Mixed-Use Property in Downtown San
555 S Second St San Jose, CA 95112
555 S Second St, San Jose, CA, 95112
$8,280,000
For Sale
$8,280,000
39-unit mixed-use property with retail space in vibrant SoFA District.
Property Size20,521 SF
Lot Size0.33 Acres
Price / SF$403.49
Days on Market106
Property Features for 555 S Second St
General Information
- Standard status
- Active
- Size
- 20,521 SF
- Lot size
- 0.33 Acres
- Property subtype
- Multifamily
Listing Agency
MARCUS & MILLICHAP
(650) 391-1777
Listed by
Jimmy Castellanos · License #License(s): CA: 02024152
(650) 391-1777
Source
Marcusmillichap
Added: Apr 3 Checked: Jul 17 at 4:50 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.
Located at 555–569 South 2nd Street in Downtown San Jose, Metro Walk is a mixed-use apartment community featuring 39 units. Constructed in 1928, the property occupies approximately 14,474 square feet of land and includes a 38-unit apartment building along with one ground-floor retail space. The total rentable area is roughly 20,521 square feet. The unit mix is predominantly studio apartments, with 37 studio units, one one-bedroom/one-bath unit, and one retail space. Positioned within walking distance of San Jose State University, the property benefits from its proximity to major transit infrastructure, including Diridon Station and the proposed Google Downtown West campus. Approximately 15 units have been updated within the last 10 years, featuring improvements such as updated kitchen cabinets and countertops, new carpet, baseboards, and two-tone paint. Exterior improvements include dual-pane windows and building updates. The property will be delivered with approximately 15 vacant units. Metro Walk is situated in the SoFA District (South First Area), known for its restaurants, cafés, art galleries, music venues, and boutique retail. Residents have access to entertainment, dining, and employment centers throughout Silicon Valley.
Key Highlights
- Significant value‑add opportunity with approximately 15 vacant units ready for renovation.
- Prime downtown San Jose location in the SoFA District, walking distance to San Jose State University.
- Mixed‑use property featuring 38 apartments and one ground‑floor retail space, providing diverse income streams.
Local Financial Insights For Retail
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 | $829.9k | $40.44 |
| − Vacancy | −$38.0k | −$1.85 |
| EGI | $791.9k | $38.59 |
| − OpEx | −$237.6k | −$11.58 |
| NOI | $554.3k | $27.01 |
20,521 SF · lease $40.44/SF/yr · vacancy 4.58% · expense 30.00%
Alternative Uses
Best Use
Retail
$7.92M
$6.93M – $9.24M
NOI $554,303 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$6.10M
$5.34M – $7.11M
NOI $426,835 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$12.39M
$10.84M – $14.46M
NOI $867,528 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Trusted Forklift Certification
Training Center
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FAQs
What type of property is this?
Mixed-use property - 39-unit mixed-use property with retail space in vibrant SoFA District.
Where is this mixed-use property located?
The property is located at 555 S Second St San Jose, CA.
What is the asking price?
The asking price for this property is $8,280,000.
What are key features of this property?
This property features: Significant value‑add opportunity with approximately 15 vacant units ready for renovation.; Prime downtown San Jose location in the SoFA District, walking distance to San Jose State University.; Mixed‑use property featuring 38 apartments and one ground‑floor retail space, providing diverse income streams.
