Mixed-Use Property in San
For Sale
$3,895,000
994 The Alameda, San Jose, CA 95126
Mixed-use property with residential and retail units in San Jose.
Property Size9,148 SF
Price / SF$425.78
Days on Market183
Property Features for 994 The Alameda
General Information
Standard status
Active
Size
9,148 SF
Property subtype
Commercial
Building Details
Year Built
1924
Listing Agency:
CBRE,Inc.
Listed By:
Adam Foley
(714) 497-3550
Source:
Sevengables
Added: Mar 5
Changed: Sep 2
Last Checked: Sep 4 at 10:57AM
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 CBRE,Inc.
Investment Insights
Based on property information with market context.
The property at 994 The Alameda is a mixed-use building featuring seven residential units and four ground-floor retail units. The residential component includes four studio apartments and three one-bedroom, one-bathroom units. The retail spaces have been improved by the tenants, who have operated successful businesses at the property for over five years. The property systems and units have been well-maintained, with select units featuring upgraded kitchens, countertops, cabinets, and bathrooms. Capital improvements exceeding $50,000 were made in 2025, including upgrades to the roof, two new water heaters, and electrical subpanels. The property offers a value-add opportunity by adjusting the full-service leases to NNN leases upon expiration, potentially capturing a rental premium.
Key Highlights
- Value‑add opportunity: Convert to NNN leases and increase rental income by approximately 35%.
- Features seven residential units (4 studios, 3 one‑bedroom) and four ground‑floor retail spaces.
- Retail tenants have operated successful businesses for 5+ years.
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
$190,277
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
4.89%
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%
$3,805,540
$3.8M
Cap Rate 7%
$2,718,243
$2.7M
Cap Rate 9%
$2,114,189
$2.1M
Market Conditions
NOI Build-Up for 9,148 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
$362.3K $39.60/SF
− Vacancy
−$16.3K −$1.78/SF
EGI
$346.0K $37.82/SF
− OpEx
−$155.7K −$17.02/SF
NOI
$190.3K $20.80/SF
Area
San Jose, CA
Vacancy
4.50%
Lease Rate
$39.60 /SF/Yr
Expense Ratio
45.00%
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%
$3,805,540
Cap Rate 7%
$2,718,243
Cap Rate 9%
$2,114,189
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.17M
NOI $190,277 @ 7.0% cap · market cap 4.89%
Second Best
Mixed Use
$2.71M
$2.37M – $3.16M
NOI $189,364 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$5.52M
$4.83M – $6.45M
NOI $386,733 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,604
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?
Mixed-use property - Mixed-use property with residential and retail units in San Jose.
Where is this mixed-use property located?
The property is located at 994 The Alameda San Jose, CA.
What is the asking price?
The asking price for this property is $3,895,000.
What are key features of this property?
This property features: Value‑add opportunity: Convert to NNN leases and increase rental income by approximately 35%.; Features seven residential units (4 studios, 3 one‑bedroom) and four ground‑floor retail spaces.; Retail tenants have operated successful businesses for 5+ years.
