| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 88th | Best |
| Demographics | 91st | Best |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1140 Pedro St, San Jose, CA, 95126, US |
| Region / Metro | San Jose |
| Year of Construction | 1983 |
| Units | 50 |
| Transaction Date | 2016-08-17 |
| Transaction Price | $15,360,000 |
| Buyer | Mary Driedger |
| Seller | Jerome Ruddy |
1130 Pedro St San Jose 50-Unit Multifamily Investment
High renter concentration and steady neighborhood occupancy support durable leasing, according to WDSuite’s CRE market data, with pricing power reinforced by a high-cost ownership market in San Jose.
Rated A and ranked 31 out of 344 neighborhoods in the San Jose–Sunnyvale–Santa Clara metro, the area around 1130 Pedro St is competitive among San Jose neighborhoods and sits in the top quartile nationally on several fundamentals. Restaurant, grocery, and pharmacy access trend strong (nationally high percentiles), while park space and cafe density are more limited — a mix that favors daily convenience over leisure amenities.
Neighboring housing skews renter-occupied at a high share, indicating a deep tenant base for multifamily. Neighborhood occupancy is in the above‑average range nationally, supporting income stability for well‑positioned assets. Elevated home values relative to national norms point to a high‑cost ownership market, which tends to sustain multifamily demand and lease retention.
Within a 3‑mile radius, recent trends show modest population softness but growth in household counts, with forecasts pointing to renewed population growth and a notable increase in households by 2028. Smaller average household sizes are expected, which typically expands the renter pool and supports absorption of smaller floor plans. Median incomes in the 3‑mile area have been rising, and projected gains further bolster effective demand for professionally managed rentals. These dynamics align with the neighborhood’s above‑median NOI per unit performance, based on CRE market data from WDSuite.
Vintage context matters: the property was built in 1983, while the neighborhood’s average construction year skews newer. Older stock can require targeted capital planning, but also creates value‑add potential where modernization can sharpen competitive positioning against 1990s‑and‑newer comparables.
Safety indicators are mixed but improving. Overall crime sits near the national middle, according to WDSuite’s CRE market data, while violent and property offense rates track below national medians. Notably, both violent and property offense estimates show substantial year‑over‑year declines, placing the pace of improvement in a high national percentile relative to neighborhoods nationwide. This directional trend supports investor confidence in operational continuity while still warranting routine risk management and tenant‑experience monitoring typical of Urban Core locations in the San Jose metro.
- Adobe — software (1.48 miles)
- eBay — ecommerce marketplace (1.61 miles) — HQ
- PayPal Holdings — fintech (4.49 miles) — HQ
- Netflix — streaming & studios (4.79 miles) — HQ
- Verizon — telecommunications (5.20 miles)
Nearby tech and corporate offices underpin a strong weekday workforce and short commutes that can aid leasing and retention for workforce and professional renters. The list below reflects major employers within a roughly five‑mile radius that are most relevant to housing demand here: Adobe, eBay, PayPal, Netflix, and Verizon.
1130 Pedro St offers exposure to a high‑income, renter‑heavy pocket of San Jose where neighborhood occupancy is solid and ownership costs are elevated, reinforcing reliance on multifamily housing. The property’s 1983 vintage is older than nearby averages, suggesting a value‑add path via modernization to compete with 1990s‑and‑newer product while benefiting from proximity to major employment nodes. According to commercial real estate analysis from WDSuite, the neighborhood’s operating profile trends above national medians, with strong amenity access for daily needs and a track record of NOI per unit outperformance at the neighborhood level.
Within a 3‑mile radius, forecasts indicate population growth and a sizable increase in households alongside smaller average household sizes through 2028 — dynamics that typically expand the renter pool and support occupancy stability. High home values contextualize rentership as a durable choice in this submarket, while a moderate rent‑to‑income backdrop supports leasing and renewal strategies for well‑managed assets.
- Renter‑heavy neighborhood with above‑average occupancy supports income durability.
- High ownership costs sustain multifamily demand and pricing power.
- 1983 vintage provides value‑add/modernization upside against newer competitive stock.
- 3‑mile forecasts show household growth and smaller household sizes, expanding the renter base.
- Risks: older building systems may require capex; leisure amenities (parks/cafes) are thinner; continue monitoring safety trends despite recent improvements.