIP Area
8,322
Density / Sq Mi
$89,649
Median Household Income
$45,690
Median Earnings
$2,095
Median Rent
$956,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Consistent one-bedroom unit layouts support straightforward residential property management.
Where is this apartment building located?
The property is located at 545 S 9th St San Jose, CA.
What is the asking price?
The asking price for this property is $2,880,000.
What are key features of this property?
This property features: 9‑unit apartment property built in 1959; 5,044 gross square feet on a 0.15‑acre lot; Nine 1‑bedroom/1‑bathroom units averaging 560 square feet each
