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Zavala 982-998 The Alameda 11 Unit Apartment Building $3,895,000 ($354,091/Unit) 5.64% Cap Rate San Jose, CA 95126
Executive Summary
CBRE, as exclusive listing agent, is pleased to present the opportunity to own 982-998 The Alameda in San Jose.
The Property has been owned by the same family for 50+ years and boasts seven residential units and four ground floor retail units. The residential units are very large and consist of (4) Studios and (3) 1 Bed, 1 Bath floorplans. The retail spaces have all been improved by the tenants, and all tenants are operating successful businesses and have been at the property for 5+ years.
Additionally, all units and the property systems have been well-maintained over the years and select units feature upgraded kitchens, countertops, cabinets, and bathrooms. Ownership has spent over $50,000 on capital improvements in 2025, which include but are not limited to: roof, two new water heaters, electrical subpanels, etc...
This property presents an excellent value add opportunity through adjusting the full-service leases to NNN leases upon lease expiration, which will roughly capture a 35% rental premium to the in-place leases.
Please contact the CBRE Listing Team for additional information or to schedule a property tour.
The Property has been owned by the same family for 50+ years and boasts seven residential units and four ground floor retail units. The residential units are very large and consist of (4) Studios and (3) 1 Bed, 1 Bath floorplans. The retail spaces have all been improved by the tenants, and all tenants are operating successful businesses and have been at the property for 5+ years.
Additionally, all units and the property systems have been well-maintained over the years and select units feature upgraded kitchens, countertops, cabinets, and bathrooms. Ownership has spent over $50,000 on capital improvements in 2025, which include but are not limited to: roof, two new water heaters, electrical subpanels, etc...
This property presents an excellent value add opportunity through adjusting the full-service leases to NNN leases upon lease expiration, which will roughly capture a 35% rental premium to the in-place leases.
Please contact the CBRE Listing Team for additional information or to schedule a property tour.
Property Facts
| Price | $3,895,000 | Building Class | C |
| Price Per Unit | $354,091 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 9,148 SF |
| Cap Rate | 5.64% | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.1 | No. Stories | 2 |
| No. Units | 11 | Year Built | 1924 |
| Property Type | Multifamily | Parking Ratio | 1.09/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | CG | ||
| Price | $3,895,000 |
| Price Per Unit | $354,091 |
| Sale Type | Investment |
| Cap Rate | 5.64% |
| Gross Rent Multiplier | 11.1 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 9,148 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1924 |
| Parking Ratio | 1.09/1,000 SF |
| Zoning | CG |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 535 |
| 1+1 | 3 | - | 765 |
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Moderately walkable
60/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 261-30-054 | Improvements Assessment | $1,075,287 |
| Land Assessment | $487,907 | Total Assessment | $1,563,194 |
Property Taxes
Parcel Number
261-30-054
Land Assessment
$487,907
Improvements Assessment
$1,075,287
Total Assessment
$1,563,194
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Zavala | 982-998 The Alameda