47 Cleveland Ave 4 Unit Apartment Building $1,850,000 ($462,500/Unit) 4.21% Cap Rate San Jose, CA 95128

47 Cleveland Avenue presents a rare opportunity to acquire a well-maintained fourplex located in the desirable Burbank neighborhood of San Jose, the economic backbone of Silicon Valley. Offered at $1,850,000 individually, or $3,700,000 as an 8-unit portfolio alongside its side-by-side twin at 45 Cleveland Avenue, the property gives investors the flexibility to acquire a single fourplex or scale into a full-block multifamily holding. Situated near major employers including Nvidia, Intel, Cisco, and ServiceNow, the property benefits from strong rental demand driven by Silicon Valley's deep employment base and limited housing supply.
The property is ideally positioned less than one mile from both Santana Row and Westfield Valley Fair, two of Silicon Valley's premier lifestyle destinations offering high-end shopping, dining, and entertainment options. Residents benefit from immediate access to some of the area's most desirable amenities while also maintaining convenient connectivity to Downtown San Jose, major freeways, and surrounding employment centers. This highly sought-after location continues to support long-term occupancy and rental growth within one of the Bay Area's most competitive rental markets.
A key advantage for investors: 47 Cleveland Avenue is located in an unincorporated pocket of the Burbank neighborhood and is therefore not subject to the City of San Jose's Apartment Rent Ordinance (ARO). Instead, the property falls under Santa Clara County's rent stabilization framework and California's statewide AB 1482, offering significantly greater flexibility on annual rent adjustments compared to similar San Jose multifamily assets. This off-ARO status applies to both 45 and 47 Cleveland Avenue, making the combined portfolio an especially compelling play for investors seeking scale without the constraints of city-level rent control.
The property consists of (4) 2-bedroom / 1-bathroom units, a unit mix that continues to perform well within the local rental market, attracting young professionals, roommates, and small families alike. Interior upgrades include updated kitchens with full-size oven ranges, modern laminate flooring, recessed lighting, and renovated bathrooms with upgraded tubs and showers. Additional improvements include fresh interior and exterior paint.
The asset also benefits from supplemental income generated through on-site coin-operated laundry facilities. Parking remains a valuable amenity in dense San Jose neighborhoods, and the property offers a combination of surface stalls and covered parking spaces for tenants. Whether acquired on its own as a stable cash-flow asset or paired with 45 Cleveland Avenue for an 8-unit Silicon Valley portfolio, 47 Cleveland Avenue represents a unique opportunity to acquire quality multifamily real estate in a premier San Jose location.