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3158 Impala Dr 6 Unit Apartment Building $1,675,000 ($279,167/Unit) 4.03% Cap Rate San Jose, CA 95117
Executive Summary
Marcus & Millichap presents 3158 Impala Drive, a 6-unit apartment community in the highly desirable Cadillac East neighborhood of West San Jose. Built in 1959 on a 0.15-acre lot, the 3,834-square-foot asset offers a clean, efficient unit mix of four 1BD/1BA and two 2BD/1BA units, with individually metered electric and gas keeping operations simple and low-cost.
Offered at $1,675,000 ($279,167/unit), the property is generating a 4.03% current cap rate with a clear path to 5.46% pro forma as in-place rents (averaging $1,723) close the gap to market rents (averaging $2,067) — a 17% mark-to-market opportunity driven by natural turnover and light interior upgrades.
Location is a core driver of demand: Walk Score 81, Bike Score 76, and immediate access to I-280, I-880/SR-17, and San Tomas Expressway. Santana Row and Westfield Valley Fair are 1.5 miles away, VTA bus and Hamilton Train Station are within a mile, and San Jose Mineta International Airport is a 4.5-mile drive. The trade area boasts a $153,002 median household income and 66% renter-occupied households, anchored by major employers including Apple, Adobe, Nvidia, Cisco, and eBay.
A rare fee-simple offering combining stable current income with embedded upside in one of the Bay Area's most supply-constrained rental submarkets.
Property Highlights
6-unit multifamily asset in West San Jose's Cadillac East neighborhood
$1,675,000 list price / $279,167 per unit / $437 per SF
4.03% current cap rate; 5.46% pro forma cap rate
13.50 current GRM; 11.26 pro forma GRM
Unit mix: four 1BD/1BA, two 2BD/1BA (average 639 SF)
~17% mark-to-market rent upside ($1,723 current vs. $2,067 market average)
Individually metered electric and gas; master-metered water/sewer
Ancillary laundry income
Walk Score 81, Bike Score 76
1.5 miles to Santana Row and Westfield Valley Fair
Immediate access to I-280, I-880/SR-17, San Tomas Expressway
4.5 miles to San Jose Mineta International Airport
$153,002 median household income within 3 miles; 66% renter-occupied
Minutes from Apple, Adobe, Nvidia, Cisco, eBay, and Santa Clara Valley Medical Center
Offered at $1,675,000 ($279,167/unit), the property is generating a 4.03% current cap rate with a clear path to 5.46% pro forma as in-place rents (averaging $1,723) close the gap to market rents (averaging $2,067) — a 17% mark-to-market opportunity driven by natural turnover and light interior upgrades.
Location is a core driver of demand: Walk Score 81, Bike Score 76, and immediate access to I-280, I-880/SR-17, and San Tomas Expressway. Santana Row and Westfield Valley Fair are 1.5 miles away, VTA bus and Hamilton Train Station are within a mile, and San Jose Mineta International Airport is a 4.5-mile drive. The trade area boasts a $153,002 median household income and 66% renter-occupied households, anchored by major employers including Apple, Adobe, Nvidia, Cisco, and eBay.
A rare fee-simple offering combining stable current income with embedded upside in one of the Bay Area's most supply-constrained rental submarkets.
Property Highlights
6-unit multifamily asset in West San Jose's Cadillac East neighborhood
$1,675,000 list price / $279,167 per unit / $437 per SF
4.03% current cap rate; 5.46% pro forma cap rate
13.50 current GRM; 11.26 pro forma GRM
Unit mix: four 1BD/1BA, two 2BD/1BA (average 639 SF)
~17% mark-to-market rent upside ($1,723 current vs. $2,067 market average)
Individually metered electric and gas; master-metered water/sewer
Ancillary laundry income
Walk Score 81, Bike Score 76
1.5 miles to Santana Row and Westfield Valley Fair
Immediate access to I-280, I-880/SR-17, San Tomas Expressway
4.5 miles to San Jose Mineta International Airport
$153,002 median household income within 3 miles; 66% renter-occupied
Minutes from Apple, Adobe, Nvidia, Cisco, eBay, and Santa Clara Valley Medical Center
Property Facts
| Price | $1,675,000 | Apartment Style | Low-Rise |
| Price Per Unit | $279,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.03% | Building Size | 3,834 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 13.5 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1959 |
| Property Type | Multifamily | Parking Ratio | 1.56/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R3, San Jose | ||
| Price | $1,675,000 |
| Price Per Unit | $279,167 |
| Sale Type | Investment |
| Cap Rate | 4.03% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 13.5 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,834 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.56/1,000 SF |
| Zoning | R3, San Jose |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,995 | 600 |
| 2+2 | 2 | $2,600 | 700 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 305-03-040 | Improvements Assessment | $577,422 |
| Land Assessment | $1,061,208 | Total Assessment | $1,638,630 |
Property Taxes
Parcel Number
305-03-040
Land Assessment
$1,061,208
Improvements Assessment
$577,422
Total Assessment
$1,638,630
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3158 Impala Dr
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