121 N 8th St · San Jose, CA 95112

$3,360,000

None bd · None ba · 6,779 sqft · MultiFamily public records · 47 Days on market

Built 1958 9,453 sqft lot $496/sqft · 23% above area Est $2730k · 23% over

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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 +19.4/30.0
• DSCR +6.1/10.0
• 1% rule +4.2/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 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

Fama Apartments is a well-situated 12-unit apartment community located at 121 N 8th St, just steps from Downtown San Jose and San Jose State University. Situated on a parcel of land totaling 9,453 square feet, the subject property was originally constructed in 1958 and features a gross building area of approximately 6,779 square feet, offering its tenants beautifully designed two-bedroom and one-bedroom floor plans. Additionally, tenants enjoy convenient community amenities such as private carport parking and an on-site laundry facility. Fama Apartments is steps from Downtown San Jose and is within close proximity to the Target anchored San Jose Market Center, both being home to a myriad of dining, shopping, and entertainment options. The subject property also boasts convenient access to the San Jose Mineta International Airport (SJC). Additionally, the subject property is located within walking distance to San Jose State University and is within close proximity to the historic Santa Clara University. The community also benefits from its proximity to some of San Joses largest employers such as the Santa Clara County Medical Center, Adobe, PwC, Deloitte, and Cisco.

Key facts

• Proximity to pwc
• Proximity to adobe
• 9,453 sq ft lot

Tags

• 12 UNIT APARTMENT COMMUNITY
• PRIVATE CARPORT PARKING
• ON SITE LAUNDRY FACILITY
• PROXIMITY TO ADOBE
• PROXIMITY TO PWC
• PROXIMITY TO DELOITTE

Property features AI

Finance

• Financial info: 12 units in complex; Annual rental income approximately $287,892; Annual gross income approximately $282,049; Gross scheduled income approximately $290,772; Other income $2,880; Total expenses $106,050; Other expenses $10,306; Vacancy factor 3%; Gross rent multiplier 11.56; Landscape expense $2,940; Trash expense $4,575; Utility expenses $15,193

Exterior

• Parking: 12 parking spaces; 12 garage spaces; Carports (6 minimum); Assigned and covered parking
• Utilities: Public water; Sewer (public); Individual electric meters; Individual gas meters; Separate electric and gas meters
• Home design: One building; Zoned RM
• Construction: Concrete slab foundation
• Exterior features: Composition roof; Tenant pays electric and gas utilities

Interior

• Heating & cooling: Wall furnace heating; Ceiling fan cooling
• Interior features: Ceiling fans; Wall furnaces

What this means for you Summary

Snapshot

• This is a 12 × 2-bed/1-bath units multifamily listed at $3.36M.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $313/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.09M (8.1% below list).
• Recommended offer: $3.09M (8.1% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 1.6% in San Jose — 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 (#68 in CA, #2,559 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Jose Unified (urban): math 39% / reading 52% proficiency, ranked #149 of 517 in CA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Horace Mann Elementary (math 17% / reading 27%, grade F, #1,179 of 1,571 statewide, top 78%, 300 students, 68% FRL); Muwekma Ohlone Middle (math 12% / reading 32%, grade F, #388 of 498 statewide, top 80%, 630 students, 68% FRL); San Jose High (math 17% / reading 47%, grade F, #674 of 1,170 statewide, top 59%, 934 students, 68% FRL) — zoned schools average 68% FRL vs 38% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 46% district-wide (-20 pts) — the specific schools serving this property underperform the San Jose Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.2%/yr); 104 active listings in the ZIP; solid renter incomes; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $23k of loan paydown is wiped out by about $101k 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

• It's been on market 47 days — a 3% lower offer ($3.26M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago 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 $680k; list at $3.36M implies a 394% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,087,600 (8.1% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
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 1958 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.92% ✗
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 9.1

