Updated Duplex with
For Sale
$1,525,000
684 & 688 Calero Avenue San, San Jose, CA 95123
Two residential units offer updated interiors, separate laundry, central heating, and private garage parking for each household.
Property Size2,175 SF
Lot Size0.17 Acres
Price / SF$701.15
Days on Market235
Property Features for 684 & 688 Calero Avenue San
General Information
Standard status
Active
Size
2,175 SF
Total Parking Spaces
2
Lot size
0.17 Acres
Property subtype
Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
Cable Ready
Ceiling Fan
Central Forced Air
Dishwasher
Exhaust Fan
Garbage Disposal
Hood Over Range
Microwave
Oven Range
Refrigerator
Washer/Dryer
Public Utilities, Water - Public, Individual Electric Meters, Individual Gas Meters, Composition, Shingle
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Pellego
(408) 210-2400
Listed By:
Debbie P. Marino
(408) 210-2400
Source:
Kw
Added: Jan 7
Changed: Aug 28
Last Checked: Aug 29 at 5:10PM
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 Pellego
Investment Insights
Based on property information with market context.
This 1976 duplex includes two separately configured residences, with one offering three bedrooms and two full bathrooms and the other providing two bedrooms and one full bathroom. Both units have updated interiors with laminate flooring, fresh paint, refreshed kitchen and bath cabinetry, solid-surface counters, upgraded plumbing and lighting, and stainless steel appliances. Each residence also includes a washer and dryer, microwave, refrigerator, range, dishwasher, garbage disposal, central heating, and a private single-car garage. The larger unit adds a fireplace, recessed lighting, and new window blinds.
Set on a 7,560-square-foot lot in South San Jose, the property is near Frost Elementary, Herman Intermediate, and Santa Teresa High School. Highway 85 provides regional access, while Westfield Oakridge Mall, Kaiser Permanente, light rail, public transportation, restaurants, and grocery stores are all within less than two miles.
Set on a 7,560-square-foot lot in South San Jose, the property is near Frost Elementary, Herman Intermediate, and Santa Teresa High School. Highway 85 provides regional access, while Westfield Oakridge Mall, Kaiser Permanente, light rail, public transportation, restaurants, and grocery stores are all within less than two miles.
Key Highlights
- Two‑unit property on a 7,560‑square‑foot lot
- Three‑bedroom, two‑bath residence paired with a two‑bedroom, one‑bath unit
- Updated flooring, paint, cabinetry, countertops, plumbing, lighting, and appliances
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
$48,486
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
3.18%
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%
$969,720
$969.7K
Cap Rate 7%
$692,657
$692.7K
Cap Rate 9%
$538,733
$538.7K
Market Conditions
NOI Build-Up for 2,175 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
$73.1K $33.60/SF
− Vacancy
−$3.8K −$1.75/SF
EGI
$69.3K $31.85/SF
− OpEx
−$20.8K −$9.55/SF
NOI
$48.5K $22.29/SF
Area
ZIP 95123
Vacancy
5.22%
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%
$969,720
Cap Rate 7%
$692,657
Cap Rate 9%
$538,733
Alternative Uses
Best Use
Multifamily LT 5
$692.7K
$606.1K – $808.1K
NOI $48,486 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$639.5K
$559.6K – $746.1K
NOI $44,766 @ 7.0% cap · market cap 2.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 95123, CA
70,040
Population
25,023
Households
2.8
Avg Household Size
38
Median Age
45%
College-Educated
91%
High-School Grad
7.8 sq mi
ZIP Area
8,979
Density / Sq Mi
$136,364
Median Household Income
$64,536
Median Earnings
$2,953
Median Rent
$1,108,100
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?
Duplex - Two residential units offer updated interiors, separate laundry, central heating, and private garage parking for each household.
Where is this duplex located?
The property is located at 684 & 688 Calero Avenue San San Jose, CA.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Two‑unit property on a 7,560‑square‑foot lot; Three‑bedroom, two‑bath residence paired with a two‑bedroom, one‑bath unit; Updated flooring, paint, cabinetry, countertops, plumbing, lighting, and appliances
