508 S. 11th Street
Size: 20 Units
Price: $8,295,000

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire 508 S. 11th Street, a 20-unit multifamily property located two blocks from San Jose State University. This is a tremendous opportunity for an investor to acquire a property in the heart of Silicon Valley. The property has been extensively renovated and mostly occupied, allowing a new owner to have strong cash flow from day one with a turnkey asset.

508 S. 11th Street is a 20-unit multifamily property located in Downtown San Jose. The unit mix consists of (19) 2 bed / 2 bath that are approximately 821 sqft each and (1) 1 bed / 1 bath that is approximately 600 sqft. The property sits on a 0.29 acre or 12,506 sqft lot. Among the amenities are a laundry room along with assigned parking and a gated entrance that provides additional security. The property has undergone extensive renovations over the last few years. 18 of the 20 units have been completely remodeled. This includes all updated kitchens and bathrooms along with new flooring, appliances, heaters, and paint. The exterior has also been upgraded with an updated roof, dual pane windows, a designer paint scheme, new fencing, and new handrails.

Residents at 508 S. 11th Street have easy access to many points of interest in the Downtown area. San Jose State University is within walking distance and it hosts numerous events that are open to the public. Also within walking distance is the SoFA District, which is home to over 50 shops, restaurants, along with cultural and entertainment venues while also hosting numerous street festivals. Those who want to venture outside the Downtown area have the choice of either the VTA light rail or get onto Interstate 280, 680, and Highway 101.

San Jose is one of the most expensive cities in the United States with the average median home price being over $1.4M (as of April 2025). This places homeownership out of reach for most residents, which creates a robust tenant base.

Property Highlights

Capital Improvements

  • 19 of the 20 units are 2 bedroom and 2 bathroom

  • San Jose State University is two blocks away from the property

  • Spacious units that average over 800 sq ft per the county record

  • Walk in closet available in select units

  • On-site laundry for tenant convenience and additional revenue

  • Gated entrances allow for controlled access

  • Security cameras on the property

  • Residents have easy access to Downtown San Jose

  • Roof was replaced and dual pane windows added in 2017.

  • Exterior handrails fully replaced

  • Water heater was replaced in 2018.

  • New exterior paint

  • Exterior wooden fence was replaced

  • Parking lot resurfaced and restriped

  • Secured gate access is fully operational

  • 18 of 20 units fully renovated within the last 12 months. Improvements include:

    • New LVT flooring

    • New stainless steel appliances with dishwasher

    • New kitchen cabinets and quartz counter tops

    • New wall furnace

    • New plumbing and lighting fixtures

    • New panel interior doors

    • New bathroom vanity, tub, toilets and porcelain tile shower surrounds