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431 S 11th St 9 Unit Apartment Building $2,725,000 ($302,778/Unit) 5.19% Cap Rate San Jose, CA 95112
Investment Highlights
- One block from San Jose State University
- Upgraded TPO roof in 2018.
- Upgraded water heater and wall heaters.
- Buyers can target San Jose State renters with high end finishes to further the upside
- Attached single garage with potential ADU conversion.
Executive Summary
431 S 11th Street is a well-located 9-unit multifamily property in the heart of San Jose, positioned just one block from San Jose State University and within walking distance to Downtown San Jose. The property benefits from immediate proximity to a major university campus, along with the employment, dining, and entertainment options that define the downtown core—making it highly attractive to both student and workforce renters.
The subject is a two-story apartment building comprised of nine (9) units, featuring a desirable mix of (3) two-bedroom / one-bath units and (6) one-bedroom / one-bath units. Residents enjoy on-site washer and dryer facilities, and assigned carport parking
From a capital improvement standpoint, ownership has completed meaningful upgrades including a TPO membrane (overlay) roof replacement (2018) inlcuding a 10 year manufacturer warranty , along with replacement of wall heaters and the water heater, positioning the asset for long-term operational stability.
Additionally, the property may offer future upside through the potential conversion of the attached garage into an ADU (Accessory Dwelling Unit), presenting a possible opportunity to add an additional unit and enhance long-term income (buyer to verify feasibility with the City of San Jose).
With its unbeatable location near San Jose State University, close access to Downtown San Jose employers, and strong renter demand drivers, 431 S 11th Street represents an excellent opportunity to acquire a stable, well-maintained multifamily asset in one of Silicon Valley’s most dynamic rental markets.
The subject is a two-story apartment building comprised of nine (9) units, featuring a desirable mix of (3) two-bedroom / one-bath units and (6) one-bedroom / one-bath units. Residents enjoy on-site washer and dryer facilities, and assigned carport parking
From a capital improvement standpoint, ownership has completed meaningful upgrades including a TPO membrane (overlay) roof replacement (2018) inlcuding a 10 year manufacturer warranty , along with replacement of wall heaters and the water heater, positioning the asset for long-term operational stability.
Additionally, the property may offer future upside through the potential conversion of the attached garage into an ADU (Accessory Dwelling Unit), presenting a possible opportunity to add an additional unit and enhance long-term income (buyer to verify feasibility with the City of San Jose).
With its unbeatable location near San Jose State University, close access to Downtown San Jose employers, and strong renter demand drivers, 431 S 11th Street represents an excellent opportunity to acquire a stable, well-maintained multifamily asset in one of Silicon Valley’s most dynamic rental markets.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$212,220
|
$21.51
|
| Other Income |
$765
|
$0.08
|
| Vacancy Loss |
$6,367
|
$0.65
|
| Effective Gross Income |
$206,618
|
$20.94
|
| Taxes |
$32,809
|
$3.33
|
| Operating Expenses |
$32,498
|
$3.29
|
| Total Expenses |
$65,307
|
$6.62
|
| Net Operating Income |
$141,311
|
$14.32
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $212,220 |
| Annual Per SF | $21.51 |
| Other Income | |
|---|---|
| Annual | $765 |
| Annual Per SF | $0.08 |
| Vacancy Loss | |
|---|---|
| Annual | $6,367 |
| Annual Per SF | $0.65 |
| Effective Gross Income | |
|---|---|
| Annual | $206,618 |
| Annual Per SF | $20.94 |
| Taxes | |
|---|---|
| Annual | $32,809 |
| Annual Per SF | $3.33 |
| Operating Expenses | |
|---|---|
| Annual | $32,498 |
| Annual Per SF | $3.29 |
| Total Expenses | |
|---|---|
| Annual | $65,307 |
| Annual Per SF | $6.62 |
| Net Operating Income | |
|---|---|
| Annual | $141,311 |
| Annual Per SF | $14.32 |
Property Facts
| Price | $2,725,000 | Apartment Style | Low-Rise |
| Price Per Unit | $302,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.19% | Building Size | 9,866 SF |
| Gross Rent Multiplier | 12.84 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.6/1,000 SF |
| Zoning | RM, San Jose | ||
| Price | $2,725,000 |
| Price Per Unit | $302,778 |
| Sale Type | Investment |
| Cap Rate | 5.19% |
| Gross Rent Multiplier | 12.84 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 9,866 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.6/1,000 SF |
| Zoning | RM, San Jose |
Amenities
Unit Amenities
- Washer/Dryer
- Heating
- Ceiling Fans
- Hardwood Floors
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $2,074 | - |
| 1+1 | 3 | $1,890 | - |
1 1
Walk Score®
Very Walkable (87)
Bike Score®
Biker's Paradise (98)
Property Taxes
| Parcel Number | 467-49-026 | Total Assessment | $2,496,960 |
| Land Assessment | $1,664,640 | Annual Taxes | $32,809 ($3.33/SF) |
| Improvements Assessment | $832,320 | Tax Year | 2025 |
Property Taxes
Parcel Number
467-49-026
Land Assessment
$1,664,640
Improvements Assessment
$832,320
Total Assessment
$2,496,960
Annual Taxes
$32,809 ($3.33/SF)
Tax Year
2025
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431 S 11th St
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