2748 Kollmar Dr · San Jose, CA 95127

$4,600,000

400 bd · 256.0 ba · 10,416 sqft · MultiFamily public records · 98 Days on market

Built 1959 0.34 ac lot $442/sqft · 35% above area Est $3399k · 35% 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 +16.1/30.0
• Schools +5.5/10.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• 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: 16 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

The Zurich Group of Marcus & Millichap is please to present 2748 Kollmar Drive, a 16-unit apartment complex located in San Jose offering a rare high in-place yield opportunity in Silicon Valley. The property features a strong unit mix of one bedroom and two bedroom units, a layout that supports consistent tenant demand. The asset offers an attractive ~6.73% current cap rate with additional upside potential, allowing investors to benefit from strong in-place income with the opportunity to further increase cash flow through continued rental growth and operational improvements. The property also benefits from recent electrical upgrades including a new main panel and new subpanels installed in 2025. Ideally located one block from a new VTA Light Rail station currently under construction, the property benefits from excellent commuter access and close proximity to major Silicon Valley employment centers, supporting long-term rental demand.

Key facts

• Strong unit mix
• New main panel
• New subpanels

Tags

• 16 UNIT APARTMENT COMPLEX
• STRONG UNIT MIX
• RECENT ELECTRICAL UPGRADES
• NEW MAIN PANEL
• NEW SUBPANELS
• EXCELLENT COMMUTER ACCESS

What this means for you Summary

Snapshot

• This is a 8×1bd/1ba + 8×2bd/1ba units multifamily listed at $4.60M.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $146/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 $4.30M (6.4% below list).
• Recommended offer: $4.19M (9.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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.
• East Side Union High (urban): math 53% / reading 70% proficiency, ranked #69 of 517 in CA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.1%/yr); 83 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 $43,035/mo this rent would consume 401% of the median local household income ($129k/yr) (locally 1238% 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 (-3.0%/yr); year-one equity from $32k of loan paydown is wiped out by about $138k 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 98 days — a 9% lower offer ($4.19M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 28y 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.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 8→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $4,186,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (median comp): $3,399,410
• List price: $4,600,000
• Delta: 35.32%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.48×
• Total profit: $-675,141
• Equity at exit: $685,875

10-year hold

• IRR: -9.7%
• Equity multiple: 0.45×
• Total profit: $-706,609
• Equity at exit: $397,724

Cash invested: $1,288,000 (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 95127

• Rents YoY: 1.1%
• Active inventory: 83
• Price-to-rent: 154.3×

Monthly cashflow live

• Estimated rent: $43,035 medium
• Mortgage (P&I): −$24,123
• Tax from tax record: −$5,622 /mo · $67,469/yr
• Insurance: −$1,917
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,037
• Net cashflow: $2,336

Break-even live

Break-even rent $40,078

Max offer price $4,600,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$19,872
▸ 8× units	2	1	$23,160
Total (16 units)			$43,035

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: $1,150,000
• Closing costs: $138,000
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $4,600,000 Active 98 DOM
2. 2026-06-17
   days on market $4,600,000 Active 97 DOM
3. 2026-06-16
   days on market $4,600,000 Active 96 DOM
4. 2026-06-15
   days on market $4,600,000 Active 95 DOM
5. 2026-06-13
   days on market $4,600,000 Active 93 DOM
6. 2026-06-13
   days on market $4,600,000 Active 92 DOM
7. 2026-06-09
   days on market $4,600,000 Active 89 DOM
8. 2026-06-08
   days on market $4,600,000 Active 88 DOM
9. 2026-06-07
   days on market $4,600,000 Active 87 DOM
10. 2026-06-05
    days on market $4,600,000 Active 84 DOM
11. 2026-06-03
    days on market $4,600,000 Active 83 DOM
12. 2026-06-02
    days on market $4,600,000 Active 82 DOM
13. 2026-06-01
    days on market $4,600,000 Active 81 DOM
14. 2026-05-31
    days on market $4,600,000 Active 80 DOM
15. 2026-03-12
    listed $4,600,000 Active 951-char remark

    Show marketing remark (951 chars)

    The Zurich Group of Marcus & Millichap is please to present 2748 Kollmar Drive, a 16-unit apartment complex located in San Jose offering a rare high in-place yield opportunity in Silicon Valley. The property features a strong unit mix of one bedroom and two bedroom units, a layout that supports consistent tenant demand. The asset offers an attractive ~6.73% current cap rate with additional upside potential, allowing investors to benefit from strong in-place income with the opportunity to further increase cash flow through continued rental growth and operational improvements. The property also benefits from recent electrical upgrades including a new main panel and new subpanels installed in 2025. Ideally located one block from a new VTA Light Rail station currently under construction, the property benefits from excellent commuter access and close proximity to major Silicon Valley employment centers, supporting long-term rental demand.

