215 Charles St · Sunnyvale, CA 94086

$3,980,000

18 bd · 9.0 ba · 5,989 sqft · MultiFamily public records · 42 Days on market

Built 1971 0.28 ac lot

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Why this score? — see what drove the C 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 +18.5/30.0
• Schools +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Livability +4.1/5.0
• 1% rule +3.8/10.0
• Rent growth +3.7/5.0
• Appreciation +3.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 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

215 Charles St. is a well-maintained, 9-unit apartment community built in 1971, situated in a premier location just one block from downtown Sunnyvale. The property features a superior unit mix consisting exclusively of two-bedroom, one-bathroom floor plans, catering to high-demand renter demographics. Can be purchased together or separately with the 6 unit apartment property located at 530 Columbia Ave in Sunnyvale. Also listed on MLS# ML82046337

Key facts

• 0.28 acre lot
• 9 parking spots
• Built 1971

Property features AI

Finance

• Other: Meters: primary water, separate electric, separate gas; Tenant-paid utilities: electric, gas, heating, hot water
• Financial info: Property has 9 units with annual gross income approximately $223,665 and annual rental income reported at $229,080; Gross scheduled income $229,080 and gross rent multiplier 17.26; Other income $1,502; other expenses $950; total expenses $83,474; vacancy factor 3%; Landscape expense $1,300; trash expense $6,731; utility expenses $13,464

Exterior

• Parking: Carport parking for nine vehicles; Covered and uncovered parking
• Utilities: Public water; Public sewer; Public utilities
• Home design: Individual ownership
• Construction: Concrete slab foundation
• Exterior features: Composition roof; Cable TV and satellite available; One building; R4 zoning

Interior

• Kitchen: Includes typical kitchen appliances (unit-level details not specified)
• Bedrooms: Nine 2-bedroom units
• Flooring: Carpet; Laminate; Tile
• Bathrooms: Nine 1-bath units
• Heating & cooling: Forced air heating; Window/wall cooling units
• Interior features: Carpet, laminate and tile flooring
• Laundry & utility: Separate electric and separate gas meters; Utilities for units include electric, gas, heating and hot water (tenant-paid)

What this means for you Summary

Snapshot

• This is a 9 × 2-bed/1.0-bath units multifamily listed at $3.98M.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive. Per door: $424/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 $3.50M (12.1% below list).
• Recommended offer: $3.50M (12.1% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 1.2% in Sunnyvale — 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 82/100 on livability (#37 in CA, #1,258 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Fremont Union High (urban): math 87% / reading 91% proficiency, ranked #6 of 517 in CA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Homestead High (math 87% / reading 92%, grade A+, #14 of 1,170 statewide, top 1%, 2,311 students, 12% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 93 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 $34,965/mo this rent would consume 237% of the median local household income ($177k/yr) (locally 2421% 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 (-2.9%/yr); year-one equity from $28k of loan paydown is wiped out by about $117k 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 42 days — a 3% lower offer ($3.86M) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $3,496,500 (12.1% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 12% 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 1971 — 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. 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: 0.88% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.11%
• DSCR: 1.18
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.94% appreciation · 4.97% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.71×
• Total profit: $-323,738
• Equity at exit: $603,237

10-year hold

• IRR: 3.8%
• Equity multiple: 1.30×
• Total profit: $333,699
• Equity at exit: $360,984

Cash invested: $1,114,400 (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 94086

• Home prices YoY: -0.7%
• Rents YoY: 5.0%
• Active inventory: 93
• Price-to-rent: 85.4×

Monthly cashflow live

• Estimated rent: $34,965 high
• Mortgage (P&I): −$20,872
• Tax from tax record: −$1,276 /mo · $15,315/yr
• Insurance: −$1,658
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,343
• Net cashflow: $3,816

Break-even live

Break-even rent $30,134

Max offer price $3,980,000

Occupancy floor 84%

Sensitivity live

Price	-10% $6,069	-5% $4,943	+0% $3,816	+5% $2,690	+10% $1,563
Rent	-10% $1,054	-5% $2,435	+0% $3,816	+5% $5,197	+10% $6,578
Rate	-1.0pp $5,821	-0.5pp $4,828	base $3,816	+0.5pp $2,785	+1.0pp $1,736

