Occupied Two-Unit
For Sale
$1,250,000
964 Princess Anne Drive, San Jose, CA 95128
Side-by-side duplex with two-bedroom residences and established tenancy.
Property Size1,592 SF
Lot Size0.14 Acres
Days on Market61
Property Features for 964 Princess Anne Drive
General Information
Standard status
Active
Size
1,592 SF
Net Rentable
1,592 SF
Lot size
0.14 Acres
Property subtype
Multi Family Home
Zoning
R2
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Building Size
1,592 SF
Year Built
1954
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Realty of California Inc
(408) 401-6501
Listed By:
Tracey McNeely · License #01713844
(408) 401-6501
Source:
Brucebaldwin
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 29 at 9:10PM
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 eXp Realty of California Inc
Investment Insights
Based on property information with market context.
Located at 962/964 Princess Anne Drive in San Jose, this side-by-side duplex contains two mirrored residences, each configured with two bedrooms and one bathroom. The units measure approximately 822 and 823 square feet, combining for 1,592 square feet of rentable living space. Built in 1954, the property sits on a 6,300-square-foot lot and carries R2 zoning.
Both residences are occupied by long-term tenants. Unit 962 is leased at market rate, while Unit 964 participates in the Section 8 Housing program, with payments made directly to the owner. The property offers an established two-unit residential configuration with current tenancy in place.
Both residences are occupied by long-term tenants. Unit 962 is leased at market rate, while Unit 964 participates in the Section 8 Housing program, with payments made directly to the owner. The property offers an established two-unit residential configuration with current tenancy in place.
Key Highlights
- Two‑unit duplex with mirrored 2‑bedroom, 1‑bath residences
- Approximately 822 & 823 square feet per unit; 1,592 square feet total rentable living space
- 6,300 square foot lot with R2 zoning
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
$35,845
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
2.87%
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%
$716,900
$716.9K
Cap Rate 7%
$512,071
$512.1K
Cap Rate 9%
$398,278
$398.3K
Market Conditions
NOI Build-Up for 1,592 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
$53.5K $33.60/SF
− Vacancy
−$2.3K −$1.43/SF
EGI
$51.2K $32.17/SF
− OpEx
−$15.4K −$9.65/SF
NOI
$35.8K $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%
$716,900
Cap Rate 7%
$512,071
Cap Rate 9%
$398,278
Alternative Uses
Best Use
Multifamily LT 5
$512.1K
$448.1K – $597.4K
NOI $35,845 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$473.0K
$413.9K – $551.9K
NOI $33,113 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$961.5K
$841.3K – $1.12M
NOI $67,302 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,323
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
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 - Side-by-side duplex with two-bedroom residences and established tenancy.
Where is this duplex located?
The property is located at 964 Princess Anne Drive San Jose, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two‑unit duplex with mirrored 2‑bedroom, 1‑bath residences; Approximately 822 & 823 square feet per unit; 1,592 square feet total rentable living space; 6,300 square foot lot with R2 zoning
