Four-Unit Residential Income
For Sale
$2,100,000
646 Bolton Court, San Jose, CA 95129
Well-maintained quadplex with coin-operated laundry and central heat, offering renovated kitchens and bathrooms in recently turned units.
Property Size3,840 SF
Price / SF$546.88
Days on Market83
Property Features for 646 Bolton Court
General Information
Standard status
Active
Size
3,840 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,046
Amenities
coin-operated laundry
Building Details
Year Built
1969
Listing Agency:
Cal-western Realty
(408) 554-1818
Listed By:
Julie Hedrick · License #01472439
(408) 554-1818
Source:
Exitrealty
Added: Jun 3
Changed: Aug 23
Last Checked: Jul 23 at 10:17AM
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 Cal-western Realty
Investment Insights
Based on property information with market context.
This well-maintained four-unit residential income property offers a mix of unit configurations. The front unit features 3 bedrooms and 2 bathrooms with tile flooring, a formal double-door entry, a step-down living room with a fireplace, and a large eat-in kitchen with granite counters, updated cabinets, and a dishwasher. Each dining area includes a private patio, and the unit has updated bathrooms. Units 2 through 4 each provide 2 bedrooms and 1 bathroom, with approximately the same layout and sized living space.
The property includes assigned carport parking for each unit, dual pane windows, window coverings, and central heat throughout. An on-site coin-operated laundry facility serves the building. The location is described as being in West San Jose, conveniently situated between Lawrence Expressway and San Tomas Expressway, with access to major routes and nearby shopping and dining destinations.
The property includes assigned carport parking for each unit, dual pane windows, window coverings, and central heat throughout. An on-site coin-operated laundry facility serves the building. The location is described as being in West San Jose, conveniently situated between Lawrence Expressway and San Tomas Expressway, with access to major routes and nearby shopping and dining destinations.
Key Highlights
- 1969‑built 4‑unit quadplex in West San Jose
- Front unit offers 3BR/2BA and 1,400 SF with double‑door entry, tile flooring, and a private patio off the dining area
- Recently turned units include updated kitchens and bathrooms
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
$86,460
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
4.12%
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%
$1,729,200
$1.7M
Cap Rate 7%
$1,235,143
$1.2M
Cap Rate 9%
$960,667
$960.7K
Market Conditions
NOI Build-Up for 3,840 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
$129.0K $33.60/SF
− Vacancy
−$5.5K −$1.43/SF
EGI
$123.5K $32.17/SF
− OpEx
−$37.1K −$9.65/SF
NOI
$86.5K $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%
$1,729,200
Cap Rate 7%
$1,235,143
Cap Rate 9%
$960,667
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,460 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$1.14M
$998.4K – $1.33M
NOI $79,872 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,337 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,749
Businesses Nearby
Explore this area
Business Placement
Demographics for 95129, CA
41,819
Population
15,091
Households
2.8
Avg Household Size
40
Median Age
71%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
9,091
Density / Sq Mi
$182,662
Median Household Income
$106,066
Median Earnings
$2,746
Median Rent
$2,000,001
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?
Quadplex - Well-maintained quadplex with coin-operated laundry and central heat, offering renovated kitchens and bathrooms in recently turned units.
Where is this quadplex located?
The property is located at 646 Bolton Court San Jose, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 1969‑built 4‑unit quadplex in West San Jose; Front unit offers 3BR/2BA and 1,400 SF with double‑door entry, tile flooring, and a private patio off the dining area; Recently turned units include updated kitchens and bathrooms
