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Ladera Lrms 2388 Karen Dr 12 Unit Apartment Building $4,150,000 ($345,833/Unit) 4.82% Cap Rate Santa Clara, CA 95050
Investment Highlights
- Prime Silicon Valley Location: 2 miles from NVIDIA HQ and 3 miles from Apple HQ
- Outstanding Unit Mix: (8) 2BD/1BA and (4) 1BD/1BA with spacious floor plans on large 0.37 acre lot
- First time on market in 40+ years
- Value-add opportunity with 30%+ upside in rents through renovations
- New roof (2019), New Water Heater (2026), Pool, Dishwashers, and passed SB-721 inspection
Executive Summary
Magnify is pleased to present 2388 Karen Drive, a rare opportunity to acquire a classic value-add apartment community in Santa Clara, one of the most landlord-friendly rental markets in Silicon Valley. Ideally located 2 miles from NVIDIA and 3 miles from Apple, the property offers investors an excellent location with significant upside in an irreplaceable employment corridor.
Offered for sale for the first time in 40+ years, the building consists of 9,269 building square feet on a large 0.37-acre parcel. The property features a desirable unit mix of (8) 2BD/1BA and (4) 1BD/1BA, catering to a broad tenant base. Residents benefit from dishwashers, functional floor plans, and a swimming pool that enhances tenant appeal and retention.
Several major capital improvements include a new roof (2019) and water heater (2026). The property also has copper plumbing, low-maintenance hardscaping, and completed the SB-721 inspection.
This asset presents a compelling investment with over 30% upside in rental income through renovations. Combining substantial income upside and a premier location near some of the world's largest technology employers, 2388 Karen Drive represents a rare opportunity for a high-growth property with immediate and long-term value creation potential.
Offered for sale for the first time in 40+ years, the building consists of 9,269 building square feet on a large 0.37-acre parcel. The property features a desirable unit mix of (8) 2BD/1BA and (4) 1BD/1BA, catering to a broad tenant base. Residents benefit from dishwashers, functional floor plans, and a swimming pool that enhances tenant appeal and retention.
Several major capital improvements include a new roof (2019) and water heater (2026). The property also has copper plumbing, low-maintenance hardscaping, and completed the SB-721 inspection.
This asset presents a compelling investment with over 30% upside in rental income through renovations. Combining substantial income upside and a premier location near some of the world's largest technology employers, 2388 Karen Drive represents a rare opportunity for a high-growth property with immediate and long-term value creation potential.
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $345,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.37 AC |
| Cap Rate | 4.82% | Building Size | 9,269 SF |
| Gross Rent Multiplier | 13.3 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.29/1,000 SF |
| Zoning | *R3 | ||
| Price | $4,150,000 |
| Price Per Unit | $345,833 |
| Sale Type | Investment |
| Cap Rate | 4.82% |
| Gross Rent Multiplier | 13.3 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 9,269 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | *R3 |
Amenities
Unit Amenities
- Dishwasher
- Ceiling Fans
Site Amenities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | - |
| 1+1 | 4 | - | - |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 290-36-068 | Total Assessment | $1,201,673 (2025) |
| Land Assessment | $372,922 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $828,751 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
290-36-068
Land Assessment
$372,922 (2025)
Improvements Assessment
$828,751 (2025)
Total Assessment
$1,201,673 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Ladera Lrms | 2388 Karen Dr
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