Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    603 Penitencia St Milpitas, CA 95035

    View on Map
    Sponsored
    For Sale
    $1,699,999

    Duplex - MILPITAS, CA

    Type:Duplex
    Property size:
    1,860 SF
    Lot size:
    0.25 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 22 at 3:06 am

    Property Features for 603 Penitencia St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Active
    Zoning
    R2S
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Office
    Bedrooms
    6
    Parking
    6
    Parking features
    Garage, Garage - Attached, Guest
    Interior features
    Other
    Size
    1,860 SF
    Lot size
    0.25 Acres

    Utilities

    Heating system
    Central, Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1961
    Number of units
    2
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Inary Zou

    KW MREMC Thrive, Inc.

    Listing agent Inary Zou License #02000309

    Listing date Mar 21, 2026

    MLS# ML82039573 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.

    Learn more

    Property Insight Report

    Overview

    Spacious Duplex on Corner Lot

    This single-story duplex is located on a quarter-acre corner lot. The property includes two units. One unit is tenant-occupied, providing rental income. The other unit is ideal for owner-occupancy or premium rental. Both units have been improved with renovations. Upgrades include new luxury vinyl flooring, fresh interior paint, updated kitchen cabinetry, and granite countertops. The property also features a new roof. Each unit has its own oversized private backyard and an attached garage with washer/dryer hookups. The expansive lot presents ADU and expansion possibilities, creating additional income potential. The property is located with easy access to Highways 680 and 880, and within school boundaries including Curtner Elementary, Thomas Russell Middle, and Milpitas High School. The property offers a blend of immediate rental income, recent upgrades, and future development potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Milpitas
    County
    Santa Clara
    State
    California
    Longitude
    -121.9130969
    Latitude
    37.4346917

    Nearby Similar for Sale

    • $850,000

      Restaurant Opportunity Near Great Mall

      Restaurant in area with upcoming residential and mixed-use developments.
      579 S Main St, Milpitas, CA 95035
      View Details
    • $120,000

      Milpitas Retail Space with License

      High-traffic retail space suitable for grocery or convenience store.
      118 S Abel St, 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 Ave, Milpitas, CA 95035
      View Details

    FAQs

    What type of property is this?
    Duplex - Single-story duplex with upgrades, income potential, and expansion possibilities.
    Where is this duplex located?
    The property is located at 603 Penitencia St Milpitas, CA.
    What is the asking price?
    The asking price for this property is $1,699,999.
    What are key features of this property?
    This property features: - Expansive quarter-acre corner lot with ADU and expansion possibilities (buyer to verify with city).; - Two well-proportioned units offering immediate rental income and owner-occupancy potential.; - Approximately $200K in recent renovations, including new flooring, paint, kitchen upgrades, and reroof.
    (650) 812-9293
    Request Owner's contact information
    603 Penitencia St Milpitas, CA 95035
    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.
    603 Penitencia St
    Milpitas, CA 95035
    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
    603 Penitencia St Milpitas, CA 95035
    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

    We can help!
    Listing Contact
    Inary Zou
    Real Estate License ID: 02000309
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!