2173 Aza Dr · Santa Clara, CA 95050

$2,790,000

96 bd · 64.0 ba · 5,640 sqft · MultiFamily public records · 6 Days on market

Built 1959 9,636 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.2/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Appreciation +4.4/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

2173 Aza Drive is a centrally located, 8-unit multifamily investment opportunity in Santa Clara, offering an attractive unit mix, desirable on-site amenities, and significant value-add potential through interior upgrades. The property consists of a well-maintained, two-story building comprised of (4) two-bedroom/one-bath units and (4) one-bedroom/ one-bath units. Built in 1959 the property is 5,640 sqft. The property has recently gone through a full electrical upgrade and is SB 721 compliant. There is the ability to increase all rents across the board immediately and capture the new rental upside. This is a core asset situated in one of the regions most supply-constrained rental markets, the asset enjoys outstanding proximity to major employment. Located less than three miles from Westfield Valley Fair and Santana Row, and just minutes from the Santa Clara Caltrain Station. Units are spacious and feature wall heating, functional kitchens equipped with separate stovetops and ovens, abundant cabinet space, and a mixture of carpet, tile, and vinyl wood-plank flooring. Residents also benefit from strong on-site amenities, including eight covered parking spaces and a dedicated community laundry facility supporting tenant convenience.

Key facts

• Sb 721 compliant
• Value-add potential
• On-site amenities

Tags

• ON-SITE AMENITIES
• VALUE-ADD POTENTIAL
• FULL ELECTRICAL UPGRADE
• SB 721 COMPLIANT
• PROXIMITY TO MAJOR EMPLOYMENT
• COMMUNITY LAUNDRY FACILITY

Property features AI

Finance

• Other: Approximate unit sizes: 1-bed ~600, 2-bed ~800 (square footage provided for units); Typical rents: 1-bed $1,730; 2-bed $1,860; Living area reported as 5,640 (unit total)
• Financial info: Eight-unit complex; Annual rental income of $182,820; Annual gross income of $178,111; Gross scheduled income $183,620; Gross rent multiplier 15.19; Other income $800; Total expenses $67,043; Other expenses $256; Utility expenses $21,700; Landscape expense $1,200; Vacancy factor 3%

Exterior

• Parking: Eight carport spaces (minimum); Assigned parking spaces; On-street parking
• Utilities: Public water; Public sewer; Individual electric meters; Individual gas meters; Separate electric and gas meters per unit
• Home design: Multifamily property (8 units total)
• Construction: Crawl space foundation; Shingle roof
• Exterior features: Shingle roof; One building; Crawl space foundation; Property owned in a trust; Tenants pay electric and gas utilities; Landscaping expense listed

Interior

• Bedrooms: Four 1-bedroom units; Four 2-bedroom units
• Bathrooms: Four 1-bath units (1 bath each for both unit types)
• Heating & cooling: Wall furnace
• Interior features: Wall furnace heating

What this means for you Summary

Snapshot

• This is a 4×2bd/1.0ba + 4×1bd/1.0ba units multifamily listed at $2.79M.

Deal economics

• At list price, monthly cash flow is $-537 ($-6k/yr) — negative. Per door: $-67/mo.
• To cash-flow at today's rent, offer at most $2.70M (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.10M (24.6% below list).
• Recommended offer: $2.10M (24.6% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 1.3% in Santa Clara — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#69 in CA, #2,627 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Santa Clara Unified (urban): math 49% / reading 66% proficiency, ranked #75 of 517 in CA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.3%/yr); 69 active listings in the ZIP; high-income renter base; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).
• At $21,047/mo this rent would consume 182% of the median local household income ($138k/yr) (locally 2356% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-1.2%/yr); year-one equity from $19k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Santa Clara County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $700k; list at $2.79M implies a 299% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,104,700 (24.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.83%
• DSCR: 0.96
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.22% appreciation · 7.33% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.77×
• Total profit: $-176,636
• Equity at exit: $644,707

