| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 66th | Fair |
| Amenities | 73rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2021 N Milpitas Blvd, Milpitas, CA, 95035, US |
| Region / Metro | Milpitas |
| Year of Construction | 1989 |
| Units | 98 |
| Transaction Date | 2020-10-02 |
| Transaction Price | $36,250,000 |
| Buyer | KMF XII MILPITAS LLC |
| Seller | VICTORIAN SQUARE APARTMENTS LLC |
2021 N Milpitas Blvd, Milpitas CA Multifamily Investment
Neighborhood multifamily occupancy is strong and has trended upward, supporting stable leasing conditions near core Silicon Valley employment, according to WDSuite’s CRE market data.
Situated in Milpitas within the San Jose–Sunnyvale–Santa Clara metro, the neighborhood posts an A- rating and ranks 73 out of 344 metro neighborhoods, signaling competitive fundamentals for investors. Neighborhood multifamily occupancy is in the top quartile among 344 metro neighborhoods, which supports cash flow consistency and reduces lease-up risk at comparable assets.
Local convenience is a strength: grocery and pharmacy access score well above national averages, and the area records a very strong park density. Childcare availability is also a standout, which can aid family-oriented renter retention. Café density is thinner, but overall amenity access is competitive among metro peers.
Ownership costs are elevated for the neighborhood, and home values sit near the top of national comparisons. In practical terms, this high-cost ownership market tends to reinforce reliance on multifamily housing and can support pricing power, while the neighborhood’s rent-to-income ratio remains moderate by national standards—useful for lease management planning rather than aggressive increases.
Within a 3-mile radius, demographics show a large, high-income household base with recent growth in households and families and a forecast for continued household expansion by 2028. This translates to a larger tenant base and supports occupancy stability. Neighborhood renter-occupied share is under half of units, indicating a balanced tenure mix with sufficient depth for multifamily demand without overconcentration.
Safety indicators trail metro and national benchmarks. The neighborhood’s crime rank sits near the bottom of 344 metro neighborhoods and national percentiles indicate below-average safety, so investors should underwrite with conservative assumptions on security measures, insurance, and operating protocols.
Recent year estimates also point to volatility in reported property and violent offense rates. While block-level conditions vary, trend monitoring and engagement with local data sources are prudent to gauge whether recent movements are temporary or part of a longer pattern.
The property sits near a dense employment base tied to technology, medical devices, networking, financial services, and life sciences—supporting commuter convenience and a broad white-collar renter pool.
- Hewlett Packard Enterprise — technology hardware (1.4 miles)
- Boston Scientific - Building 5 — medical devices (1.6 miles)
- Cisco - McCarthy Ranch 1 — networking (2.2 miles)
- Charles Schwab — financial services (2.4 miles)
- Thermo Fisher Scientific — life sciences (2.7 miles)
This 98-unit Milpitas asset benefits from neighborhood occupancy in the top quartile of the metro and a deep, high-income renter pool. Elevated ownership costs in the area sustain reliance on multifamily housing, while a moderate neighborhood rent-to-income ratio supports tenant retention. Within a 3-mile radius, households and families have expanded and are projected to grow further by 2028, pointing to ongoing renter pool expansion and support for leasing stability. These dynamics are consistent with broader Silicon Valley fundamentals and, based on commercial real estate analysis from WDSuite, align with sustained demand near major employers.
Key considerations for underwriting include safety metrics that underperform metro and national benchmarks and the need for prudent operating plans. Proximity to large technology and life sciences employers is a strength, though exposure to industry cycles warrants attention to lease management and renewal strategies.
- Metro top-quartile neighborhood occupancy supports cash flow stability and reduces lease-up risk
- High-income renter base and elevated ownership costs reinforce multifamily demand and pricing power
- 3-mile area households growing and projected to expand further by 2028, supporting a larger tenant base
- Adjacent to major employers across tech, networking, finance, and life sciences, aiding retention
- Risks: below-average safety indicators and potential sensitivity to tech-sector cycles