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545 S 9th St 9 Unit Apartment Building $2,880,000 ($320,000/Unit) 5.05% Cap Rate San Jose, CA 95112
Investment Highlights
- Steps from San José State University, retail, dining, and transit in one of the Bay Area's most supply-constrained rental markets.
- Located in a high-cost, low-vacancy housing market where elevated homeownership costs continue to fuel strong multifamily rental demand.
- Ten covered parking spaces serve the property, a valuable amenity that supports tenant retention in a dense urban submarket.
Executive Summary
Marcus & Millichap is pleased to present 545 S 9th Street, a 9-unit multifamily investment opportunity located in the heart of Downtown San Jose. Built in 1959, the property spans 5,044 gross square feet on a 0.15-acre lot and features a uniform unit mix of nine 1-bedroom/1-bathroom units averaging 560 square feet each — simplifying management and turnover for ownership.
Offered at $2,880,000 ($320,000 per unit / $571 per square foot), the asset generates a current cap rate of 5.05% and a 12.51 GRM, with in-place rents currently running approximately 3% below market. With two units currently vacant, a new owner has an immediate opportunity to lease up and capture rental upside, pushing the pro forma cap rate to 5.27% and NOI to $151,861.
Operationally, the property benefits from individually metered gas and electric service, reducing owner-paid utility expense, along with a master-metered water system. Ten covered parking spaces serve the property's nine units, and the asset benefits from efficient operating expenses at just 35.08% of effective gross income.
Situated within walking distance of San José State University, the Downtown San Jose core, and a wide array of restaurants, cafes, and retail along S 9th and S 10th Streets, the property is well-positioned to capture strong and consistent rental demand from students, young professionals, and the broader South Bay workforce. With Santa Clara County median rents near $3,500/month and a persistently undersupplied housing market, 545 S 9th Street offers investors a relatively affordable entry point into one of the most supply-constrained rental markets in the country.
Offered at $2,880,000 ($320,000 per unit / $571 per square foot), the asset generates a current cap rate of 5.05% and a 12.51 GRM, with in-place rents currently running approximately 3% below market. With two units currently vacant, a new owner has an immediate opportunity to lease up and capture rental upside, pushing the pro forma cap rate to 5.27% and NOI to $151,861.
Operationally, the property benefits from individually metered gas and electric service, reducing owner-paid utility expense, along with a master-metered water system. Ten covered parking spaces serve the property's nine units, and the asset benefits from efficient operating expenses at just 35.08% of effective gross income.
Situated within walking distance of San José State University, the Downtown San Jose core, and a wide array of restaurants, cafes, and retail along S 9th and S 10th Streets, the property is well-positioned to capture strong and consistent rental demand from students, young professionals, and the broader South Bay workforce. With Santa Clara County median rents near $3,500/month and a persistently undersupplied housing market, 545 S 9th Street offers investors a relatively affordable entry point into one of the most supply-constrained rental markets in the country.
Financial Summary (Actual - 2025) 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 - 2025) 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 | $2,880,000 | Building Class | C |
| Price Per Unit | $320,000 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 5,044 SF |
| Cap Rate | 5.05% | Average Occupancy | 78% |
| Gross Rent Multiplier | 12.51 | No. Stories | 3 |
| No. Units | 9 | Year Built | 1959 |
| Property Type | Multifamily | Parking Ratio | 1.98/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM | ||
| Price | $2,880,000 |
| Price Per Unit | $320,000 |
| Sale Type | Investment |
| Cap Rate | 5.05% |
| Gross Rent Multiplier | 12.51 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,044 SF |
| Average Occupancy | 78% |
| No. Stories | 3 |
| Year Built | 1959 |
| Parking Ratio | 1.98/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM |
Amenities
Site Amenities
- Laundry Facilities
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | $2,195 | 560 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 472-28-075 | Total Assessment | $2,754,000 (2026) |
| Land Assessment | $938,400 (2026) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,815,600 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
472-28-075
Land Assessment
$938,400 (2026)
Improvements Assessment
$1,815,600 (2026)
Total Assessment
$2,754,000 (2026)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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