Two-Bedroom Triplex
For Sale
$1,495,000
770 Opal Dr, San Jose, CA 95117
Well-maintained three-unit triplex with three two-bedroom, one-bath residences on one parcel.
Property Size2,134 SF
Lot Size0.17 Acres
Price / SF$700.56
Days on Market62
Property Features for 770 Opal Dr
General Information
Standard status
Active
Size
2,134 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Occupancy
97%
Additional Details
Business Included
Yes
Multifamily Units
3
Amenities
SITUATED IN THE HEART OF WEST SAN JOSE Lynhaven Neighborhood
ALL UNITS ARE SPACIOUS TWO BEDROOM / ONE-BATH RESIDENCES
MINUTES TO SANTA ROW, WESTFIELD VALLEY FAIR, DOWNTOWN CAMPBELL, AND DOWNTOWN SAN JOSE
CONVENIENT ACCESS TO INTERSTATE 280, HIGHWAY 17, AND STEVENS CREEK BOULEVARD
APPROXIMATELY 4.2 MILES TO APPLE PARK, CUPERTINO
BELOW-MARKET RENTS WITH APPROXIMATELY 9% RENTAL UPSIDE POTENTIAL
Building Details
Year Built
1959
Units
3
Tenancy
Multi
Listing Agency:
Marcus & Millichap
Listed By:
Jimmy Castellanos · License #License(s): CA: 02024152
(650) 391-1777
Source:
Marcusmillichap
Added: Jul 6
Changed: Sep 4
Last Checked: Jul 23 at 7:47AM
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.
770 Opal Drive is a well-maintained three-unit triplex offering a unit mix of three spacious two-bedroom, one-bathroom residences. Originally constructed in 1959, the property totals approximately 2,134 square feet across the three units.
The triplex is located in the Lynhaven neighborhood of West San Jose, next to Santana Row and in close proximity to downtown Campbell. The community sits on a 7,200 square foot parcel.
Each unit is described as having a two-bedroom floor plan, supporting consistent layout and tenant use across the property.
The triplex is located in the Lynhaven neighborhood of West San Jose, next to Santana Row and in close proximity to downtown Campbell. The community sits on a 7,200 square foot parcel.
Each unit is described as having a two-bedroom floor plan, supporting consistent layout and tenant use across the property.
Key Highlights
- Well‑maintained 1959 triplex with three units total, all configured as 2‑bedroom/1‑bath residences
- Located on a 7,200 SF parcel with approximately 2,134 SF total building area
- Unit mix: three spacious two‑bedroom/one‑bath homes
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
$48,048
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
3.21%
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%
$960,960
$961.0K
Cap Rate 7%
$686,400
$686.4K
Cap Rate 9%
$533,867
$533.9K
Market Conditions
NOI Build-Up for 2,134 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
$71.7K $33.60/SF
− Vacancy
−$3.1K −$1.43/SF
EGI
$68.6K $32.17/SF
− OpEx
−$20.6K −$9.65/SF
NOI
$48.0K $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%
$960,960
Cap Rate 7%
$686,400
Cap Rate 9%
$533,867
Alternative Uses
Best Use
Multifamily LT 5
$686.4K
$600.6K – $800.8K
NOI $48,048 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$634.1K
$554.8K – $739.8K
NOI $44,387 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,215 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,755
Businesses Nearby
Explore this area
Business Placement
Demographics for 95117, CA
30,137
Population
11,226
Households
2.7
Avg Household Size
36
Median Age
44%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
13,103
Density / Sq Mi
$115,778
Median Household Income
$56,791
Median Earnings
$2,367
Median Rent
$1,425,200
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?
Triplex - Well-maintained three-unit triplex with three two-bedroom, one-bath residences on one parcel.
Where is this triplex located?
The property is located at 770 Opal Dr San Jose, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Well‑maintained 1959 triplex with three units total, all configured as 2‑bedroom/1‑bath residences; Located on a 7,200 SF parcel with approximately 2,134 SF total building area; Unit mix: three spacious two‑bedroom/one‑bath homes
