| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 51st | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 33 S 3rd St, San Jose, CA, 95113, US |
| Region / Metro | San Jose |
| Year of Construction | 2003 |
| Units | 89 |
| Transaction Date | 2014-10-01 |
| Transaction Price | $1,671,000 |
| Buyer | CENTURY RESIDENTIAL LLC |
| Seller | REDEVELOPMENT AGENCY OF THE CITY OF SAN |
33 S 3rd St, San Jose CA — Downtown Multifamily Investment
Downtown San Jose shows durable renter demand supported by a high renter-occupied share and strong amenity density, according to WDSuite s CRE market data. For investors, the core location helps underpin occupancy stability even as the broader metro normalizes.
Positioned in San Jose s Urban Core (neighborhood rating A-), the property benefits from a concentrated amenity base. The neighborhood ranks 4th among 344 metro neighborhoods for overall amenities and sits in the top national percentiles for restaurants, groceries, and parks. In practice, that means walkable access to daily needs and lifestyle options that support leasing velocity and retention.
Amenity depth is a distinguishing strength: restaurants per square mile rank 3rd of 344 (top national tier), grocery access ranks 2nd of 344 (top national tier), with cafes (17th of 344) and pharmacies (38th of 344) also competitive. This density compares favorably to both metro and national CRE trends and typically supports sustained renter interest in urban locations.
Renter-occupied housing is a defining characteristic: the neighborhood s renter concentration ranks 9th of 344 (98th percentile nationally). For multifamily owners, this indicates a deep tenant base and supports demand durability. Median contract rents are higher than most U.S. neighborhoods, aligning with the area s elevated income profile, while the neighborhood s occupancy rate tracks near the metro median.
Within a 3-mile radius, demographics show modest population contraction over the last five years alongside an increase in household counts and smaller average household sizes. Looking ahead, projections indicate continued household growth with smaller household sizes, which can expand the renter pool and support occupancy and absorption in well-located assets. Elevated home values in the neighborhood relative to national norms create a high-cost ownership market, which typically reinforces reliance on multifamily housing and can aid lease retention.
The average neighborhood construction year trends older (1975), while this asset s 2003 vintage positions it as newer than much of the nearby stock. That relative youth can enhance competitive standing versus older buildings, while still allowing for targeted modernization or value-add programming as systems age.
Safety indicators are mixed and should be evaluated in context. Compared with U.S. neighborhoods, recent crime levels track below national safety percentiles, but the neighborhood sits around the lower half within the San Jose-Sunnyvale-Santa Clara metro (crime rank 187 out of 344). Notably, year-over-year estimates indicate material declines in both violent and property offense rates, suggesting an improving trend line.
For investors, the takeaway is comparative and directional rather than block-specific: current safety metrics compare unfavorably to national averages, yet the momentum has been positive with meaningful estimated decreases over the last year. Monitoring updated local data and onsite conditions remains prudent for underwriting assumptions.
The employment base includes nearby technology and communications employers that support renter demand via short commutes and weekday activity: Adobe, PayPal, eBay, Verizon, and Sanmina.
- Adobe software (0.45 miles)
- PayPal fintech (3.38 miles) HQ
- eBay ecommerce (3.51 miles) HQ
- Verizon telecom (4.20 miles)
- Sanmina electronics manufacturing (4.39 miles) HQ
33 S 3rd St offers downtown San Jose positioning with a renter-heavy neighborhood profile and exceptional amenity access. The 2003 construction is newer than the neighborhood s prevailing 1970s-era stock, improving competitive posture versus older assets while leaving room for selective modernization as part of a value-add plan. Elevated home values in the area help sustain reliance on multifamily housing, and nearby anchor employers bolster weekday activity and leasing depth.
According to CRE market data from WDSuite, the neighborhood s occupancy trends sit near the metro median while rents outpace most U.S. areas, indicating pricing power balanced with the need for careful lease management amid affordability pressure. Within a 3-mile radius, household counts are rising even as average household size declines, a pattern that can expand the tenant base and support occupancy stability over time.
- Core Urban Core location with top-tier amenity density supporting leasing and retention
- 2003 vintage offers competitive positioning versus older neighborhood stock with targeted value-add potential
- High-cost ownership market reinforces renter reliance and depth of the tenant base
- Nearby tech employers (Adobe, PayPal, eBay) contribute to demand and weekday activity
- Risks: below-average national safety metrics and affordability pressures require prudent underwriting and active lease management