45 Cleveland Ave · Burbank, CA 95128

$1,850,000

64 bd · 32.0 ba · 3,492 sqft · MultiFamily public records · 30 Days on market

Built 1959 5,625 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 8 units. estimate disagrees with records

Listing remarks MLS

Property not bound by city rent control! 45 Cleveland Avenue is a well-maintained (4) 2-bed / 1-bath 4plex totaling 3,492 SF, available individually or alongside its side-by-side twin at 47 Cleveland Ave as an 8-unit portfolio. The property is positioned less than 1 mile from Santana Row and Westfield Valley Fair, with quick access to Downtown San Jose, major freeways, and top Silicon Valley employers including Nvidia, Intel, Cisco, and ServiceNow. A key advantage for investors: the property sits in an unincorporated pocket of the Burbank neighborhood and is not subject to the City of San Jose's Apartment Rent Ordinance. Instead, it falls under Santa Clara County's framework and California's AB 1482, offering meaningfully more flexibility on annual rent adjustments. Interior upgrades include updated kitchens with full-size ranges, modern laminate flooring, recessed lighting, and renovated bathrooms. Both interior and exterior have been freshly painted. Additional income comes from on-site coin-operated laundry, and tenants benefit from a combination of surface and covered parking. Whether viewed as a stand-alone cash-flow asset or part of an 8-unit Silicon Valley acquisition, 45 Cleveland Avenue offers a rare entry point into one of the Bay Area's most competitive rental markets.

Key facts

• Renovated bathrooms
• Freshly painted
• Recessed lighting

Tags

• UPDATED KITCHENS
• MODERN LAMINATE FLOORING
• RECESSED LIGHTING
• RENOVATED BATHROOMS
• FRESHLY PAINTED
• ON-SITE COIN-OPERATED LAUNDRY

Property features AI

Finance

• Other: Meters include primary water plus separate meters for common area, electric, and gas
• Financial info: Annual gross income reported around $123,093; Annual rental income reported around $126,300; Gross scheduled income around $126,300; Other income: $600; Total expenses: $43,238; Other expenses: $3,407; Trash expense: $1,428; Utility expenses: $6,412; Landscape expense: $600; Gross rent multiplier: 14.58; Vacancy factor: 3%

Exterior

• Parking: Carport parking for 4 vehicles; Uncovered parking
• Security: Security features noted as other (see remarks)
• Utilities: Private/mutual water; Sewer: private; Individual electric meters; Individual gas meters; Separate common area meter; Separate electric and gas metering for units
• Home design: Two-story building; One building with four units; Ownership: Individual; Zoning: R1-N2
• Construction: Wood frame construction; Concrete perimeter foundation with crawl space; raised foundation; Built living area reported as 3,492
• Exterior features: Flat/low-pitch roof; Shingle roof; Utilities paid by tenants: electric and gas (tenant expenses include utilities)

Interior

• Kitchen: Electric oven/range
• Bedrooms: Four units with 2 bedrooms each (some units listed with rents of $2,675; $2,780; $2,720; $2,350)
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Wall furnace heating; Cooling listed as other (see remarks)
• Interior features: Coin-operated laundry; Other cooling (see remarks); Wall furnace heating; Other security features (see remarks); Other special features (see remarks)
• Laundry & utility: Coin-operated laundry

What this means for you Summary

Snapshot

• This is a 8 × 8-bed/?-bath units multifamily listed at $1.85M.

Deal economics

• At list price, monthly cash flow is $12k ($146k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $1.85M).
• Recommended offer: $1.82M (1.5% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 1.8% in Burbank — 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 73/100 on livability (#174 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A, commute A-; Watch: health & safety C-, crime F, cost of living F.
• Luther Burbank (suburban): math 29% / reading 36% proficiency, ranked #937 of 1,400 in CA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.9%/yr); 65 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 $30,008/mo this rent would consume 275% of the median local household income ($131k/yr) (locally 1774% 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 $13k of loan paydown is wiped out by about $56k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $518k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($1.82M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y 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 $448k; list at $1.85M implies a 313% 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: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,822,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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.
8. 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.
9. 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: 1.62% ✓
• Cap rate: 14.21%
• Cash-on-cash: 28.27%
• DSCR: 2.26
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 22.3%
• Equity multiple: 1.91×
• Total profit: $473,591
• Equity at exit: $275,841

10-year hold

• IRR: 30.3%
• Equity multiple: 3.70×
• Total profit: $1,397,146
• Equity at exit: $159,954

Cash invested: $518,000 (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 95128

