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    1661-1663 Alum Rock Ave San Jose, CA 95116

    • Apartment buildings
    • 7,650 SF
    • 0.50 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1661-1663 Alum Rock Ave

    Year built
    1947
    Lot size
    0.50 lot acres
    Property size
    7,650 SF
    Property type
    Apartment buildings

    Description

    This exceptional San Jose investment opportunity presents a 9-unit apartment building at 1661-1663 Alum Rock Ave, boasting 7,650 square feet on a sizable 0.5-acre lot. Built in 1947, the property comprises three buildings and offers a compelling 6.70% cap rate with a current NOI of $243,846, translating to a price per unit of $404,444 and a price per square foot of $476. All units have undergone renovations, featuring double-pane windows and individual water heaters. The apartment roof shows significant remaining life. The property's substantial lot size presents a significant value-add opportunity

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    San Jose
    County
    Santa Clara
    State
    California
    Longitude
    -121.857
    Latitude
    37.3524

    Comparable in this City

    • Value Estimation by Request
      0.93 Acres

      1918 Alum Rock Ave

      APARTMENT HOUSE (5+ UNITS) • 0.93 Acres
      1918 Alum Rock Ave, San Jose, CA 95116-2035
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    • Value Estimation
      $10,700,000
      39,190 SF

      2388 Madden Ave

      APARTMENT HOUSE (5+ UNITS) • 39,190 SF
      2388 Madden Ave, San Jose, CA 95116-1953
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    • Value Estimation by Request
      2,313 SF

      555 Mclaughlin Ave

      APARTMENT HOUSE (5+ UNITS) • 2,313 SF
      555 Mclaughlin Ave, San Jose, CA 95116-3379
      View Details
    • Value Estimation
      $40,905,000
      104,556 SF

      2050 Mckee Rd

      APARTMENT HOUSE (5+ UNITS) • 104,556 SF
      2050 Mckee Rd, San Jose, CA 95116-1431
      View Details
    • Value Estimation
      $1,050,000
      6,810 SF

      28 20th St

      APARTMENT HOUSE (5+ UNITS) • 6,810 SF
      28 20th St, San Jose, CA 95116-2281
      View Details
    • Value Estimation
      $1,325,000
      6,868 SF

      62 20th St

      APARTMENT HOUSE (5+ UNITS) • 6,868 SF
      62 20th St, San Jose, CA 95116-2215
      View Details

    Similar Nearby for Sale

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      Established Retail Dollar Store

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      Commercial office in Alum Rock Professional Center for sale.
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    Similar Nearby for Lease

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      2,877 SF

      San Jose Specialty Property Available

      Specialty property available for rent in San Jose, California.
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      San Jose Office Space Available

      Office space available for lease in San Jose, California.
      1653 Mckee Rd, San Jose, CA 95116
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    • Contact for pricing
      33,500 SF

      Secured Yard Near Highway 101

      33,500 SF fenced yard with water and power.
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    • Contact for pricing
      3,400 SF

      Historic Theater Space Available

      Iconic theater space for rent on E. Santa Clara Street.
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    San Jose, CA 95116
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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