10-year hold

• IRR: 5.2%
• Equity multiple: 1.55×
• Total profit: $427,186
• Equity at exit: $652,776

Cash invested: $781,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95050

• Home prices YoY: -0.3%
• Rents YoY: 7.3%
• Active inventory: 69
• Price-to-rent: 86.1×

Monthly cashflow live

• Estimated rent: $21,047 high
• Mortgage (P&I): −$14,631
• Tax from tax record: −$1,371 /mo · $16,452/yr
• Insurance: −$1,162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,420
• Net cashflow: $-537

Break-even live

Break-even rent $21,727

Max offer price $2,695,061

Occupancy floor 98%

Sensitivity live

Price	-10% $1,042	-5% $252	+0% $-537	+5% $-1,327	+10% $-2,117
Rent	-10% $-2,200	-5% $-1,369	+0% $-537	+5% $294	+10% $1,125
Rate	-1.0pp $868	-0.5pp $172	base $-537	+0.5pp $-1,260	+1.0pp $-1,996

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$10,808
▸ 4× units	1	1	$10,240
Total (8 units)			$21,047

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $697,500
• Closing costs: $83,700
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $2,790,000 Active 6 DOM
2. 2026-06-17
   days on market $2,790,000 Active 5 DOM
3. 2026-06-16
   days on market $2,790,000 Active 4 DOM
4. 2026-06-15
   days on market $2,790,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $2,790,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $16,452 · $1,371/mo
• Projected year-2 tax: $21,204 · $1,767/mo
• Expected delta: +$4,752/yr (+$396/mo · 28.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 58% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $252,564
• − Mortgage interest: −$156,283
• − Property taxes: −$16,452
• − Insurance: −$13,950
• − Repairs & maintenance: −$20,205
• − Management: −$20,205
• − Depreciation: −$81,164
• Taxable loss: −$55,695
• Est. tax savings @ 24.0%: +$13,367
• After-tax cash flow: $6,918/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Santa Clara Unified
• NCES district ID: 0635430
• Math proficiency: 49% ▼ -3.00%
• Reading proficiency: 66% ▲ 4.00%
• Median HH income: $97,320
• Composite: 53.46/100
• National rank: #1459
• State rank: #75 of 517 in CA

Livability — Santa Clara

• Score: 78/100
• State rank: #69
• US rank: #2627

Category grades

Amenities A+ Commute A+ Cost of living F Crime C+ Employment A+ Housing B Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Clara, CA
• County: Santa Clara County · 1,806,974 people
• City population: 127,592
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 39,834
• Household income: $138,466
• Rent vs Own: 58.5% rent · 41.5% own
• Severe rent burden: 2356.0

Population outlook (Santa Clara County) Hauer SSP2

• Today (2025): 2,179,074 people
• By 2030: 2,301,297 · +5.6%
• By 2040: 2,528,195 · +16.0%
• By 2050: 2,712,135 · +24.5%
• By 2075: 2,998,701 · +37.6%
• By 2100: 2,931,429 · +34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 37% Asian 33% Hispanic / Latino 22% Two or more races 9% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Russian 4% Italian 2% Romanian 2%
• Foreign-born: 37% · Canada, China, Vietnam
• Languages at home: 50% English-only · Spanish 13% Other Indo-European 11% Other Asian/Pacific 7%

Political lean MEDSL · Santa Clara

• 2024 margin: Solid D (+40.0) · D 68.1% · R 28.1% · Other 3.8%
• 2008→2024 swing: -0.9pp no change · 2008: 40.9pp · 2024: 40.0pp
• All cycles: 2024: D+40.0 2020: D+47.4 2016: D+52.5 2012: D+42.1 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.22%
• Current HPI: 388.663
• Rent YoY: ▲ 7.33%
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+298.6% since first listed

3 events — show timeline

• 2026-06-12 Listed $2,790,000 MLSListings
• 2026-06-12 Listed $2,790,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2021-07-12 Sold (Public Records) $700,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $16,452 · +3.8% YoY. Source: county tax records.