3691 Cape Cod Ct 4 Unit Apartment Building $2,898,492 CAD ($724,623 CAD/Unit) 3.81% Cap Rate San Jose, CA 95117

This well-maintained fourplex represents a compelling entry point for first-time multifamily investors seeking stable cash flow in a
proven rental market. Located in West San Jose's desirable rental corridor, the property offers four spacious units totaling 3,584
square feet on a 7,260 SF lot.
The unit mix includes one three-bedroom/two-bathroom townhouse (1,120 SF) currently renting at $3,213 monthly, and three two-
bedroom/one-bathroom units (768 SF each) with the two rented units generating $2,600 and $2,420. There is one vacant unit which
should rent for $2,600/month. Total monthly rental income of $10,828 (including rent on vacant unit) provides immediate cash flow
while rents remain positioned near current market rates, offering potential upside as leases turn.
With a 3.8% cap rate and 16.0 GRM, the property performs favorably against comparable assets averaging a 3.1% cap rate and 18.8
GRM. The superior GRM indicates favorable pricing relative to gross income, while the cap rate suggests stable, defensible returns in
this competitive market.
What truly distinguishes this opportunity is the exceptional capital investment totaling more than $275,000 systematically deployed
since 2013. The owner has methodically upgraded many major building components and all unit interiors. Most significantly, 2024
saw complete replacement of all plumbing infrastructure including supply lines and sewer systems ($60,850), a new roof installed in
2022 ($36,156), a water heater replacement, exterior painting, comprehensive termite treatment, repaired woodwork and new
heating systems on certain units.
All unit interiors have been renovated in phases: Unit 2 received extensive remodeling in 2024 ($58,634), Unit 4 was updated in 2021
($28,147), Unit 3 in 2017 ($16,580), and Unit 1's townhouse configuration saw kitchen/bath upgrades in 2013 plus recent downstairs
bathroom remodel in 2025 ($8,810). Additional improvements include
These proactive upgrades significantly reduce near-term capital expenditure requirements—an important consideration for
investors new to property ownership seeking predictable operating expenses.
The location provides inherent rental demand advantages, positioned just two miles from downtown Campbell and under three
miles from Santana Row and Valley Fair Mall. Proximity to major tech employers including Apple, Google, Facebook, LinkedIn, and
Nvidia ensures consistent tenant interest from quality employment sectors with strong income profiles.
Built in 1964 with stucco and wood siding construction on concrete perimeter foundation, the property combines classic Cape Cod
charm with comprehensively modernized systems. For investors seeking a turnkey multifamily asset with documented capital
improvements, favorable metrics relative to market comparables, and location fundamentals supporting long-term value, this
fourplex merits serious consideration as a foundational investment property.