13 May

San Jose Multifamily Report: Rentals, Sales, and Construction Statistics

San Jose is California’s 3rd largest city, and it is the 10th largest in the United States. San Jose’s population grew nearly 10% in the last decade (9.3%). Furthermore, the San Jose-San Francisco-Oakland Combined Statistical Area (CSA) has a total population of 8.4 million residents.

San Jose is the largest city in Santa Clara County, which is considered the fastest growing county in California. Much of this population growth is due to the young technologically skilled workers moving into the area to get jobs with the tech giants that are in the area: Apple, Google, Facebook, etc. This consistent population growth and thriving economy is a great combination to stimulate the multifamily market in the region, as seen by the statistics in Q1 2020.

“The solid start to 2020 is not expected to continue given the extraordinary effects of the pandemic and ongoing economic fallout.

It’s impossible to reasonably predict the future course of the COVID-19 virus, and thus its economic consequences such as job loss and rental demand; however, San Jose should be impacted less than other markets and we believe it will recover quickly. ”

John Gilchrist, Founder, Atalyst Financial Group

San Jose Multifamily Real Estate Statistics - Atalyst Financial Group

Top San Jose Multifamily Real Estate Property Statistics

Delivered Units (12 Months): 3,578
Absorption in Units (12 Months):
2,287
Vacancy Rate:
6.3%
12-Month Asking Rent Growth:
-0.2%

Key Indicators for Multifamily Properties in Las Vegas Based on Rating

4 & 5 Star

Units: 41,968
Vacancy Rate: 11.1%
Asking Rent: $3,269
Absorption Units: 338
Delivered Units: 374
Under Construction Units: 5,741

3 Star

Units: 47,968
Vacancy Rate: 4.3%
Asking Rent: $2,830
Absorption Units: -2
Delivered Units: 0
Under Construction Units: 298

1 & 2 Star

Units: 57,794
Vacancy Rate: 4.3%
Asking Rent: $2,185
Absorption Units: 4
Delivered Units: 0
Under Construction Units: 0

San Jose Multifamily Sales Statistics (Past 12 Months)

Sales Comparables: 116
Average Price / Unit:
$487,000
Average Price of Multifamily Property:
$20,900,000
Average Vacancy at Sale: 7.0%

Top San Jose Multifamily Property Sales

1) Property: The Village Residences (555 San Antonio Rd)
*Rating: 4
Year Built: 2013
Units: 330
Vacancy: 
8.2%
Price (Unit): $259,538,047 ($786,478)
Price / SF: $917

2) Property: Domain Apartments (1 Vista Montana)
*Rating: 4
Year Built: 2014
Units: 444
Vacancy:
4.1%
Price (Unit): $255,500,000 ($575,450)
Price / SF: $558

3) Property: Sofi Waterford Park (4000 Ellmar Oaks Dr)
*Rating: 3
Year Built: 1988
Units: 432
Vacancy: 
6.9%
Price (Units): $194,000,000 ($449,074)
Price / SF: $495

4) Property: 808 West Apartments (808 W San Carlos St)
*Rating: 4
Year Built: 2018
Units: 315
Vacancy: 
11.9%
Price (Unit): $184,000,000 ($584,126)
Price / SF: $204

15 Property: Lex Apartments (5560 Lexington Ave)
*Rating: 4
Year Built: 2017
Units: 387
Vacancy: 
4.9%
Price (Units): $180,500,000 ($466,408)
Price / SF: $1,941

*Rating is 1-5, 5 being the best

San Jose Multifamily Construction Projects Stats

Properties Currently Under Construction: 23
Total Amount of Multifamily Units:
5,456
Percent of Inventory:
3.7%
Average # of Units: 237

Top San Jose Multifamily Projects Under Construction

1) Property: Santa Clara Square Apartments (3320 Montgomery Dr)
Rating*:
5
Units:
926
Stories:
4
Completion:
Q4 2020
Developer/ Owner:
The Irvine Company

2) Property: Summer Hill Apartments (1500 – 1646 Centre Point Dr)
Rating*:
4
Units:
694
Stories:
5
Completion:
Q2 2020
Developer/ Owner:
SummerHill Housing Group

3) Property: Savoy (1120 Kifer Rd)
Rating*:
4
Units:
520
Stories:5

Completion:
Q2 2020
Developer/ Owner:
Greystar Real Estate Partners

4) Property: Sixth & Jackson (696 N 6th St)
Rating*:
4
Units:
518
Stories:
6
Completion:
Q3 2021
Developer/ Owner:
Shea Properties Management Co / J.F. Shea Co, Inc

5) Property: 575 Benton St
Rating*:
4
Building SF:
355
Stories:
6
Completion:
Q2 2023
Developer/ Owner:
Prometheus Real Estate Group

*Rating is 1-5, 5 being the best

 

Services provided by Atalyst are regulated by state and federal agencies. Atalyst is a licensed mortgage broker and a licensed real estate broker in Nevada and California (NMLS ID: 369363 / CAL BRE: 01980073 / NV DRE: 181750). Private securities placement services are offered by John Gilchrist (“GCS Rep“) who is also a registered representative of Growth Capital Services, Inc., a licensed broker-dealer and member of FINRA/SIPC (“GCS”), office of supervisory jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104. GCS and Atalyst are separate entities, and only certain securities brokered by GCS Reps are offered and sold through GCS. You can find more information about GCS and GCS Reps here and through FINRA Broker check.

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