$1,950,000
SOLD OCT 3, 2025

2985 Walgrove Way San Jose, CA 95128

Castlemont Neighborhood
8 Beds
7 Baths
3,973 Sq Ft
9,635 Sq Ft Lot

Recently Sold

$491 Per Sq Ft

12 Days on Market

Highlights

  • Corian Countertops
  • Tile Flooring
  • Coin Laundry
  • Del Mar High School Rated A-
  • Forced Air Heating and Cooling System

About This Home

As of October 2025

Turnkey fourplex in desirable West San Jose offers strong investment potential with a balanced unit mix: one 3BR/2BA, two 2BR/1.5BA, and one 1BR/1BA unit. The three larger units feature HVAC systems while the smaller unit has window A/C and a wall heater. Built in 1968, the 3,973 SF building sits on a 9,636 SF lot and includes 12 parking spaces (6 covered, 6 open) plus shared laundry generating approximately $250 monthly in additional income. The property generates $113,904 in annual gross income with a 3.48% cap rate and 16.68 gross rent multiplier. Located just 1.2 miles from Santana Row and 2 miles from Westfield Valley Fair, it offers excellent access to I-280, Highway 17, and San Tomas Expressway, plus proximity to top-rated schools within one mile. San Jose's tech-driven economy continues to support strong rental demand despite recent sector adjustments. With vacancy rates at just 3.8%, rent growth at 2.7%, and high home prices keeping buyers in the rental market, multifamily properties are well-positioned for long-term appreciation and income growth. The property is subject to San Jose's Apartment Rent Ordinance and Tenant Protection Ordinance.

Last Agent to Sell the Property

Michael Shields

SiliconValley MultiFamilyGroup License #01327546 Listed on: 08/21/2025

Last Buyer's Agent

Jean Davila

Real Brokerage Technologies License #02059968

Real Brokerage Technologies

Property Details

Home Type

  • Multi-Family

Year Built

  • 1968

Lot Details

  • 9,635 Sq Ft Lot

Parking

  • 6 Carport Spaces

Home Design

  • Quadruplex
  • Wood Frame Construction
  • Shingle Roof
  • Composition Roof
  • Concrete Perimeter Foundation

Interior Spaces

  • 3,973 Sq Ft Home
  • 2-Story Property

Kitchen

  • Electric Oven
  • Electric Cooktop
  • Dishwasher
  • Corian Countertops
  • Disposal

Flooring

  • Carpet
  • Laminate
  • Tile

Utilities

  • Forced Air Heating and Cooling System
  • Cooling System Mounted To A Wall/Window
  • Wall Furnace
  • Vented Exhaust Fan
  • Separate Meters
  • Individual Gas Meter
  • Sewer Within 50 Feet

Listing and Financial Details

  • Total Actual Rent $113,904

Community Details

Overview

Amenities

  • Coin Laundry

Building Details

  • 4 Leased Units
  • Insurance Expense $2,317
  • Maintenance Expense $5,498
  • Utility Expense $9,032
  • Trash Expense $2,213
  • Operating Expense $44,532
  • Gross Income $112,228

Property Details

Home Type

Multi-Family

Year Built

1968

Lot Details

0

Listing Details

  • Zoning: RM
  • Subclass: Fourplex
  • Listing Class: Residential Income (2-4 Units)
  • Structure Sq Ft: 3973
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1968

Interior Features

  • Kitchen: Cooktop - Electric, Countertop - Solid Surface / Corian, Countertop - Stone, Dishwasher, Exhaust Fan, Garbage Disposal, Oven Range - Electric, Refrigerator
  • Living Sq Ft: 3973
  • Stories: 2
  • Laundry: Coin Operated
  • Flooring: Carpet, Laminate, Tile

Exterior Features

  • Foundation: Concrete Perimeter And Slab
  • Roof: Composition, Shingle
  • Construction Type: Wood Frame

Garage/Parking

  • Garage Parking Features: Carport
  • Carport Min: 6

Utilities

  • Cooling System: Central Ac, Window / Wall Unit
  • Heating System: Forced Air, Wall Furnace
  • Sewer/Septic System: Sewer Connected, Sewer In Street

Schools

  • High School: 239

Lot Info

  • Lot Acres: 0.2212
  • Lot Size Area Minimum Units: Square Feet
  • Minimum Lot Size: 9636.00
  • Lot Size Area Maximum Units: Square Feet
  • Maximum Lot Size: 9636.00

Rental Info

  • Existing Lease Term(s): Lease(s), Month To Month
  • Gross Rent Multiplier: 16.68
  • Number Of Leased: 4

Multi Family

  • Utilities: Individual Electric Meters, Individual Gas Meters, Public Utilities
  • Expense Insurance: 2317
  • Expense Maintenance: 5498
  • Expenses Total: 44532
  • Expenses Utility: 9032
  • Expense Trash: 2213
  • Income Annual Gross: 112228.00
  • Income Annual Rental: 113904
  • Income Gross Scheduled: 116904
  • Income Includes: Laundry
  • Income Other: 3000
  • Meters: Master Water, Separate Common Area, Separate Electric, Separate Gas
  • Number Of Buildings: 1
  • Operating Expenses Include: Fee - Property Tax, Insurance, Maintenance - Repair, Services - Trash Removal, Utilities - Electric, Utilities - Gas, Utilities - Water
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Vacancy Factor: 4

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/03/2025 10/03/25 Sold $1,950,000 0.0% $491 / Sq Ft
09/03/2025 09/03/25 Pending -- -- --
08/21/2025 08/21/25 For Sale $1,950,000 -- $491 / Sq Ft
Source: MLSListings

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Michael Shields

    Seller's Agent in 2025

    Michael Shields

    SiliconValley MultiFamilyGroup

    (408) 356-1900

    2 in this area

    38 Total Sales

    Michael Shields
    Section Image
  • Jean Davila

    Buyer's Agent in 2025

    Jean Davila

    Real Brokerage Technologies

    (408) 658-5971

    1 in this area

    50 Total Sales

    Jean Davila
    Section Image
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Map

Source: MLSListings

MLS Number: ML82018905

MLSListings

APN: 279-14-004

California Santa Clara County San Jose 95128 Castlemont

2985 Walgrove Way, San Jose, CA

This home is located at 2985 Walgrove Way, San Jose, CA 95128 and is currently priced at $1,950,000, approximately $490 per square foot. This property was built in 1968. 2985 Walgrove Way is a home located in Santa Clara County with nearby schools including Del Mar High School, Monroe Middle School, and Castlemont Elementary School.

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