| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 72nd | Good |
| Amenities | 61st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 814 Saint Elizabeth Dr, San Jose, CA, 95126, US |
| Region / Metro | San Jose |
| Year of Construction | 1985 |
| Units | 70 |
| Transaction Date | 2021-06-30 |
| Transaction Price | $56,466,000 |
| Buyer | REDWOOD SENIORS L P |
| Seller | CHAI HOUSE INC |
814 Saint Elizabeth Dr, San Jose Multifamily Opportunity
Neighborhood occupancy has held in the mid-90s, supporting steady leasing conditions according to WDSuite’s CRE market data. Strong renter demand drivers in San Jose’s urban core point to durable income with prudent expense management.
This Urban Core neighborhood in San Jose is rated A- and ranks 58 out of 344 metro neighborhoods, placing it in the top quartile locally for overall fundamentals. Investor takeaways center on resilient renter demand, a deep tenant base, and proximity to major employment, all of which support occupancy stability at the neighborhood level rather than the individual property.
Livability anchors are strong: cafe and grocery density sit in very high national percentiles, and parks are similarly abundant, indicating daily-needs convenience that helps leasing and retention. One gap to note is limited pharmacy presence within the neighborhood. Median contract rents benchmark near the upper end nationally, while the neighborhood rent-to-income ratio suggests some affordability pressure—more of a lease management consideration than a demand headwind.
Tenure patterns favor multifamily: renter-occupied housing accounts for a high share of neighborhood units (among the strongest in the metro), implying a broad renter pool and active turnover for value capture. The 1985 vintage is slightly newer than the neighborhood’s average construction year, enhancing competitive positioning versus older stock, though investors should still plan for modernization of building systems and common areas over a long hold.
Within a 3-mile radius, demographic statistics show modest population softness in recent years but a projected return to growth by 2028 alongside a sizable increase in households and a smaller average household size. For investors, that combination points to renter pool expansion and supports occupancy and absorption for well-located assets. Elevated home values in the area indicate a high-cost ownership market, which typically sustains rental demand and can support pricing power when units are well-maintained and appropriately positioned, based on CRE market data from WDSuite.
Relative to the San Jose–Sunnyvale–Santa Clara metro, this neighborhood’s safety profile is competitive among local peers (ranked 97 out of 344). Nationally, it trends modestly above average for safety. Recent data also indicates meaningful year-over-year declines in both property and violent offenses, which, if sustained, would be supportive of renter retention and leasing velocity.
As always, investors should evaluate block-by-block dynamics and property-level controls (lighting, access, management practices). The directional trend is favorable, but underwriting should reflect ongoing monitoring and standard risk mitigation.
Nearby technology employers underpin a substantial white-collar renter base and commute convenience that can aid lease-up and retention. Key demand drivers include eBay, Adobe, Netflix, PayPal, and Apple.
- eBay — technology/e-commerce (1.2 miles) — HQ
- Adobe Systems — software (1.9 miles)
- Netflix — streaming/media (4.3 miles) — HQ
- Paypal Holdings — digital payments (4.6 miles) — HQ
- Apple - Stevens Creek 8 — technology offices (5.0 miles)
The property’s 1985 vintage is slightly newer than the neighborhood average, offering competitive positioning versus older stock while leaving room for targeted system upgrades and interior refreshes to drive rent premiums. According to CRE market data from WDSuite, neighborhood occupancy has remained in the mid-90s and renter-occupied share is high, signaling a deep tenant base and durable demand for well-managed units.
Within a 3-mile radius, forecasts point to renewed population growth by 2028 and a notably larger household count with smaller average household size—conditions that typically expand the renter pool and support absorption. Elevated home values reinforce reliance on multifamily housing, which can aid pricing power; at the same time, higher rent levels relative to income warrant careful lease management and resident retention strategies.
- High renter concentration in the neighborhood supports a broad tenant base and leasing stability.
- 1985 vintage offers competitive positioning with value-add potential through modernization and common-area upgrades.
- Proximity to major tech employers underpins demand from well-paid renters and supports retention.
- Elevated ownership costs in the area reinforce multifamily demand and can support pricing power when units are maintained.
- Risk: higher rent-to-income dynamics call for disciplined renewals, targeted concessions, and resident experience focus.