Well-maintained building with outstanding return. 10% cash on cash return day 1 with 25% down payment. Walking distance to SJSU. New dual paned windows, exterior paint and parking asphalt. Strong in place rents with upside potential. Current GRM/Cap Rate: 10.11/6.56%. Market GRM/Cap Rate: 9.65/7.01%. Misc. expenses includes: vacancy, occupancy permits, reserves.
Multi-familyProperty Type
1958Year Built
9,522 sq ftLot Size
$237Price/Sq.Ft.
Listed by Justin Bautista•DRE #01268331• Cassidy Turley Northern California, Inc.
Bought with Rowena Wong•DRE #01808837• Intero Real Estate Services
This 12-unit property has a nice unit mix including 8 1x1's and 4 2x1's. The property was recently repainted and the parking lot sealed and striped. Nice corner location with easy access to Hwys 280/101/87. Good downtown rental location.
Public Records
Jan 3, 1979
Sold
$274,500
$39/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$31,667 (+6.0%)
$864,789 + $1,300,389
$2,165,178
2024
$29,887 (+2.6%)
$847,833 + $1,274,892
$2,122,725
2023
$29,130 (+0.7%)
$831,209 + $1,249,895
$2,081,104
2022
$28,927 (+2.6%)
$814,911 + $1,225,388
$2,040,299
2021
$28,206 (+1.5%)
$798,933 + $1,201,361
$2,000,294
2020
$27,796 (+2.1%)
$783,268 + $1,177,805
$1,961,073
2019
$27,223 (+1.0%)
$775,237 + $1,165,729
$1,940,966
2018
$26,942 (+0.9%)
$760,037 + $1,142,872
$1,902,909
2017
$26,694 (+1.7%)
$730,525 + $1,098,494
$1,829,019
2016
$26,244 (+1.1%)
$730,525 + $1,098,494
$1,829,019
2015
$25,958 (+2.4%)
$716,201 + $1,076,955
$1,793,156
2014
$25,340 (+26.6%)
$691,625 + $1,040,000
$1,731,625
2012
$20,019 (+96.4%)
$395,352 + $960,289
$1,355,641
2011
$10,193 (+6.4%)
$387,600 + $941,460
$1,329,060
2010
$9,582 (+2.3%)
$106,061 + $378,782
$484,843
2009
$9,370 (+8.2%)
$105,269 + $375,952
$481,221
2008
$8,659
$103,451 + $369,457
$472,908
Tax history for 511 E REED St
Year
Property tax
Land + Additions
Assessment*
2025
$31,667 (+6.0%)
$864,789 + $1,300,389
$2,165,178
2024
$29,887 (+2.6%)
$847,833 + $1,274,892
$2,122,725
2023
$29,130 (+0.7%)
$831,209 + $1,249,895
$2,081,104
2022
$28,927 (+2.6%)
$814,911 + $1,225,388
$2,040,299
2021
$28,206 (+1.5%)
$798,933 + $1,201,361
$2,000,294
2020
$27,796 (+2.1%)
$783,268 + $1,177,805
$1,961,073
2019
$27,223 (+1.0%)
$775,237 + $1,165,729
$1,940,966
2018
$26,942 (+0.9%)
$760,037 + $1,142,872
$1,902,909
2017
$26,694 (+1.7%)
$730,525 + $1,098,494
$1,829,019
2016
$26,244 (+1.1%)
$730,525 + $1,098,494
$1,829,019
2015
$25,958 (+2.4%)
$716,201 + $1,076,955
$1,793,156
2014
$25,340 (+26.6%)
$691,625 + $1,040,000
$1,731,625
2012
$20,019 (+96.4%)
$395,352 + $960,289
$1,355,641
2011
$10,193 (+6.4%)
$387,600 + $941,460
$1,329,060
2010
$9,582 (+2.3%)
$106,061 + $378,782
$484,843
2009
$9,370 (+8.2%)
$105,269 + $375,952
$481,221
2008
$8,659
$103,451 + $369,457
$472,908
*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.
Public record
Public record
Zoning
Permits
Beds
—
Baths
—
Stories
2
Lot width
—
Lot depth
—
Lot size
9,522 Sq. Ft.
Year renovated
1958
Sq. Ft.
7,116
Year built
1958
Style
Multi-Family (5+ Unit)
County
Santa Clara County
APN
47229056
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Aug 21, 2026.
UR
Urban Residential District
The UR Urban Residential district is intended to implement the Urban Residential general plan land use designation.
Permitted uses
Include but are not limited to:
General retail
Retail-Grocery
Restaurant
Housing-Single unit
Housing-Multiple units
Housing-Senior
Hotel / motel
Mixed use development
Office
Medical office
Mar 17, 2004 • Active
Over the counter
Remodel
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Property details
Parking
Parking Information
Parking Description: Uncovered Parking, Spaces per Unit (1)
Home facts updated by county records on Aug 21, 2026
Other
Miscellaneous Information
Incorporated: Yes
Around this home
Schools
Horace Mann Elementary School
Public K-5 • Assigned • 0.8mi
3/10
Muwekma Ohlone Middle
Public 6-8 • Assigned • 2.1mi
4/10
San Jose High School
Public 9-12 • Assigned • 1.2mi
5/10
Provided by GreatSchools
Lifestyle
Provided by Walk Score and Local Logic
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