Updated Duplex with Private
New
For Sale
$1,195,000
923 & 925 Paula St, San Jose, CA 95126
Two separate residences offer flexible rental, owner-occupancy, or multigenerational living arrangements.
Property Size1,542 SF
Price / SF$774.97
Days on Market2
Property Features for 923 & 925 Paula St
General Information
Standard status
Active
Size
1,542 SF
Property subtype
Business Opportunity
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1959
Listing Agency:
Christie's International Real Estate Sereno
Listed By:
Jennifer Paulson · License #01221390
(650) 996-7147
Source:
Homeisv
Added: Sep 1
Last Checked: Sep 1 at 9:49PM
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 Christie's International Real Estate Sereno
Investment Insights
Based on property information with market context.
Built in 1959, this 1,542-square-foot duplex includes a front two-bedroom, one-bath residence and a rear one-bedroom, one-bath residence. The front unit has an updated kitchen, bathroom, and flooring. The rear unit has been freshly painted and includes an eat-in kitchen with new countertops, along with a private backyard.
The property sits less than a mile from the Willow Glen downtown district and is positioned near shopping, dining, Caltrain, the Los Gatos Creek Trail, Apple, other major technology employers, and major commute routes. The separate-unit configuration supports renting both residences, occupying one while leasing the other, or accommodating multigenerational living.
The property sits less than a mile from the Willow Glen downtown district and is positioned near shopping, dining, Caltrain, the Los Gatos Creek Trail, Apple, other major technology employers, and major commute routes. The separate-unit configuration supports renting both residences, occupying one while leasing the other, or accommodating multigenerational living.
Key Highlights
- 1,542‑square‑foot duplex built in 1959
- Front unit includes 2 bedrooms, 1 bath, and updated kitchen, bathroom, and flooring
- Rear unit offers 1 bedroom, 1 bath, an eat‑in kitchen, and new countertops
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
$34,719
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
2.91%
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%
$694,380
$694.4K
Cap Rate 7%
$495,986
$496.0K
Cap Rate 9%
$385,767
$385.8K
Market Conditions
NOI Build-Up for 1,542 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
$51.8K $33.60/SF
− Vacancy
−$2.2K −$1.43/SF
EGI
$49.6K $32.17/SF
− OpEx
−$14.9K −$9.65/SF
NOI
$34.7K $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%
$694,380
Cap Rate 7%
$495,986
Cap Rate 9%
$385,767
Alternative Uses
Best Use
Multifamily LT 5
$496.0K
$434.0K – $578.7K
NOI $34,719 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$458.2K
$400.9K – $534.6K
NOI $32,073 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$931.3K
$814.9K – $1.09M
NOI $65,188 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,620
Businesses Nearby
Explore this area
Business Placement
Demographics for 95126, CA
37,372
Population
16,936
Households
2.2
Avg Household Size
36
Median Age
55%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
11,325
Density / Sq Mi
$127,297
Median Household Income
$72,722
Median Earnings
$2,544
Median Rent
$1,195,700
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 separate residences offer flexible rental, owner-occupancy, or multigenerational living arrangements.
Where is this duplex located?
The property is located at 923 & 925 Paula St San Jose, CA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 1,542‑square‑foot duplex built in 1959; Front unit includes 2 bedrooms, 1 bath, and updated kitchen, bathroom, and flooring; Rear unit offers 1 bedroom, 1 bath, an eat‑in kitchen, and new countertops
