| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 93rd | Best |
| Demographics | 75th | Good |
| Amenities | 73rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1233 Elm Lake Ct, San Jose, CA, 95131, US |
| Region / Metro | San Jose |
| Year of Construction | 1997 |
| Units | 80 |
| Transaction Date | 2012-10-16 |
| Transaction Price | $147,999,750 |
| Buyer | ESSEX PORTFOLIO LP |
| Seller | MURPHY ROAD APARTMENTS SAN JOSE |
1233 Elm Lake Ct San Jose Multifamily Investment
Near-full neighborhood occupancy and a high renter-occupied share point to durable leasing fundamentals, according to WDSuite s CRE market data. Strong local incomes and proximity to major employers support rent levels and retention.
Rated A and ranked 35 out of 344 in the San Jose-Sunnyvale-Santa Clara metro, the neighborhood sits in the top decile locally, signaling competitive fundamentals for multifamily. Neighborhood occupancy trends are in the top quartile nationally, indicating resilient demand and limited downtime between turns.
Amenity access is solid for daily needs: restaurants and grocery density score in the upper national percentiles, and pharmacies are especially prevalent. Childcare options are limited within the immediate neighborhood, which may modestly narrow appeal for families with young children but has less impact on workforce renter segments.
Renter concentration is elevated (share of housing units that are renter-occupied), which supports a deeper tenant base and leasing velocity. In a high-cost ownership market with elevated home values, multifamily housing remains a primary option for many households, reinforcing pricing power and retention for well-managed assets.
Within a 3-mile radius, the population has grown in recent years while households increased at a faster pace, and forecasts point to continued growth in household counts alongside smaller average household sizes. For investors, this supports a larger tenant base and steady absorption of professionally managed rental units over time.
Compared with neighborhoods nationwide, safety indicators are mixed: the area sits below the national median for safety, yet recent year-over-year trends show declines in both violent and property offenses. Within the San Jose-Sunnyvale-Santa Clara metro (344 neighborhoods), the neighborhood s crime positioning is below the metro median, but improving directionally.
For investors, the takeaway is to underwrite typical security and lighting upgrades and continue proactive property management. The broader trend of declining incidents suggests risk is being managed at the neighborhood level, but site-specific measures still matter for resident experience and retention.
The immediate area draws a large professional workforce, with major employers in semiconductors, digital payments, electronics, pharma, and contract manufacturing supporting renter demand and commute convenience. The following nearby employers anchor the tenant base cited here.
- Qualcomm semiconductors (1.3 miles)
- Paypal Holdings digital payments (1.6 miles) HQ
- Avnet electronics distribution (1.6 miles)
- Bristol-Myers Squibb, BDC pharma offices (1.8 miles)
- Sanmina contract manufacturing (1.9 miles) HQ
This 80-unit asset benefits from top-decile neighborhood positioning within the San Jose-Sunnyvale-Santa Clara metro and near-full neighborhood occupancy, supporting stable operations and limited downtime. High renter concentration indicates a deep tenant pool, while elevated ownership costs in the area help sustain reliance on multifamily housing. According to CRE market data from WDSuite, neighborhood occupancy ranks well above metro medians, reinforcing the case for steady cash flow under disciplined management.
Within a 3-mile radius, households have expanded and are projected to grow further even as average household size trends smaller, pointing to a larger renter pool over time. Strong local incomes and a balanced rent-to-income profile support retention and measured rent growth potential, with proximity to major employers enhancing leasing momentum.
- Top-decile neighborhood rank in metro with occupancy strength supporting stable operations
- Elevated renter-occupied share underpins depth of tenant demand
- High-cost ownership market reinforces reliance on multifamily rentals and pricing power
- 3-mile household growth and smaller household sizes expand the renter pool
- Risk: safety metrics are below national medians continue security, lighting, and active management to support retention