Four-Unit Multifamily
New
For Sale
$2,175,000
919 Castlewood Dr, Los Gatos, CA 95032
Four residences with varied layouts, upgraded electrical systems, patios, dual-pane windows, and on-site laundry.
Property Size3,681 SF
Days on Market2
Property Features for 919 Castlewood Dr
General Information
Standard status
Active
Size
3,681 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$25,991
Building Details
Building Size
3,681 SF
Year Built
1963
Stories
2
Units
4
Listing Agency:
Marcus & Millichap - Palo Alto
Listed By:
Mitchell Zurich · License #01870648
(408) 888-9594
Source:
Elliman
Added: Sep 1
Last Checked: Sep 1 at 9:36PM
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 - Palo Alto
Investment Insights
Based on property information with market context.
Built in 1963, this four-unit multifamily property at 919 Castlewood Dr includes approximately 3,681 square feet of living space on an 8,400-square-foot lot. The unit mix comprises one 3-bedroom/2-bathroom residence, two 2-bedroom/1-bathroom residences, and one 1-bedroom/1-bathroom residence. Property features include private patios, dual-pane windows, and on-site laundry.
Electrical improvements include a new main electrical panel and new subpanels serving all four units. The property is positioned near Downtown Los Gatos, Downtown Campbell, The Pruneyard, Los Gatos Creek Trail, Netflix headquarters, and Highways 17 and 85. WalkScore is 29, BikeScore is 44, and TransitScore is 35.
Electrical improvements include a new main electrical panel and new subpanels serving all four units. The property is positioned near Downtown Los Gatos, Downtown Campbell, The Pruneyard, Los Gatos Creek Trail, Netflix headquarters, and Highways 17 and 85. WalkScore is 29, BikeScore is 44, and TransitScore is 35.
Key Highlights
- Four‑unit property with one 3‑bedroom/2‑bathroom, two 2‑bedroom/1‑bathroom, and one 1‑bedroom/1‑bathroom residences
- Approximately 3,681 square feet on an 8,400‑square‑foot lot
- New main electrical panel plus new subpanels in all four units
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
$102,627
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
4.72%
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%
$2,052,540
$2.1M
Cap Rate 7%
$1,466,100
$1.5M
Cap Rate 9%
$1,140,300
$1.1M
Market Conditions
NOI Build-Up for 3,681 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
$150.2K $40.80/SF
− Vacancy
−$3.6K −$0.97/SF
EGI
$146.6K $39.83/SF
− OpEx
−$44.0K −$11.95/SF
NOI
$102.6K $27.88/SF
Area
Santa Cruz County, CA
Vacancy
2.38%
Lease Rate
$40.80 /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%
$2,052,540
Cap Rate 7%
$1,466,100
Cap Rate 9%
$1,140,300
Alternative Uses
Best Use
Multifamily LT 5
$1.47M
$1.28M – $1.71M
NOI $102,627 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,749 @ 7.0% cap · market cap 4.36%
Theoretical Best
Retail
$2.10M
$1.84M – $2.46M
NOI $147,336 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Explore this area
Business Placement
Demographics for 95032, CA
28,109
Population
11,146
Households
2.5
Avg Household Size
45
Median Age
76%
College-Educated
98%
High-School Grad
18.7 sq mi
ZIP Area
1,503
Density / Sq Mi
$195,188
Median Household Income
$128,689
Median Earnings
$3,123
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 - Four residences with varied layouts, upgraded electrical systems, patios, dual-pane windows, and on-site laundry.
Where is this quadplex located?
The property is located at 919 Castlewood Dr Los Gatos, CA.
What is the asking price?
The asking price for this property is $2,175,000.
What are key features of this property?
This property features: Four‑unit property with one 3‑bedroom/2‑bathroom, two 2‑bedroom/1‑bathroom, and one 1‑bedroom/1‑bathroom residences; Approximately 3,681 square feet on an 8,400‑square‑foot lot; New main electrical panel plus new subpanels in all four units
