502 N 18th Street, San Jose, California 95112, San Jose, 95112 - 0 bed, 0 bath
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San Jose, California 95112
This four-unit apartment complex represents a Strong Value Opportunity, listed at a List Price of $1,900,000—positioned well below the $2,013,280 Fair Market Value by 5%. This valuation gap provides $113,280 in Instant Equity. Featuring a Fair Condition Rating and a desirable unit mix of four three-bedroom, one-bath units, the property offers immediate cash flow with a 5.55% in-place Cap Rate. This is an ideal acquisition for Buy-and-Hold Investors or Value-Add Investors seeking to capitalize on significant proforma upside.
Property is moderate renovation needed.
Built in 1971 (53 years old), the property falls into the 'Fair' category as it exceeds the 20-year age threshold. While the listing notes 'modern appliances' and 'upgraded windows' suggesting some renovation, the visible window AC units and 50+ year old structure indicate it is likely dated and requires minor repairs or updates to systems and interiors.
The property consists entirely of three-bedroom, one-bath units, which are highly desirable for families and groups, offering a competitive edge over typical one or two-bedroom apartment configurations.
With an attractive in-place Cap Rate of 5.55% and a projected proforma Cap Rate of 7.46%, this asset provides immediate cash flow and significant value-add potential for investors.
Recent upgrades including modern appliances, energy-efficient windows, and essential washer/dryer hookups enhance tenant retention and reduce near-term capital expenditure requirements.
The assigned public schools have relatively low ratings (ranging from 2 to 4), which may limit the property's appeal to education-focused families and impact long-term appreciation.
Constructed in 1971, the property may require ongoing maintenance or future capital improvements to aging core systems like plumbing and electrical that are common in buildings of this era.
OPEN HOUSE 6/19/26 FROM 11AM TO 12pm Marcus & Millichap is pleased to present the investment opportunity North 18th Flats located at 502, 504, 506 and 508 N. 18th Street San Jose, California. This attractive, four-unit apartment complex is situated on a parcel of land totaling 0.25 acres and features a gross building area of approximately 4308 square feet. The property features two duplex style buildings four three bed/one bath units of about 1077 square. Each unit contains modern appliances, upgraded windows, and washer dryer hook ups. The property offers an in place Cap Rate of 5.55 with a 13.01 GRM - PROFORMA CAP RATE OF 7.46 and 10.47 PROFORMA GRM
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades K-5 • 0.5 mi
Grades 6-8 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 4,308 | 2,552 |
| Lot Size | 11,025 | 7,370 |
| Price | $1.90M | $1.54M |
| Price per sq ft | $441 | $655 |
| Built year | 1971 | 1961 |
| HOA | $0 | $0 |
| Days on market | 42 | 50 |
Jun 11, 2026
$1,900,000
Initial Listing
Apr 21, 1997
$340,000
Public Record