| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 88th | Best |
| Demographics | 61st | Fair |
| Amenities | 44th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 655 Richmond Ave, San Jose, CA, 95128, US |
| Region / Metro | San Jose |
| Year of Construction | 2002 |
| Units | 63 |
| Transaction Date | 2004-05-26 |
| Transaction Price | $1,095,000 |
| Buyer | VITAL PROPERTY HOLDINGS LLC |
| Seller | CHAN KAI MARC WAI SENG |
655 Richmond Ave San Jose 63-Unit Multifamily
Neighborhood occupancy is strong and comparatively stable, with the area tracking in the top quartile nationally, according to CRE market data from WDSuite. For investors, that backdrop supports steady leasing in an Urban Core pocket of San Jose with sustained renter demand.
This Urban Core location in San Jose balances daily needs with proximity to major employment. Neighborhood grocery access ranks competitively within the metro and higher than most areas nationally, while restaurant density is also above national norms; however, cafes and parks are limited within the immediate neighborhood. Average school ratings trend slightly above national midpoints, providing a serviceable education baseline for family renters.
For investment fundamentals, neighborhood occupancy is in the top quartile nationally, and the area’s renter-occupied share is high — indicating a deep tenant base and steady demand for multifamily units. Median contract rents in the neighborhood are elevated relative to national levels, so lease management and renewals should balance pricing power with resident retention.
Within a 3-mile radius, households have grown in recent years even as average household size edged lower, expanding the renter pool and supporting absorption. Looking ahead to 2028, forecasts show additional household growth within 3 miles, which should help sustain occupancy stability for well-positioned assets.
The property’s 2002 vintage is newer than the neighborhood’s average stock from the early 1970s, offering relative competitiveness versus older buildings. Investors can expect contemporary layouts and systems to compare favorably to legacy assets, with selective modernization still useful for repositioning and rent optimization.
Home values in the neighborhood are among the highest nationally, signaling a high-cost ownership market that tends to reinforce reliance on rental housing and support tenant retention in professionally managed communities.
Safety indicators for the neighborhood sit near the national midpoint overall, with violent and property offense rates comparing below national percentiles for safety. Recent year-over-year trends indicate meaningful declines in both categories, suggesting conditions have improved versus the prior year. As always, investors should underwrite to submarket trends and property-level security measures rather than block-level assumptions.
Proximity to major technology employers underpins renter demand and supports retention through commute convenience. Notable nearby employers include eBay, Adobe Systems, PayPal Holdings, Netflix, and Nvidia.
- eBay — technology/marketplace (1.39 miles) — HQ
- Adobe Systems — software (1.97 miles)
- PayPal Holdings — online payments (4.22 miles) — HQ
- Netflix — streaming media (4.41 miles) — HQ
- Nvidia — semiconductors (4.56 miles) — HQ
655 Richmond Ave offers a 2002-vintage, 63-unit asset in a neighborhood that demonstrates top-quartile occupancy and a high share of renter-occupied housing. That combination, alongside elevated neighborhood rents, supports durable leasing with scope to optimize revenue through targeted upgrades rather than heavy lift capex.
Based on commercial real estate analysis from WDSuite, this pocket of San Jose benefits from a high-cost ownership landscape that reinforces multifamily demand, while 3-mile household growth projections point to a larger tenant base over the next few years. Investors should still plan for retention-focused strategies given rent-to-income pressures and limited nearby parks and cafes, and continue to monitor safety, which trends around national midpoints but has improved year over year.
- Newer 2002 vintage relative to local stock, aiding competitive positioning versus older assets
- Top-quartile neighborhood occupancy supports leasing stability and pricing discipline
- High-cost ownership market sustains renter reliance and depth of tenant base
- 3-mile household growth outlook expands the renter pool and supports absorption
- Risks: affordability pressure, limited nearby parks/cafes, and safety near national midpoint require active lease and asset management