| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 51st | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 488 N 6th St, San Jose, CA, 95112, US |
| Region / Metro | San Jose |
| Year of Construction | 2002 |
| Units | 96 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
488 N 6th St San Jose Multifamily Investment
This 96-unit property built in 2002 benefits from San Jose's strong rental demand fundamentals. Neighborhood occupancy at 91.2% supports stable cash flows according to CRE market data from WDSuite.
This Urban Core neighborhood ranks in the top quartile among 344 metro neighborhoods with an A- rating, supported by exceptional amenity density and strong rental demand fundamentals. The area features the highest restaurant concentration (72 per square mile) and grocery store density (14 per square mile) in the metro, both ranking in the 100th percentile nationally. With 76.8% of housing units renter-occupied, the neighborhood maintains one of the strongest rental markets in the region.
Built in 2002, this property aligns with the neighborhood's average construction year of 1975, positioning it as newer stock that may require less immediate capital expenditure compared to older area buildings. Median contract rents of $1,974 rank in the 91st percentile nationally, while NOI per unit averages $14,177, placing the neighborhood in the 93rd percentile for rental performance nationwide.
Demographics within a 3-mile radius show 188,000 residents with a median household income of $121,249, supporting rental demand at current pricing levels. The area's 62.1% renter share reinforces multifamily housing reliance, while projected household growth of 36% through 2028 could expand the tenant base. However, rent-to-income ratios at 30% suggest affordability pressures that warrant monitoring for lease retention and renewal strategies.
Crime metrics show mixed conditions that require balanced consideration for investment analysis. Property offense rates rank 292nd among 344 metro neighborhoods, placing this area in the lower quartile locally, though recent trends show improvement with property crime declining 37.5% year-over-year, ranking in the 79th percentile nationally for crime reduction.
Violent crime rates similarly rank 313th of 344 neighborhoods locally, though like property crime, violent offenses decreased 46.9% annually, ranking in the 84th percentile nationwide for improvement trends. While current crime levels remain elevated compared to metro averages, the significant downward trajectory in both categories suggests improving conditions that may support tenant retention and leasing activity over time.
The property benefits from proximity to major technology employers that anchor regional workforce housing demand, with several Fortune 500 companies and headquarters within commuting distance.
- Adobe Systems — technology (1.1 miles)
- Paypal Holdings — financial technology (2.7 miles) — HQ
- Verizon — telecommunications (3.5 miles)
- Sanmina — electronics manufacturing (3.7 miles) — HQ
- Qualcomm — semiconductors (3.7 miles)
This 96-unit property offers exposure to San Jose's resilient rental market, anchored by technology employment and constrained housing supply. The neighborhood's 91.2% occupancy rate and 76.8% renter share indicate stable demand fundamentals, while the property's 2002 construction year positions it as newer stock requiring potentially lower near-term capital expenditure compared to the area's 1975 average vintage.
Multifamily property research shows the area's exceptional amenity density and projected 36% household growth through 2028 support long-term tenant demand. However, elevated rent-to-income ratios at 30% and crime metrics ranking in the lower quartile locally require careful lease management and security considerations in investment underwriting.
- Strong rental fundamentals with 91.2% neighborhood occupancy and 76.8% renter share
- Technology employment corridor with major employers within 4 miles
- Projected 36% household growth through 2028 expanding tenant base
- Newer 2002 construction reducing immediate capital expenditure needs
- Risk considerations include affordability pressures and below-average crime metrics requiring active management