***** OPEN HOUSE - Tuesday July 7th, 3pm - 4pm *****
Marcus & Millichap presents 3158 Impala Drive, a 6-unit apartment community in the highly desirable Cadillac East neighborhood of West San Jose. Built in 1959 on a 0.15-acre lot, the 3,834-square-foot asset offers a clean, efficient unit mix of four 1BD/1BA and two 2BD/1BA units, with individually metered electric and gas keeping operations simple and low-cost.
Offered at $1,675,000 ($279,167/unit), the property is generating a 4.29% current cap rate with a clear path to 5.46% pro forma as in-place rents (averaging $1,723) close the gap to market rents (averaging $2,067) — a 17% mark-to-market opportunity driven by natural turnover and light interior upgrades.
Location is a core driver of demand: Walk Score 81, Bike Score 76, and immediate access to I-280, I-880/SR-17, and San Tomas Expressway. Santana Row and Westfield Valley Fair are 1.5 miles away, VTA bus and Hamilton Train Station are within a mile, and San Jose Mineta International Airport is a 4.5-mile drive. The trade area boasts a $153,002 median household income and 66% renter-occupied households, anchored by major employers including Apple, Adobe, Nvidia, Cisco, and eBay.
A rare fee-simple offering combining stable current income with embedded upside in one of the Bay Area's most supply-constrained rental submarkets.
Property Highlights
6-unit multifamily asset in West San Jose's Cadillac East neighborhood
$1,675,000 list price / $279,167 per unit / $437 per SF
4.03% current cap rate; 5.46% pro forma cap rate
13.50 current GRM; 11.26 pro forma GRM
Unit mix: four 1BD/1BA, two 2BD/1BA (average 639 SF)
~17% mark-to-market rent upside ($1,723 current vs. $2,067 market average)
Individually metered electric and gas; master-metered water/sewer
Ancillary laundry income
Walk Score 81, Bike Score 76
1.5 miles to Santana Row and Westfield Valley Fair
Immediate access to I-280, I-880/SR-17, San Tomas Expressway
4.5 miles to San Jose Mineta International Airport
$153,002 median household income within 3 miles; 66% renter-occupied
Minutes from Apple, Adobe, Nvidia, Cisco, eBay, and Santa Clara Valley Medical Center
Both listing agents are owners of the property.