Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    1321 NE Terra Vista CT Milpitas, CA 95035

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $2,750,000

    Residential Lots & Land - MILPITAS, CA

    Property size:
    5,840 SF
    Lot size:
    1.05 Acres
    Price / SF:
    $470/SF
    Added:
    Mar 24, 2026
    Days on Market:
    43
    Last Refresh:
    May 5 at 9:06 pm

    Property Features for 1321 NE Terra Vista CT

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R1
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active Under Contract
    Size
    5,840 SF
    Lot size
    1.05 Acres

    Taxes and HOA fees

    Expense value
    250
    Expense
    Home Owner Assessments Fee

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    John Faylor
    John Faylor

    Listing agent John Faylor License #01065896

    Listing office Christie's International Real Estate Sereno 214 Los Gatos Saratoga Rd., Los Gatos, CA

    Listing date Mar 24, 2026

    MLS# ML82038773 Listing URL

    Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Milpitas Residential Land with Approved Plans

    This 1.13-acre residential lot offers the opportunity to build a custom estate with views of the city, bay, valley, and Summit Pointe Golf Course. The property has approved plans for a 5840 sq ft main house, an 832 sq ft ADU, and an 832 sq ft garage. Utilities, including water, fire hydrants, electricity, sewer, and cable, are already in place. The location provides convenient access to the South Bay and East Bay via nearby 680.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Milpitas
    County
    Santa Clara
    State
    California
    Longitude
    -121.859
    Latitude
    37.4486

    Nearby Similar for Sale

    • $428,000

      Updated Home in Senior Community

      Updated 3-bedroom, 2-bath home in Milpitas senior community.
      60 wilson Way 117, Milpitas, CA 95035
      View Details
    • $3,000,000
      15,000 SF

      Milpitas Mixed-Use Development Opportunity

      0.34 acre mixed-use development land in rapidly growing Milpitas.
      27 Main Street, MILPITAS, CA 95035
      View Details
    • $239,000

      Senior Park Mobile Home

      Mobile home in a senior park with low space rent.
      60 Wilson Way 104, Milpitas, CA 95035
      View Details
    • $6,798,000

      26.5-Acre Estate Site with Views

      Rare parcel near Milpitas with panoramic views and boundless possibilities.
      3463 Calaveras Rd, Milpitas, CA 95035
      View Details
    • $2,250,000
      3,795 SF

      Milpitas Sixplex with Upside Potential

      Six-unit property in Milpitas with renovation and income potential.
      228 Selwyn Drive, MILPITAS, CA 95035
      View Details
    • $1,748,000

      Milpitas Shared Residence Investment

      Shared residence investment property with high monthly rental income.
      1260 Glacier Dr, Milpitas, CA 95035
      View Details
    • $3,995,000
      20,939 SF

      Milpitas Office Building Investment Opportunity

      Two-story office building with value-add potential in Milpitas.
      Corning Avenue, Milpitas, CA 95035
      View Details
    • Contact for pricing
      44,815 SF

      Milpitas Flex Space Available

      Flex space featuring R&D, lab, manufacturing, and office areas.
      1561 Buckeye Ct, Milpitas, CA
      View Details
    • $30,000,000

      Land

      2000 Scott Creek Rd, Milpitas, CA 95035
      View Details
    • $1,320,000
      2,640 SF

      Milpitas Industrial Condominium For Sale

      Two-unit industrial condominium totaling 2,640 SF in Milpitas, CA.
      527 Sinclair Frontage Rd, Milpitas, CA 95035
      View Details
    • $30,000,000

      336 Acres Adjacent to Silicon Valley

      336 acres near Silicon Valley with ranch house and quarry.
      2000 Scott Creek Road, MILPITAS, CA 95035
      View Details
    • $2,750,000

      Milpitas Land For Sale

      Land available in Santa Clara County near Country Club.
      1321 NE Terra Vista Court, Milpitas, CA 95035
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 1.13 acre lot with approved plans for custom estate.
    Where is this residential land & home lot located?
    The property is located at 1321 NE Terra Vista CT Milpitas, CA.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: 1.13 acre lot with **city, bay, valley, and Summit Pointe Golf Course views.**; Approved plans for a **5840 sq ft main house, 832 sq ft ADU, and 832 sq ft garage.**; Utilities (water, fire hydrants, electricity, sewer, and cable) are in place.
    (408) 605-8133
    We can help!
    Listing Contact
    John Faylor
    John Faylor
    Real Estate License ID: 01065896
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1321 NE Terra Vista CT, MILPITAS, CA 95035
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!