Investment Overview

Marcus & Millichap is pleased to present North 18th Flats, a four-unit multifamily investment opportunity located at 502, 504, 506, and 508 North 18th Street in San Jose, California. The property consists of two duplex-style residential buildings totaling approximately 4,308 square feet situated on a 0.25-acre parcel. Built in 1971, the community features four spacious three-bedroom, one-bathroom units, each containing approximately 1,077 square feet of living space. The property's unit configuration and improvements position it competitively within the surrounding rental market, and each unit has been improved with modern appliances, upgraded windows, and washer/dryer hookups. North 18th Flats currently offers an attractive 5.55 percent in-place capitalization rate and 13.01 GRM, while providing significant upside through rental growth and operational optimization. The projected 7.46 percent pro forma capitalization rate and 7.46 pro forma GRM highlight the property's compelling value-add potential and opportunity for increased investor returns. The property benefits from a highly desirable location near Downtown San Jose, Japantown, and numerous restaurants, retail destinations, and entertainment venues. Residents enjoy convenient access to public transportation through the nearby VTA system, as well as direct connectivity to Highways 87, 880, and 101, providing efficient travel throughout Silicon Valley and the greater Bay Area. The location is further enhanced by its proximity to both San Jose State University and Santa Clara University, one of the nation's topranked private universities. As part of Silicon Valley, the property is positioned near many of the world's leading technology employers, including Apple, Google, Tesla, Meta, IBM, Intel, Cisco, Adobe, LinkedIn, and Yahoo, among others. The concentration of highpaying jobs, combined with limited housing supply and low vacancy levels, continues to support strong multifamily fundamentals throughout the San Jose market. With its strong in-place cash flow, rental upside, desirable unit layouts, and world-class Silicon Valley location positions North 18th Flats as a compelling multifamily investment opportunity.