Investment Overview

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.