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2748 Kollmar Dr 16 Unit Apartment Building $4,475,000 ($279,688/Unit) 7.15% Cap Rate San Jose, CA 95127
Investment Highlights
- 7.15% current cap rate with additional upside
- New BART Connector VTA Station Opening 500 ft away
- New subpanels and new main panel (2025), new roof (2020)
- Strong unit mix of two bedroom and one bedroom units
Executive Summary
16-UNIT APARTMENT WITH 7.15% IN-PLACE CAP RATE
The Zurich Group of Marcus & Millichap is pleased to present 2748 Kollmar Drive, a 16-unit apartment community in San Jose with meaningful additional upside. The property features a strong unit mix of (7) 1-bedroom and (9) 2-bedroom units, 20 parking spaces, and on-site laundry.
Ownership has invested over $350,000 in renovations, including interior upgrades, new electrical panels in every unit, new building electrical disconnects and panels, exterior and common-area improvements, and a roof installed in late 2020.
Located approximately 500 feet from a future VTA station currently under construction, the property offers strong in-place cash flow with additional upside through rent growth, select unit reconfigurations, and an attractive 8.09% pro forma cap rate.
The Zurich Group of Marcus & Millichap is pleased to present 2748 Kollmar Drive, a 16-unit apartment community in San Jose with meaningful additional upside. The property features a strong unit mix of (7) 1-bedroom and (9) 2-bedroom units, 20 parking spaces, and on-site laundry.
Ownership has invested over $350,000 in renovations, including interior upgrades, new electrical panels in every unit, new building electrical disconnects and panels, exterior and common-area improvements, and a roof installed in late 2020.
Located approximately 500 feet from a future VTA station currently under construction, the property offers strong in-place cash flow with additional upside through rent growth, select unit reconfigurations, and an attractive 8.09% pro forma cap rate.
Property Facts
| Price | $4,475,000 | Apartment Style | Low-Rise |
| Price Per Unit | $279,688 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 7.15% | Building Size | 10,416 SF |
| Gross Rent Multiplier | 9.75 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.92/1,000 SF |
| Zoning | R3 | ||
| Price | $4,475,000 |
| Price Per Unit | $279,688 |
| Sale Type | Investment |
| Cap Rate | 7.15% |
| Gross Rent Multiplier | 9.75 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 10,416 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.92/1,000 SF |
| Zoning | R3 |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Handrails
- Vinyl Flooring
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Business Center
- Controlled Access
- Clubhouse
- Laundry Facilities
- Property Manager on Site
- Renters Insurance Program
- Bicycle Storage
- Hearing Impaired Accessible
- Maintenance on site
- Multi Use Room
- Online Services
- Vision Impaired Accessible
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
| 2+1 | 8 | - | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 488-01-011 | Improvements Assessment | $2,511,782 |
| Land Assessment | $2,208,161 | Total Assessment | $4,719,943 |
Property Taxes
Parcel Number
488-01-011
Land Assessment
$2,208,161
Improvements Assessment
$2,511,782
Total Assessment
$4,719,943
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2748 Kollmar Dr