| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Fair |
| Demographics | 72nd | Good |
| Amenities | 61st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 498 Boynton Ave, San Jose, CA, 95117, US |
| Region / Metro | San Jose |
| Year of Construction | 1973 |
| Units | 46 |
| Transaction Date | 2022-10-03 |
| Transaction Price | $14,400,000 |
| Buyer | VA7 PACIFIC TERRACE LLC |
| Seller | PACIFIC TERRACE WEST APARTMENTS LLC |
498 Boynton Ave, San Jose Multifamily near Major Tech Employers
Renter demand is supported by a high-cost ownership market and proximity to large employment centers, according to WDSuite’s CRE market data. The neighborhood’s renter base and services density point to durable leasing fundamentals with selective asset-level execution.
This Urban Core location benefits from strong neighborhood amenities: grocery options rank in the top quartile nationally, and both cafes and restaurants are similarly dense, helping sustain daily convenience and resident retention. While park and pharmacy options within the neighborhood are limited, the immediate area’s services mix still supports multifamily living for working households.
The asset’s 1973 vintage is slightly older than the neighborhood average year built, suggesting practical value-add and capital planning opportunities to modernize systems and interiors for competitiveness against newer stock. Median home values are elevated for the area, which typically sustains rental preference and pricing power for well-managed buildings.
Neighborhood tenure skews toward renter-occupied housing (high national percentile), indicating a deep tenant base and steady multifamily demand rather than ownership turnover. Neighborhood occupancy sits below the national mid-range, so thoughtful leasing strategy and turn management remain important at the property level.
Within a 3-mile radius, demographics indicate a stable population with a growing household count and rising incomes, expanding the local renter pool and supporting absorption. Median contract rents have trended upward and are projected to continue rising, and rent-to-income ratios remain manageable for the area, which supports lease retention. These dynamics align with multifamily property research and point to consistent long-term renter demand.
Safety indicators are mixed. Overall crime levels align near the national middle, but both violent and property offense rates are less favorable compared with neighborhoods nationwide. Recent year-over-year declines in both categories are notable, signaling an improving trend rather than a static condition.
Relative positioning should be viewed in context of the broader San Jose-Sunnyvale-Santa Clara metro. For investors, the takeaway is to underwrite with standard risk controls (lighting, access control, and tenant screening) while recognizing that recent declines suggest momentum toward improved conditions.
Large nearby technology employers underpin the local renter base and commuting convenience, supporting leasing stability for workforce and professional tenants. The following employers are within a roughly 2–4 mile radius and represent core demand drivers in this submarket.
- Apple - Stevens Creek 8 — technology offices (2.13 miles)
- Apple - Tantau 14 — technology offices (2.38 miles)
- Ebay — e-commerce (2.69 miles) — HQ
- Apple — corporate offices (3.69 miles) — HQ
- Nvidia — semiconductor & AI (3.71 miles) — HQ
498 Boynton Ave offers exposure to a high-income San Jose neighborhood where renter concentration is strong and home values are elevated, reinforcing reliance on multifamily housing. Based on CRE market data from WDSuite, neighborhood occupancy trends sit below national mid-range, but the area’s sizable renter pool, dense everyday amenities, and proximity to major tech employers help support demand and retention for well-run assets.
Constructed in 1973, the property presents a clear value-add path through targeted renovations and system upgrades to compete against newer inventory. Within a 3-mile radius, households and incomes are rising alongside projected rent growth, which supports long-term leasing fundamentals as management focuses on unit turns, amenity positioning, and expense control.
- Deep renter base and high home values support pricing power and lease retention
- 1973 vintage allows value-add through interior and systems modernization
- Proximity to major tech employers underpins steady tenant demand
- Rising household incomes within 3 miles bolster long-term absorption potential
- Risk: neighborhood occupancy below national mid-range and limited parks/pharmacies within boundaries warrant tighter leasing and amenity strategy