Second-Floor Office
For Sale
$758,000
1569 Lexann AVE 224, San Jose, CA 95121
COMMERCIAL - SAN JOSE, CA
Property Size1,100 SF
Lot Size0.05 Acres
Price / SF$689.09
Days on Market67
Property Features for 1569 Lexann AVE 224
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
APD
Subdivision
Evergreen
Standard status
Active
Lot size
0.05 Acres
Utilities
Heating system
None (Heating)
Water source
Public
Building Details
Year built
2007
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Block Change Real Estate
(408) 655-0878
Listed By:
Thao Dang & Brian Ng · License #70013767
(408) 972-1367
Added: Jun 8
Changed: Aug 4
Last Checked: Aug 13 at 4:06AM
MLS# ML82050209
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.
Investment Insights
Based on property information with market context.
Suite 224 at 1569 Lexann Avenue is a generously sized second-floor office condominium within the Lexann Professional Center. The space offers a flexible open floor plan, designed to support a range of professional or medical uses. As part of a well-maintained center, the unit provides a straightforward, adaptable layout for businesses looking to configure work areas to their needs.
The property is located in the Evergreen neighborhood of San Jose and sits near East Capitol Expressway within an active retail and commercial corridor. Nearby tenants and retailers include Target, Costco, CVS Pharmacy, Sprouts Farmers Market, Starbucks, and The Boiling Crab, along with numerous dining and service establishments. On-site parking and convenient access to major transportation routes support day-to-day accessibility for both staff and clients.
This second-floor office condo is a practical fit for an owner-user seeking a professional workspace, or for an investor evaluating a versatile professional/medical-ready unit in a multi-tenant center. The combination of an adaptable interior layout, established professional center setting, and convenient access to surrounding services can help simplify operations for a variety of service-oriented businesses under the APD zoning designation.
The property is located in the Evergreen neighborhood of San Jose and sits near East Capitol Expressway within an active retail and commercial corridor. Nearby tenants and retailers include Target, Costco, CVS Pharmacy, Sprouts Farmers Market, Starbucks, and The Boiling Crab, along with numerous dining and service establishments. On-site parking and convenient access to major transportation routes support day-to-day accessibility for both staff and clients.
This second-floor office condo is a practical fit for an owner-user seeking a professional workspace, or for an investor evaluating a versatile professional/medical-ready unit in a multi-tenant center. The combination of an adaptable interior layout, established professional center setting, and convenient access to surrounding services can help simplify operations for a variety of service-oriented businesses under the APD zoning designation.
Key Highlights
- Second‑floor office condominium at 1569 Lexann Avenue, Suite 224, in the Lexann Professional Center
- Approximately 1,100+ SF with a flexible open floor plan for professional or medical office use
- Built in 2007; concrete flooring and a metal roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,697
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$773,940
$773.9K
Cap Rate 7%
$552,814
$552.8K
Cap Rate 9%
$429,967
$430.0K
Market Conditions
NOI Build-Up for 1,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$61.6K $56.04/SF
− Vacancy
−$10.0K −$9.13/SF
EGI
$51.6K $46.91/SF
− OpEx
−$12.9K −$11.73/SF
NOI
$38.7K $35.18/SF
Area
San Jose, CA
Vacancy
16.30%
Lease Rate
$56.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$773,940
Cap Rate 7%
$552,814
Cap Rate 9%
$429,967
Alternative Uses
Best Use
Office B
$552.8K
$483.7K – $645.0K
NOI $38,697 @ 7.0% cap · market cap 5.11%
Second Best
Healthcare Medical
$263.1K
$230.2K – $306.9K
NOI $18,414 @ 7.0% cap · market cap 2.43%
Theoretical Best
Office A
$664.3K
$581.3K – $775.1K
NOI $46,503 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 95121, CA
37,609
Population
9,918
Households
3.8
Avg Household Size
41
Median Age
34%
College-Educated
79%
High-School Grad
4.4 sq mi
ZIP Area
8,548
Density / Sq Mi
$133,700
Median Household Income
$51,811
Median Earnings
$2,912
Median Rent
$1,024,700
Median Home Value
Market
Vacancy Rate% for Office in San Jose, CA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Flexible open office layout in a well-maintained professional center, suited for professional or medical operations.
Where is this office units located?
The property is located at 1569 Lexann AVE 224 San Jose, CA.
What is the asking price?
The asking price for this property is $758,000.
What are key features of this property?
This property features: Second‑floor office condominium at 1569 Lexann Avenue, Suite 224, in the Lexann Professional Center; Approximately 1,100+ SF with a flexible open floor plan for professional or medical office use; Built in 2007; concrete flooring and a metal roof
