| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Fair |
| Demographics | 72nd | Good |
| Amenities | 61st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 394 Boynton Ave, San Jose, CA, 95117, US |
| Region / Metro | San Jose |
| Year of Construction | 1973 |
| Units | 62 |
| Transaction Date | 1994-05-31 |
| Transaction Price | $2,340,000 |
| Buyer | BARROW 1994 FAMILY PARTNERSHIP |
| Seller | BARROW JAMES R |
394 Boynton Ave, San Jose CA Multifamily Investment
Renter demand in this Urban Core pocket of San Jose is supported by a high renter-occupied share at the neighborhood level and proximity to major tech employers, according to WDSuite’s CRE market data. Investors should weigh stable tenant depth against below-median neighborhood occupancy and target operational execution to drive performance.
The property sits in a B+ rated Urban Core neighborhood that is competitive among San Jose-Sunnyvale-Santa Clara metro neighborhoods (ranked 110 out of 344). Daily convenience is strong: grocery access ranks near the top of the metro (8 of 344) and in the 99th percentile nationally, while cafes and restaurants are also high relative to peers (both in the mid-90s percentiles nationwide). These amenity dynamics support resident retention and leasing velocity.
At the neighborhood scale, approximately 66.5% of housing units are renter-occupied (top decile nationally). For investors, this deep tenant base generally supports demand for smaller formats and sustained leasing, particularly for studios and one-bedrooms similar to the average unit size profile here.
Home values in the neighborhood sit in a high-cost ownership market (98th percentile nationally), which tends to sustain reliance on multifamily rentals and can support pricing power. Median household incomes are also elevated (86th percentile nationally), helping to balance rent-to-income dynamics. Neighborhood NOI per unit trends rank well within the metro (83rd percentile nationally), signaling potential to translate demand into operating performance with effective management.
Two counterpoints merit consideration. First, neighborhood occupancy is below the metro median (ranked 310 of 344) and has eased over the past five years, so lease management and renewal strategies are important. Second, park and pharmacy access are limited within the immediate neighborhood, which may modestly affect lifestyle appeal for some cohorts. Even so, broader San Jose fundamentals and proximity to major employment nodes remain constructive for multifamily.
Within a 3-mile radius, demographics show modest population growth over the last five years and a 3.8% increase in households, expanding the local renter pool. Forecasts point to continued household growth by 2028 alongside rising incomes, which supports occupancy stability and rent performance over time based on commercial real estate analysis from WDSuite.
Safety indicators for the neighborhood track close to national averages overall (around the 51st percentile nationally), with property and violent offense rates positioned below national medians. Importantly for underwriting, recent year trends show meaningful improvement: both property and violent offense estimates declined sharply over the last year, placing those improvements in the top quartile of neighborhoods nationwide. While not among the metro’s top safety performers, the directional trend is constructive and should be monitored as part of ongoing risk management.
The location is positioned near a dense concentration of tech employers that underpin local renter demand and commute convenience, notably Apple, eBay, and Nvidia. This cluster supports workforce housing dynamics and tends to aid retention for residents employed across these campuses.
- Apple - Stevens Creek 8 — technology offices (2.1 miles)
- Apple - Tantau 14 — technology offices (2.3 miles)
- Ebay — e-commerce HQ (2.8 miles) — HQ
- Nvidia — semiconductors HQ (3.5 miles) — HQ
- Apple — corporate headquarters (3.7 miles) — HQ
Built in 1973, the asset is slightly older than the neighborhood average vintage, which suggests near-term capital planning and longer-term value-add potential via renovations and system upgrades. The investment case is anchored by a high neighborhood renter-occupied share, strong amenity access, and proximity to major employment centers. Although neighborhood occupancy trails the metro median, elevated neighborhood incomes and a high-cost ownership market support depth of demand and pricing power, according to CRE market data from WDSuite.
Within a 3-mile radius, households have grown and are projected to expand further by 2028 alongside higher median and mean incomes, implying a larger tenant base over time. Coupled with improving safety trends and a concentration of blue-chip employers, the submarket backdrop supports a durable multifamily thesis with operational upside for a focused manager.
- Employer adjacency (Apple/eBay/Nvidia) supports leasing velocity and retention
- High neighborhood renter-occupied share indicates deep tenant base
- High-cost ownership market reinforces rental demand and pricing power
- 1973 vintage offers value-add potential with targeted capex
- Risks: below-median neighborhood occupancy and mixed safety metrics require active lease and risk management