2985 Walgrove Way, San Jose, CA 95128

Property Description

Turnkey fourplex in desirable West San Jose offers strong investment potential with a balanced unit mix: one 3BR/2BA, two 2BR/1.5BA, and one 1BR/1BA unit. The three larger units feature HVAC systems while the smaller unit has window A/C and a wall heater. Built in 1968, the 3,973 SF building sits on a 9,636 SF lot and includes 12 parking spaces (6 covered, 6 open) plus shared laundry generating approximately $250 monthly in additional income. The property generates $113,904 in annual gross income with a 3.48% cap rate and 16.68 gross rent multiplier. Located just 1.2 miles from Santana Row and 2 miles from Westfield Valley Fair, it offers excellent access to I-280, Highway 17, and San Tomas Expressway, plus proximity to top-rated schools within one mile. San Jose's tech-driven economy continues to support strong rental demand despite recent sector adjustments. With vacancy rates at just 3.8%, rent growth at 2.7%, and high home prices keeping buyers in the rental market, multifamily properties are well-positioned for long-term appreciation and income growth. The property is subject to San Jose's Apartment Rent Ordinance and Tenant Protection Ordinance.