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Scholar Housing 231 E San Fernando St 12 Unit Apartment Building $4,590,000 ($382,500/Unit) 5.90% Cap Rate San Jose, CA 95112
Investment Highlights
- Prime Location – Across Street from San Jose State University
- Strong Cash Flow
- Long-Term Growth Potential
- Turnkey – Fully Permitted Remodel Completed
- High Demand Unit Mix
Executive Summary
231 E. San Fernando Street is a fully stabilized, turnkey multifamily asset in the heart of Downtown San Jose. The property has completed a fully permitted remodel, significantly
increasing bedroom count and rental income. All major value-add work has been completed, allowing a new owner to immediately benefit from strong in-place cash flow. Located directly across from San Jose State University(SJSU), the property enjoys consistent rental demand, minimal vacancy, and easy leasing. Supported by a strong student tenant base and proximity to Silicon Valley employers, this asset offers both immediate yield and long-term growth potential.
increasing bedroom count and rental income. All major value-add work has been completed, allowing a new owner to immediately benefit from strong in-place cash flow. Located directly across from San Jose State University(SJSU), the property enjoys consistent rental demand, minimal vacancy, and easy leasing. Supported by a strong student tenant base and proximity to Silicon Valley employers, this asset offers both immediate yield and long-term growth potential.
Data Room Click Here to Access
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$375,120
|
$52.98
|
| Other Income |
$200
|
$0.03
|
| Vacancy Loss |
$11,254
|
$1.59
|
| Effective Gross Income |
$364,066
|
$51.42
|
| Taxes |
$55,080
|
$7.78
|
| Operating Expenses |
$38,329
|
$5.41
|
| Total Expenses |
$93,409
|
$13.19
|
| Net Operating Income |
$270,657
|
$38.23
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $375,120 |
| Annual Per SF | $52.98 |
| Other Income | |
|---|---|
| Annual | $200 |
| Annual Per SF | $0.03 |
| Vacancy Loss | |
|---|---|
| Annual | $11,254 |
| Annual Per SF | $1.59 |
| Effective Gross Income | |
|---|---|
| Annual | $364,066 |
| Annual Per SF | $51.42 |
| Taxes | |
|---|---|
| Annual | $55,080 |
| Annual Per SF | $7.78 |
| Operating Expenses | |
|---|---|
| Annual | $38,329 |
| Annual Per SF | $5.41 |
| Total Expenses | |
|---|---|
| Annual | $93,409 |
| Annual Per SF | $13.19 |
| Net Operating Income | |
|---|---|
| Annual | $270,657 |
| Annual Per SF | $38.23 |
Property Facts
| Price | $4,590,000 | Building Class | C |
| Price Per Unit | $382,500 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 7,776 SF |
| Cap Rate | 5.90% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.2 | No. Stories | 3 |
| No. Units | 12 | Year Built/Renovated | 1961/2024 |
| Property Type | Multifamily | Parking Ratio | 1.29/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | DC - Downtown Commercial | ||
| Price | $4,590,000 |
| Price Per Unit | $382,500 |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| Gross Rent Multiplier | 12.2 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,776 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1961/2024 |
| Parking Ratio | 1.29/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | DC - Downtown Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- High Speed Internet Access
- Tub/Shower
- Wi-Fi
- Handrails
- Vinyl Flooring
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Trash Pickup - Curbside
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | - | 541 - 709 |
Moderately walkable
70/100
Exceptionally drivable
90/100
Strong public transit
80/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 467-24-008 | Total Assessment | $3,250,000 (2025) |
| Land Assessment | $792,000 (2025) | Annual Taxes | $55,080 ($7.08/SF) |
| Improvements Assessment | $2,458,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
467-24-008
Land Assessment
$792,000 (2025)
Improvements Assessment
$2,458,000 (2025)
Total Assessment
$3,250,000 (2025)
Annual Taxes
$55,080 ($7.08/SF)
Tax Year
2026
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Presented by
Suen, Peter
Scholar Housing | 231 E San Fernando St
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