• Rents YoY: 2.9%
• Active inventory: 65
• Price-to-rent: 41.1×

Monthly cashflow live

• Estimated rent: $30,008 medium
• Mortgage (P&I): −$9,702
• Tax from tax record: −$1,029 /mo · $12,350/yr
• Insurance: −$771
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,302
• Net cashflow: $12,205

Break-even live

Break-even rent $14,559

Max offer price $1,850,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 8× units	8	—	$30,008
Total (8 units)			$30,008

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: $462,500
• Closing costs: $55,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $1,850,000 Active 30 DOM
2. 2026-06-17
   days on market $1,850,000 Active 29 DOM
3. 2026-06-16
   days on market $1,850,000 Active 28 DOM
4. 2026-06-15
   days on market $1,850,000 Active 27 DOM
5. 2026-06-13
   days on market $1,850,000 Active 25 DOM
6. 2026-06-13
   days on market $1,850,000 Active 24 DOM
7. 2026-06-09
   days on market $1,850,000 Active 21 DOM
8. 2026-06-08
   days on market $1,850,000 Active 20 DOM
9. 2026-06-07
   days on market $1,850,000 Active 19 DOM
10. 2026-06-03
    days on market $1,850,000 Active 15 DOM
11. 2026-06-02
    days on market $1,850,000 Active 14 DOM
12. 2026-06-01
    days on market $1,850,000 Active 13 DOM
13. 2026-05-31
    days on market $1,850,000 Active 12 DOM
14. 2026-05-20
    listed $1,850,000 Active 1300-char remark

    Show marketing remark (1300 chars)

    Property not bound by city rent control! 45 Cleveland Avenue is a well-maintained (4) 2-bed / 1-bath 4plex totaling 3,492 SF, available individually or alongside its side-by-side twin at 47 Cleveland Ave as an 8-unit portfolio. The property is positioned less than 1 mile from Santana Row and Westfield Valley Fair, with quick access to Downtown San Jose, major freeways, and top Silicon Valley employers including Nvidia, Intel, Cisco, and ServiceNow. A key advantage for investors: the property sits in an unincorporated pocket of the Burbank neighborhood and is not subject to the City of San Jose's Apartment Rent Ordinance. Instead, it falls under Santa Clara County's framework and California's AB 1482, offering meaningfully more flexibility on annual rent adjustments. Interior upgrades include updated kitchens with full-size ranges, modern laminate flooring, recessed lighting, and renovated bathrooms. Both interior and exterior have been freshly painted. Additional income comes from on-site coin-operated laundry, and tenants benefit from a combination of surface and covered parking. Whether viewed as a stand-alone cash-flow asset or part of an 8-unit Silicon Valley acquisition, 45 Cleveland Avenue offers a rare entry point into one of the Bay Area's most competitive rental markets.

15. 2026-05-20
    listed $1,850,000 Active 1300-char remark

    Show marketing remark (1300 chars)

    Property not bound by city rent control! 45 Cleveland Avenue is a well-maintained (4) 2-bed / 1-bath 4plex totaling 3,492 SF, available individually or alongside its side-by-side twin at 47 Cleveland Ave as an 8-unit portfolio. The property is positioned less than 1 mile from Santana Row and Westfield Valley Fair, with quick access to Downtown San Jose, major freeways, and top Silicon Valley employers including Nvidia, Intel, Cisco, and ServiceNow. A key advantage for investors: the property sits in an unincorporated pocket of the Burbank neighborhood and is not subject to the City of San Jose's Apartment Rent Ordinance. Instead, it falls under Santa Clara County's framework and California's AB 1482, offering meaningfully more flexibility on annual rent adjustments. Interior upgrades include updated kitchens with full-size ranges, modern laminate flooring, recessed lighting, and renovated bathrooms. Both interior and exterior have been freshly painted. Additional income comes from on-site coin-operated laundry, and tenants benefit from a combination of surface and covered parking. Whether viewed as a stand-alone cash-flow asset or part of an 8-unit Silicon Valley acquisition, 45 Cleveland Avenue offers a rare entry point into one of the Bay Area's most competitive rental markets.

