Four-Unit Multifamily
For Sale
$1,825,000
851 Leigh Avenue, San Jose, CA 95128
Four individually metered units with private garages and common-area laundry on a stucco wood-frame building.
Property Size3,694 SF
Lot Size0.15 Acres
Price / SF$494.04
Days on Market52
Property Features for 851 Leigh Avenue
General Information
Standard status
Active
Size
3,694 SF
Total Parking Spaces
7
Lot size
0.15 Acres
Property subtype
Multi Family
Additional Details
Business Included
No
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$24,035
Amenities
common-area laundry facility
Building Details
Year Built
1964
Construction
stucco over wood-frame
Tenancy
Multi
Listing Agency:
SiliconValley MultiFamilyGroup
Listed By:
Michael Shields · License #01327546
(408) 356-1900
Source:
Exitrealty
Added: Jul 27
Changed: Sep 14
Last Checked: Sep 15 at 5:09AM
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 SiliconValley MultiFamilyGroup
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes one larger four-bedroom, two-bath unit of approximately 1,200 square feet and three two-bedroom, one-bath units of approximately 800 square feet each. Parking is provided by four private garages plus three additional on-site spaces. A common-area laundry facility with equipment transfers with the property.
Constructed in 1964, the building is approximately 3,694 square feet and sits on a 6,534-square-foot lot. The improvements consist of stucco over wood-frame construction on a concrete perimeter foundation, with copper plumbing and a pitched composition shingle roof. Each unit is individually metered for gas and electricity.
The owner is responsible for water and sewer service, trash collection, common-area utilities, landscaping, repairs and maintenance, property taxes, and insurance. The property is located in Central/West San Jose with access to retail services, major employment centers, schools, and regional commuter routes. As a multifamily property with three or more rental units in the City of San Jose, it is subject to the City’s Apartment Rental and Tenant Protection Ordinance.
Constructed in 1964, the building is approximately 3,694 square feet and sits on a 6,534-square-foot lot. The improvements consist of stucco over wood-frame construction on a concrete perimeter foundation, with copper plumbing and a pitched composition shingle roof. Each unit is individually metered for gas and electricity.
The owner is responsible for water and sewer service, trash collection, common-area utilities, landscaping, repairs and maintenance, property taxes, and insurance. The property is located in Central/West San Jose with access to retail services, major employment centers, schools, and regional commuter routes. As a multifamily property with three or more rental units in the City of San Jose, it is subject to the City’s Apartment Rental and Tenant Protection Ordinance.
Key Highlights
- Four‑unit multifamily on a 6,534 SF lot with a 3,694 SF stucco wood‑frame building built in 1964
- Unit mix includes one approx. 1,200 SF 4BR/2BA unit and three approx. 800 SF 2BR/1BA units
- Each unit is individually metered for gas and electricity
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
$83,173
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
4.56%
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%
$1,663,460
$1.7M
Cap Rate 7%
$1,188,186
$1.2M
Cap Rate 9%
$924,144
$924.1K
Market Conditions
NOI Build-Up for 3,694 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
$124.1K $33.60/SF
− Vacancy
−$5.3K −$1.43/SF
EGI
$118.8K $32.17/SF
− OpEx
−$35.6K −$9.65/SF
NOI
$83.2K $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%
$1,663,460
Cap Rate 7%
$1,188,186
Cap Rate 9%
$924,144
Alternative Uses
Best Use
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,173 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$1.10M
$960.4K – $1.28M
NOI $76,835 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $156,164 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,404
Businesses Nearby
Explore this area
Business Placement
Demographics for 95128, CA
34,776
Population
15,193
Households
2.3
Avg Household Size
38
Median Age
52%
College-Educated
90%
High-School Grad
3.9 sq mi
ZIP Area
8,917
Density / Sq Mi
$122,647
Median Household Income
$71,504
Median Earnings
$2,505
Median Rent
$1,214,500
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four individually metered units with private garages and common-area laundry on a stucco wood-frame building.
Where is this quadplex located?
The property is located at 851 Leigh Avenue San Jose, CA.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: Four‑unit multifamily on a 6,534 SF lot with a 3,694 SF stucco wood‑frame building built in 1964; Unit mix includes one approx. 1,200 SF 4BR/2BA unit and three approx. 800 SF 2BR/1BA units; Each unit is individually metered for gas and electricity
