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Fairmont Apartments 231 E San Fernando St 12 Unit Apartment Building $6,530,448 CAD ($544,204 CAD/Unit) 5.59% Cap Rate San Jose, CA 95112
Investment Highlights
- Prime Location – Across Street from San Jose State University
- Strong Cash Flow
- Long-Term Growth Potential
- Turnkey – Fully Permitted Remodel Completed
- High Demand Unit Mix
Executive Summary
231 E. San Fernando Street is a fully stabilized, turnkey multifamily asset in the heart of Downtown San Jose. The property has completed a fully permitted remodel, significantly
increasing bedroom count and rental income. All major value-add work has been completed, allowing a new owner to immediately benefit from strong in-place cash flow. Located directly across from San Jose State University(SJSU), the property enjoys consistent rental demand, minimal vacancy, and easy leasing. Supported by a strong student tenant base and proximity to Silicon Valley employers, this asset offers both immediate yield and long-term growth potential.
increasing bedroom count and rental income. All major value-add work has been completed, allowing a new owner to immediately benefit from strong in-place cash flow. Located directly across from San Jose State University(SJSU), the property enjoys consistent rental demand, minimal vacancy, and easy leasing. Supported by a strong student tenant base and proximity to Silicon Valley employers, this asset offers both immediate yield and long-term growth potential.
Data Room Click Here to Access
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$510,355
|
$72.08
|
| Other Income |
$272
|
$0.04
|
| Vacancy Loss |
$15,311
|
$2.16
|
| Effective Gross Income |
$495,315
|
$69.96
|
| Taxes |
$78,365
|
$11.07
|
| Operating Expenses |
$52,147
|
$7.37
|
| Total Expenses |
$130,512
|
$18.43
|
| Net Operating Income |
$364,803
|
$51.53
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $510,355 |
| Annual Per SF | $72.08 |
| Other Income (CAD) | |
|---|---|
| Annual | $272 |
| Annual Per SF | $0.04 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $15,311 |
| Annual Per SF | $2.16 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $495,315 |
| Annual Per SF | $69.96 |
| Taxes (CAD) | |
|---|---|
| Annual | $78,365 |
| Annual Per SF | $11.07 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $52,147 |
| Annual Per SF | $7.37 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $130,512 |
| Annual Per SF | $18.43 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $364,803 |
| Annual Per SF | $51.53 |
Property Facts
| Price | $6,530,448 CAD | Building Class | C |
| Price Per Unit | $544,204 CAD | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 7,776 SF |
| Cap Rate | 5.59% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.8 | No. Stories | 3 |
| No. Units | 12 | Year Built/Renovated | 1961/2024 |
| Property Type | Multifamily | Parking Ratio | 1.29/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | DC - Downtown Commercial | ||
| Price | $6,530,448 CAD |
| Price Per Unit | $544,204 CAD |
| Sale Type | Investment |
| Cap Rate | 5.59% |
| Gross Rent Multiplier | 12.8 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,776 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1961/2024 |
| Parking Ratio | 1.29/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | DC - Downtown Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- High Speed Internet Access
- Tub/Shower
- Wi-Fi
- Handrails
- Vinyl Flooring
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Trash Pickup - Curbside
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | - | 541 - 709 |
Moderately walkable
70/100
Exceptionally drivable
90/100
Strong public transit
80/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 467-24-008 | Total Assessment | $4,418,375 CAD (2025) |
| Land Assessment | $1,076,724 CAD (2025) | Annual Taxes | $78,365 CAD ($10.08 CAD/SF) |
| Improvements Assessment | $3,341,651 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
467-24-008
Land Assessment
$1,076,724 CAD (2025)
Improvements Assessment
$3,341,651 CAD (2025)
Total Assessment
$4,418,375 CAD (2025)
Annual Taxes
$78,365 CAD ($10.08 CAD/SF)
Tax Year
2026
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Presented by
Suen, Peter
Fairmont Apartments | 231 E San Fernando St
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