CMA / ARV

• ARV (median comp): $2,729,996
• List price: $3,360,000
• Delta: 23.08%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
143 N 8th St	0.03mi	18/—	7,167 (+6%)	14mo	$2,975,000	$415	77
70 N 10th St	0.19mi	11/9.0	6,027 (-11%)	11mo	$3,550,000	$589	64
445 N 1st St	0.64mi	16/8.0	6,704 (-1%)	9mo	$1,950,000	$291	61
242 S 10th St	0.48mi	12/9.0	5,892 (-13%)	15mo	$2,530,000	$429	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.25% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.72×
• Total profit: $-267,053
• Equity at exit: $500,987

10-year hold

• IRR: 3.3%
• Equity multiple: 1.25×
• Total profit: $236,419
• Equity at exit: $290,511

Cash invested: $940,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City San Jose: 0 Strongly Tenant-Friendly · D+24

Apartment Rent Ordinance covers pre-1979 multifamily.

Methodology + full state rankings →

ZIP-level market 95112

• Rents YoY: 4.2%
• Active inventory: 104
• Price-to-rent: 108.8×

Monthly cashflow live

• Estimated rent: $30,876 high
• Mortgage (P&I): −$17,620
• Tax from tax record: −$1,616 /mo · $19,391/yr
• Insurance: −$1,400
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,484
• Net cashflow: $3,756

Break-even live

Break-even rent $26,122

Max offer price $3,360,000

Occupancy floor 83%

Sensitivity live

Price	-10% $5,658	-5% $4,707	+0% $3,756	+5% $2,805	+10% $1,854
Rent	-10% $1,317	-5% $2,536	+0% $3,756	+5% $4,976	+10% $6,195
Rate	-1.0pp $5,448	-0.5pp $4,611	base $3,756	+0.5pp $2,885	+1.0pp $2,000

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

Units	Beds	Baths	Est. rent
▸ 12× units	2	1	$30,876
Total (12 units)			$30,876

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: $840,000
• Closing costs: $100,800
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $3,360,000 Active 47 DOM
2. 2026-06-18
   days on market $3,360,000 Active 44 DOM
3. 2026-06-17
   days on market $3,360,000 Active 43 DOM
4. 2026-06-16
   days on market $3,360,000 Active 42 DOM
5. 2026-06-15
   days on market $3,360,000 Active 41 DOM
6. 2026-06-13
   days on market $3,360,000 Active 39 DOM
7. 2026-06-13
   days on market $3,360,000 Active 38 DOM
8. 2026-06-09
   days on market $3,360,000 Active 35 DOM
9. 2026-06-08
   days on market $3,360,000 Active 34 DOM
10. 2026-06-07
    days on market $3,360,000 Active 33 DOM
11. 2026-06-05
    days on market $3,360,000 Active 30 DOM
12. 2026-06-03
    days on market $3,360,000 Active 29 DOM
13. 2026-06-02
    days on market $3,360,000 Active 28 DOM
14. 2026-06-01
    days on market $3,360,000 Active 27 DOM
15. 2026-05-31
    days on market $3,360,000 Active 26 DOM
16. 2026-05-05
    listed $3,360,000 Active 1182-char remark

    Show marketing remark (1182 chars)

    Fama Apartments is a well-situated 12-unit apartment community located at 121 N 8th St, just steps from Downtown San Jose and San Jose State University. Situated on a parcel of land totaling 9,453 square feet, the subject property was originally constructed in 1958 and features a gross building area of approximately 6,779 square feet, offering its tenants beautifully designed two-bedroom and one-bedroom floor plans. Additionally, tenants enjoy convenient community amenities such as private carport parking and an on-site laundry facility. Fama Apartments is steps from Downtown San Jose and is within close proximity to the Target anchored San Jose Market Center, both being home to a myriad of dining, shopping, and entertainment options. The subject property also boasts convenient access to the San Jose Mineta International Airport (SJC). Additionally, the subject property is located within walking distance to San Jose State University and is within close proximity to the historic Santa Clara University. The community also benefits from its proximity to some of San Joses largest employers such as the Santa Clara County Medical Center, Adobe, PwC, Deloitte, and Cisco.