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

Units	Beds	Baths	Est. rent
▸ 9× units	2	1	$34,965
Total (9 units)			$34,965

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: $995,000
• Closing costs: $119,400
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $3,980,000 Active 42 DOM
2. 2026-06-17
   days on market $3,980,000 Active 41 DOM
3. 2026-06-16
   days on market $3,980,000 Active 40 DOM
4. 2026-06-15
   days on market $3,980,000 Active 39 DOM
5. 2026-06-13
   days on market $3,980,000 Active 37 DOM
6. 2026-06-09
   days on market $3,980,000 Active 33 DOM
7. 2026-06-08
   days on market $3,980,000 Active 32 DOM
8. 2026-06-07
   days on market $3,980,000 Active 31 DOM
9. 2026-06-05
   days on market $3,980,000 Active 28 DOM
10. 2026-06-03
    days on market $3,980,000 Active 27 DOM
11. 2026-06-02
    days on market $3,980,000 Active 26 DOM
12. 2026-06-01
    days on market $3,980,000 Active 25 DOM
13. 2026-05-31
    days on market $3,980,000 Active 24 DOM
14. 2026-05-08
    listed $3,980,000 Active 450-char remark

    Show marketing remark (450 chars)

    215 Charles St. is a well-maintained, 9-unit apartment community built in 1971, situated in a premier location just one block from downtown Sunnyvale. The property features a superior unit mix consisting exclusively of two-bedroom, one-bathroom floor plans, catering to high-demand renter demographics. Can be purchased together or separately with the 6 unit apartment property located at 530 Columbia Ave in Sunnyvale. Also listed on MLS# ML82046337

15. 2026-05-08
    listed $3,980,000 Active 450-char remark

    Show marketing remark (450 chars)

    215 Charles St. is a well-maintained, 9-unit apartment community built in 1971, situated in a premier location just one block from downtown Sunnyvale. The property features a superior unit mix consisting exclusively of two-bedroom, one-bathroom floor plans, catering to high-demand renter demographics. Can be purchased together or separately with the 6 unit apartment property located at 530 Columbia Ave in Sunnyvale. Also listed on MLS# ML82046337

ⓘ 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: $15,315 · $1,276/mo
• Projected year-2 tax: $30,248 · $2,521/mo
• Expected delta: +$14,933/yr (+$1,244/mo · 97.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°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: $419,580
• − Mortgage interest: −$222,942
• − Property taxes: −$15,315
• − Insurance: −$19,900
• − Repairs & maintenance: −$33,566
• − Management: −$33,566
• − Depreciation: −$115,782
• Taxable loss: −$21,492
• Est. tax savings @ 24.0%: +$5,158
• After-tax cash flow: $50,952/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: Fremont Union High
• NCES district ID: 0614430
• Math proficiency: 87% ▲ 9.00%
• Reading proficiency: 91% ▲ 10.00%
• Median HH income: $128,947
• Composite: 82.66/100
• National rank: #20
• State rank: #6 of 517 in CA

Livability — Sunnyvale

• Score: 82/100
• State rank: #37
• US rank: #1258

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sunnyvale, CA
• County: Santa Clara County · 1,806,974 people
• City population: 154,236
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 49,746
• Household income: $177,054
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 2421.0

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 0.66)
• Race & ethnicity: Asian 49% White 28% Hispanic / Latino 17% Two or more races 11% Black 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Scotch-Irish 2% Italian 2% Lithuanian 1%
• Foreign-born: 50% · China, Canada, South Korea
• Languages at home: 40% English-only · Chinese 15% Other Indo-European 14% Spanish 11%

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: ▼ -2.94%
• Current HPI: 403.7164
• Rent YoY: ▲ 4.97%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-08 Listed $3,980,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-08 Listed $3,980,000 MLSListings

Property tax history

+1.8%/yr

Latest (2025): $15,315 · +3.8% YoY. Source: county tax records.