16. 2026-03-12
    listed $4,600,000 Active 951-char remark

    Show marketing remark (951 chars)

    The Zurich Group of Marcus & Millichap is please to present 2748 Kollmar Drive, a 16-unit apartment complex located in San Jose offering a rare high in-place yield opportunity in Silicon Valley. The property features a strong unit mix of one bedroom and two bedroom units, a layout that supports consistent tenant demand. The asset offers an attractive ~6.73% current cap rate with additional upside potential, allowing investors to benefit from strong in-place income with the opportunity to further increase cash flow through continued rental growth and operational improvements. The property also benefits from recent electrical upgrades including a new main panel and new subpanels installed in 2025. Ideally located one block from a new VTA Light Rail station currently under construction, the property benefits from excellent commuter access and close proximity to major Silicon Valley employment centers, supporting long-term rental demand.

17. 2020-07-22
    soldstatus $4,275,000 85-char remark

    Show marketing remark (85 chars)

    Excellent cap rate with significant upside! Marketing package available upon request.

18. 2020-07-22
    soldstatus $4,275,000 Sold 85-char remark

    Show marketing remark (85 chars)

    Excellent cap rate with significant upside! Marketing package available upon request.

19. 2020-07-21
    soldstatus $4,275,000
20. 2020-04-25
    status Pending (Do Not Show) 85-char remark

    Show marketing remark (85 chars)

    Excellent cap rate with significant upside! Marketing package available upon request.

21. 2020-03-06
    listed $4,550,000 Active 85-char remark

    Show marketing remark (85 chars)

    Excellent cap rate with significant upside! Marketing package available upon request.

22. 2020-03-06
    listed $4,550,000 85-char remark

    Show marketing remark (85 chars)

    Excellent cap rate with significant upside! Marketing package available upon request.

23. 2010-09-09
    soldstatus $1,750,000
24. 2006-06-02
    soldstatus $625,000
25. 2002-04-04
    historical
26. 2002-04-04
    soldstatus $1,700,000
27. 2002-04-04
    soldstatus $1,700,000
28. 2002-02-11
    soldstatus $1,700,000
29. 2001-09-28
    listed $1,700,000
30. 2001-09-28
    listed $1,700,000
31. 1999-05-31
    soldstatus $1,250,000
32. 1999-05-31
    soldstatus $1,250,000
33. 1999-05-24
    soldstatus $1,250,000
34. 1999-03-19
    historical
35. 1998-07-16
    listed $1,249,000
36. 1998-07-16
    listed $1,249,000
37. 1997-09-30
    soldstatus $960,000

ⓘ 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: $67,469 · $5,622/mo
• Projected year-2 tax: $67,469 · $5,622/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 8 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 22 unhealthy d/yr today · 23 by 30 yrs out

Taxation est. · year 1

• Rental income: $516,420
• − Mortgage interest: −$257,672
• − Property taxes: −$67,469
• − Insurance: −$23,000
• − Repairs & maintenance: −$41,314
• − Management: −$41,314
• − Depreciation: −$133,818
• Taxable loss: −$48,166
• Est. tax savings @ 24.0%: +$11,560
• After-tax cash flow: $39,588/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: East Side Union High
• NCES district ID: 0611820
• Math proficiency: 53% ▲ 12.00%
• Reading proficiency: 70% ▲ 8.00%
• Median HH income: $80,293
• Composite: 55.15/100
• National rank: #1278
• State rank: #69 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): 58,825
• Household income: $128,786
• Rent vs Own: 34.7% rent · 65.3% own
• Severe rent burden: 1238.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 54% Asian 28% Two or more races 15% White 12% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 50%
• Common ancestry: Russian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 43% · Canada, Vietnam, China
• Languages at home: 32% English-only · Spanish 43% Vietnamese 11% Chinese 3%

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: ▼ -1242.13%
• Current HPI: 296.1865
• Rent YoY: ▲ 1.14%
• 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

+379.2% since first listed

23 events — show timeline

• 2026-03-12 Listed $4,600,000 MLSListings
• 2026-03-12 Listed $4,600,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-07-22 Sold (MLS) $4,275,000 MLSListings
• 2020-07-22 Sold (MLS) $4,275,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-07-21 Sold (Public Records) $4,275,000 Public Records
• 2020-04-25 Pending — MLSListings
• 2020-03-06 Listed $4,550,000 MLSListings
• 2020-03-06 Listed $4,550,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-09-09 Sold (Public Records) $1,750,000 Public Records
• 2006-06-02 Sold (Public Records) $625,000 Public Records
• 2002-04-04 Sold (Public Records) $1,700,000 Public Records
• 2002-04-04 Sold (MLS) $1,700,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2002-04-04 Listing Removed — MLSListings
• 2002-02-11 Sold (MLS) $1,700,000 MLSListings
• 2001-09-28 Listed $1,700,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2001-09-28 Listed $1,700,000 MLSListings
• 1999-05-31 Sold (MLS) $1,250,000 MLSListings
• 1999-05-31 Sold (MLS) $1,250,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1999-05-24 Sold (Public Records) $1,250,000 Public Records
• 1999-03-19 Listing Removed — MLSListings
• 1998-07-16 Listed $1,249,000 MLSListings
• 1998-07-16 Listed $1,249,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1997-09-30 Sold (Public Records) $960,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $67,469 · +1.8% YoY. Source: county tax records.