17. 2026-05-05
    listed $3,360,000 Active 1182-char remark

    Show marketing remark (1182 chars)

    Fama Apartments is a well-situated 12-unit apartment community located at 121 N 8th St, just steps from Downtown San Jose and San Jose State University. Situated on a parcel of land totaling 9,453 square feet, the subject property was originally constructed in 1958 and features a gross building area of approximately 6,779 square feet, offering its tenants beautifully designed two-bedroom and one-bedroom floor plans. Additionally, tenants enjoy convenient community amenities such as private carport parking and an on-site laundry facility. Fama Apartments is steps from Downtown San Jose and is within close proximity to the Target anchored San Jose Market Center, both being home to a myriad of dining, shopping, and entertainment options. The subject property also boasts convenient access to the San Jose Mineta International Airport (SJC). Additionally, the subject property is located within walking distance to San Jose State University and is within close proximity to the historic Santa Clara University. The community also benefits from its proximity to some of San Joses largest employers such as the Santa Clara County Medical Center, Adobe, PwC, Deloitte, and Cisco.

18. 2024-04-03
    historical $1,850
19. 2024-04-02
    historical $1,850
20. 2024-04-02
    listed $1,850
21. 2024-03-13
    listed $2,150
22. 2024-01-21
    historical $2,150
23. 2024-01-05
    price $2,150
24. 2023-12-01
    price $2,250
25. 2023-11-06
    listed $2,450
26. 1996-12-27
    soldstatus $680,000
27. 1978-03-08
    soldstatus $185,000

ⓘ 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: $19,391 · $1,616/mo
• Projected year-2 tax: $25,536 · $2,128/mo
• Expected delta: +$6,145/yr (+$512/mo · 31.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone D · 18% 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 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $370,512
• − Mortgage interest: −$188,212
• − Property taxes: −$19,391
• − Insurance: −$16,800
• − Repairs & maintenance: −$29,641
• − Management: −$29,641
• − Depreciation: −$97,745
• Taxable loss: −$10,918
• Est. tax savings @ 24.0%: +$2,620
• After-tax cash flow: $47,692/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: San Jose Unified
• NCES district ID: 0634590
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 52% ▼ -3.00%
• Median HH income: $84,567
• Composite: 42.31/100
• National rank: #3259
• State rank: #149 of 517 in CA

Livability — San Jose

• Score: 78/100
• State rank: #68
• US rank: #2559

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Jose, CA
• County: Santa Clara County · 1,806,974 people
• City population: 954,479
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 57,373
• Household income: $89,103
• Rent vs Own: 73.6% rent · 26.4% own
• Severe rent burden: 4364.0

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: Hispanic / Latino 41% Asian 27% White 22% Two or more races 18% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 33%
• Common ancestry: Slovak 1% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 34% · Canada, Vietnam, China
• Languages at home: 48% English-only · Spanish 29% Vietnamese 9% Chinese 6%

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: ▼ -1025.61%
• Current HPI: 297.1788
• Rent YoY: ▲ 4.25%
• 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

+1716.2% since first listed

12 events — show timeline

• 2026-05-05 Listed $3,360,000 MLSListings
• 2026-05-05 Listed $3,360,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-04-03 Rental Removed $1,850 APPFOLIO
• 2024-04-02 Rental Removed $1,850 APPFOLIO
• 2024-04-02 Listed for Rent $1,850 APPFOLIO
• 2024-03-13 Listed for Rent $2,150 APPFOLIO
• 2024-01-21 Rental Removed $2,150 APPFOLIO
• 2024-01-05 Price Changed $2,150 APPFOLIO
• 2023-12-01 Price Changed $2,250 APPFOLIO
• 2023-11-06 Listed for Rent $2,450 APPFOLIO
• 1996-12-27 Sold (Public Records) $680,000 Public Records
• 1978-03-08 Sold (Public Records) $185,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $19,391 · +5.1% YoY. Source: county tax records.