| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Fair |
| Demographics | 26th | Poor |
| Amenities | 59th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1918 Alum Rock Ave, San Jose, CA, 95116, US |
| Region / Metro | San Jose |
| Year of Construction | 2004 |
| Units | 93 |
| Transaction Date | 2002-11-08 |
| Transaction Price | $3,500,000 |
| Buyer | TIERRA ENCANTADA LP |
| Seller | GREEN VALLEY CORP |
1918 Alum Rock Ave San Jose Multifamily Investment
This 93-unit property from 2004 operates in a renter-dominant neighborhood with 97th percentile rental share among metro neighborhoods, indicating strong tenant demand fundamentals according to CRE market data from WDSuite.
The property sits in an Urban Core neighborhood ranking 273rd among 344 metro neighborhoods, with a C rating reflecting mixed fundamentals but notable rental market strength. Built in 2004, the property represents newer stock compared to the neighborhood's 1984 average construction year, potentially reducing near-term capital expenditure needs and maintaining competitive positioning.
The neighborhood demonstrates exceptional rental market characteristics with 71.3% of housing units renter-occupied, ranking 19th among 344 metro neighborhoods and placing in the 97th percentile nationally. This renter dominance supports consistent tenant demand. Neighborhood-level occupancy stands at 93.5%, though this reflects a 4.7 percentage point decline over five years, suggesting lease management considerations for operators.
Demographics within a 3-mile radius show an established population of 251,000 residents with median household income of $109,960. The area supports strong rental fundamentals with 51.4% of housing units renter-occupied and median contract rents at $2,208. Five-year projections indicate 32% household growth despite modest population decline, suggesting smaller household sizes and potentially expanded renter pool entering the market.
Home values in the neighborhood rank in the 93rd percentile nationally at $691,752 median, with high value-to-income ratios reinforcing rental demand as elevated ownership costs sustain renter reliance on multifamily housing. The neighborhood offers solid amenity access with above-average grocery and childcare density, though limited park access may affect tenant appeal.
Crime metrics show the neighborhood ranking 140th among 344 metro neighborhoods for overall crime, placing at the 50th percentile nationally. Property crime rates have declined 35% year-over-year, ranking 102nd among metro neighborhoods and reaching the 78th percentile nationally for improvement trends.
Violent crime shows more favorable patterns with a 71% year-over-year decrease, ranking 23rd among metro neighborhoods and placing in the 94th percentile nationally for safety improvements. While current violent crime rates remain elevated compared to metro averages, the substantial declining trend suggests improving conditions that may support tenant retention and leasing velocity.
Major technology and corporate employers within commuting distance support workforce housing demand, with several Fortune 500 companies and headquarters providing employment stability for the tenant base.
- Adobe Systems — technology offices (2.8 miles)
- Paypal Holdings — financial technology (4.2 miles) — HQ
- Qualcomm — semiconductor technology (4.5 miles)
- Sanmina — electronics manufacturing (5.0 miles) — HQ
- Ebay — e-commerce technology (5.8 miles) — HQ
This 93-unit property benefits from exceptional rental market fundamentals in a neighborhood with 97th percentile rental share nationally, indicating deep tenant demand that supports occupancy stability. The 2004 construction vintage provides newer building systems compared to the 1984 neighborhood average, potentially reducing near-term capital expenditure requirements while maintaining competitive positioning. Proximity to major technology employers including PayPal, Adobe, and eBay headquarters supports workforce housing demand within the Silicon Valley employment corridor.
Demographics within a 3-mile radius project 32% household growth over five years despite modest population decline, suggesting renter pool expansion as household sizes decrease. Commercial real estate analysis from WDSuite indicates high home values and value-to-income ratios reinforce rental demand as elevated ownership costs sustain multifamily reliance. However, neighborhood-level occupancy declined 4.7 percentage points over five years, requiring attention to lease management and renewal strategies.
- 97th percentile rental share nationally supports consistent tenant demand
- 2004 vintage provides competitive building systems and reduced capital needs
- Proximity to Fortune 500 technology employers supports workforce housing appeal
- High ownership costs reinforce rental market demand fundamentals
- Risk: Five-year occupancy decline requires focused lease management strategies