|
|
9/30/26
|
First Street Manor, a 39-unit apartment community in San Jose, traded hands in a $9.1 mil ($233k/unit) transaction. The 18.3k sf property sits on a 0.87-acre parcel one block from the Japantown/Ayer light rail station at 523 North 2nd St.
The property offers a mix of studio, one-bedroom, and two-bedroom floor plans. It is situated within walking distance of Downtown San Jose and the Target-anchored San Jose Market Center.
Levin Johnston Executive Managing Directors Adam Levin and Robert Johnston, along with Senior Director, Investments Cole Simpson, represented the seller and procured the buyer in the deal.
“While previous ownership had maintained the asset and completed roofing and interior renovations, the 1948-vintage property still offers significant opportunity for enhancement and modernization to add to the curb appeal,” says Levin. “For the seller, this was a chance to move out of a more management-intensive holding and capitalize on the market to redeploy into a strategy that fits their goals. For the buyer, it is a value-add opportunity in one of San Jose’s strongest rental submarkets, with real upside still to capture.”
San Jose’s multifamily fundamentals remain among the strongest in the country, with vacancy expected to fall to 3.2% by year-end and effective rents up 4.4% year over year amid the tightest new supply pipeline in years, according to Marcus & Millichap’s 2Q 2026 San Jose Multifamily Market Report.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