16. 1999-07-02
    historical 243-char remark

    Show marketing remark (243 chars)

    SOLID INVESTMENT PROPERTY! QUIET NEIGHBORHOOD! JUST SOUTH OF ROSE GARDEN NEAR BASCOM & SAN CARLOS. LOW GRM OF 10.5X AT CURRENT RENTS & 9.5X AT MARKET RENTS. WANT TO SELL WITH 4PLEX NEXT DOOR AT 47 CLEVELAND AT SAME PRICE. CALL JIM

17. 1999-07-02
    soldstatus $448,000 243-char remark

    Show marketing remark (243 chars)

    SOLID INVESTMENT PROPERTY! QUIET NEIGHBORHOOD! JUST SOUTH OF ROSE GARDEN NEAR BASCOM & SAN CARLOS. LOW GRM OF 10.5X AT CURRENT RENTS & 9.5X AT MARKET RENTS. WANT TO SELL WITH 4PLEX NEXT DOOR AT 47 CLEVELAND AT SAME PRICE. CALL JIM

18. 1999-07-02
    soldstatus $448,000

    Show marketing remark (243 chars)

    SOLID INVESTMENT PROPERTY! QUIET NEIGHBORHOOD! JUST SOUTH OF ROSE GARDEN NEAR BASCOM & SAN CARLOS. LOW GRM OF 10.5X AT CURRENT RENTS & 9.5X AT MARKET RENTS. WANT TO SELL WITH 4PLEX NEXT DOOR AT 47 CLEVELAND AT SAME PRICE. CALL JIM

19. 1999-04-14
    soldstatus $448,000 243-char remark

    Show marketing remark (243 chars)

    SOLID INVESTMENT PROPERTY! QUIET NEIGHBORHOOD! JUST SOUTH OF ROSE GARDEN NEAR BASCOM & SAN CARLOS. LOW GRM OF 10.5X AT CURRENT RENTS & 9.5X AT MARKET RENTS. WANT TO SELL WITH 4PLEX NEXT DOOR AT 47 CLEVELAND AT SAME PRICE. CALL JIM

20. 1999-04-05
    listed $450,000 243-char remark

    Show marketing remark (243 chars)

    SOLID INVESTMENT PROPERTY! QUIET NEIGHBORHOOD! JUST SOUTH OF ROSE GARDEN NEAR BASCOM & SAN CARLOS. LOW GRM OF 10.5X AT CURRENT RENTS & 9.5X AT MARKET RENTS. WANT TO SELL WITH 4PLEX NEXT DOOR AT 47 CLEVELAND AT SAME PRICE. CALL JIM

21. 1999-04-05
    listed $450,000 243-char remark

    Show marketing remark (243 chars)

    SOLID INVESTMENT PROPERTY! QUIET NEIGHBORHOOD! JUST SOUTH OF ROSE GARDEN NEAR BASCOM & SAN CARLOS. LOW GRM OF 10.5X AT CURRENT RENTS & 9.5X AT MARKET RENTS. WANT TO SELL WITH 4PLEX NEXT DOOR AT 47 CLEVELAND AT SAME PRICE. CALL JIM

ⓘ 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: $12,350 · $1,029/mo
• Projected year-2 tax: $14,060 · $1,172/mo
• Expected delta: +$1,710/yr (+$143/mo · 13.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% 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: $360,096
• − Mortgage interest: −$103,629
• − Property taxes: −$12,350
• − Insurance: −$9,250
• − Repairs & maintenance: −$28,808
• − Management: −$28,808
• − Depreciation: −$53,818
• Taxable income: $123,434
• Est. tax owed @ 24.0%: −$29,624
• After-tax cash flow: $116,833/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: Luther Burbank
• NCES district ID: 0623130
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 36% ▼ -3.00%
• Median HH income: $52,195
• Composite: 31.21/100
• National rank: #11256
• State rank: #937 of 1400 in CA

Livability — Burbank

• Score: 73/100
• State rank: #174
• US rank: #5646

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burbank, CA
• County: Santa Clara County · 1,806,974 people
• City population: 108,034
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 33,165
• Household income: $131,152
• Rent vs Own: 55.3% rent · 44.7% own
• Severe rent burden: 1774.0

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 38% Hispanic / Latino 30% Asian 22% Two or more races 14% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 34% · Canada, China, Vietnam
• Languages at home: 53% English-only · Spanish 22% Other Indo-European 6% Chinese 5%

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: ▼ -1116.22%
• Current HPI: 381.4337
• Rent YoY: ▲ 2.88%
• 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

+311.1% since first listed

8 events — show timeline

• 2026-05-20 Listed $1,850,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-20 Listed $1,850,000 MLSListings
• 1999-07-02 Sold (Public Records) $448,000 Public Records
• 1999-07-02 Sold (MLS) $448,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1999-07-02 Listing Removed — MLSListings
• 1999-04-14 Sold (MLS) $448,000 MLSListings
• 1999-04-05 Listed $450,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1999-04-05 Listed $450,000 MLSListings

Property tax history

+3.2%/yr

Latest (2025): $12,350 · +2.9% YoY. Source: county tax records.