Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Office Space Available Title is generated by Realmo AI

    515 North First Street, San Jose, CA 95112

    View on Map
    Claim this Listing
    For Lease
    $2 SF/Yr $950/Mo (calc)

    Move-in ready office space with on-site parking and transit access.

    Type:Office
    Property size:
    5,067 SF
    Added:
    Nov 22, 2025
    Days on Market:
    189
    Last Refresh:
    May 19 at 8:38 pm

    Property Features for 515 North First Street

    General Information

    Standard status
    Active
    Size
    5,067 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Anthony Podesta
    Anthony Podesta

    Listing agent Anthony Podesta License #Lic. 01467260

    Listing office CBRE | Palo Alto

    Listing date Nov 22, 2025

    Source Cbre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of CBRE | Palo Alto

    HighLights

    • Renovated interiors & exteriors
    • On‑site parking available
    • Ready for occupancy
    • Easy access to hwys 880, 87 & 280
    • Located by VTA light rail stop

    Overview

    This office space, totaling 5067 square feet, features renovated interiors and exteriors, making it ready for immediate occupancy. On-site parking is available. The property benefits from its location near a VTA light rail stop and offers convenient access to highways 880, 87, and 280.
    Property Profile Location Intelligence

    Current Use by Public Records

    California Bank & Trust Bank

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Law Firm Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    San Jose
    County
    Santa Clara
    State
    California
    Longitude
    -121.898
    Latitude
    37.3454

    Nearby Similar for Lease

    • $3,250/Mo
      5,040 SF

      San Jose Retail Space Available

      Retail spaces available in prime San Jose location.
      1271 Story Rd, San Jose, CA 95122
      View Details
    • $129-$9,795/Mo
      11-1,292 SF

      CA, San Jose - Spaces San Jose - Santana Row

      3031 Tisch Way, San Jose, CA 95128
      View Details
    • $129-$5,546/Mo
      11-1,292 SF

      CA, San Jose - S 1st St

      325 1St St, Unit 120, San Jose, CA 95113
      View Details
    • $129-$4,463/Mo
      11-1,292 SF

      Spaces 18 S 2nd Street

      18 2Nd St, San Jose, CA 95113
      View Details
    • $3 SF/Yr
      11,500 SF

      Move-in Ready Medical/Professional Suites

      Versatile suites near Regional Medical Center, ideal for medical practices.
      244 N Jackson Avenue, San Jose, CA 95116
      View Details
    • $129-$5,631/Mo
      11-1,292 SF

      Downtown San Jose

      99 Almaden Blvd, Unit 600, San Jose, CA 95113
      View Details
    • $129-$19,199/Mo
      11-1,535 SF

      San Jose Airport

      2033 Gateway Pl, San Jose, CA 95110
      View Details
    • Sponsored
      $129-$6,556/Mo
      11-1,292 SF

      CA, San Jose - North San Jose

      2880 San Jose Ave, San Jose, CA 95134
      View Details
    • $129-$7,056/Mo
      11-1,292 SF

      South San Jose

      6203 San Ignacio Ave, Unit 110, San Jose, CA 95119
      View Details
    • $6,000/Mo
      3,000 SF

      Retail Space Near Vietnam Town

      Retail spaces available in prime location near freeways.
      1271 Story Rd, San Jose, CA 95122
      View Details
    • $2 SF/Yr
      5,420 SF

      Restaurant Space in San Jose

      Second generation restaurant space available for rent in San Jose.
      San Jose, CA 95124
      View Details
    • $3,407/Mo
      3,407 SF

      Furnished Office Suite Near Airport

      Furnished office suite near Highways 87 and 101.
      2055 Gateway Pl, Suite 430, San Jose, CA 95110
      View Details

    FAQs

    What type of property is this?
    Office units - Move-in ready office space with on-site parking and transit access.
    Where is this office units located?
    The property is located at 515 North First Street San Jose, CA.
    What is the lease rate?
    The lease rate is $2 SF/Yr.
    What are key features of this property?
    This property features: Renovated interiors & exteriors; On‑site parking available; Ready for occupancy
    (408) 646-2778
    We can help!
    Listing Contact
    Anthony Podesta
    Anthony Podesta
    Real Estate License ID: Lic. 01467260
    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
    515 North First Street, San Jose, CA, 95112
    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!