Evergreen San Jose Office
For Sale
$848,000
1569 Lexann Avenue #224, San Jose, CA 95121
Spacious office condo in a thriving San Jose location.
Property Size1,170 SF
Price / SF$724.79
Days on Market191
Property Features for 1569 Lexann Avenue #224
General Information
Standard status
Active
Size
1,170 SF
Property subtype
Commercial
Amenities
Common Garage
Metal Roof
Concrete Flooring
Elevator/Lift
No Heat Heating
Wheelchair Access
Building Details
Year Built
2007
Listing Agency:
BLOCK CHANGE REAL ESTATE
(408) 655-0878
Listed By:
THAO DANG & BRIAN NG · License #70013767
Source:
Corcoran
Added: Feb 3
Changed: Aug 10
Last Checked: Jul 16 at 7:16AM
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 BLOCK CHANGE REAL ESTATE
Investment Insights
Based on property information with market context.
Located in the Evergreen neighborhood of San Jose, 1569 Lexann Avenue, Suite 224 is a second-floor office condominium within the Lexann Professional Center. The unit offers a flexible open floor plan, allowing customization to suit various business operations and layout preferences. The property is suitable for professional or medical uses. The space is approximately 1,100+ square feet. Positioned near East Capitol Expressway within Evergreen's active retail and commercial corridor, the property benefits from visibility and surrounding amenities. Nearby tenants and retailers include Target, Costco, CVS Pharmacy, Sprouts Farmers Market, Starbucks, The Boiling Crab, and numerous dining and service establishments. The property also offers access to major transportation routes and on-site parking, enhancing accessibility for both clients and staff. It is an opportunity for an owner-user or investor seeking a professional office space in a Silicon Valley location.
Key Highlights
- Located in the highly desirable Evergreen neighborhood of San Jose.
- Versatile 1,100+ sq ft office condominium suitable for professional or medical use.
- Flexible open floor plan allowing for efficient customization.
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
$41,160
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
4.85%
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%
$823,200
$823.2K
Cap Rate 7%
$588,000
$588.0K
Cap Rate 9%
$457,333
$457.3K
Market Conditions
NOI Build-Up for 1,170 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
$65.6K $56.04/SF
− Vacancy
−$10.7K −$9.13/SF
EGI
$54.9K $46.91/SF
− OpEx
−$13.7K −$11.73/SF
NOI
$41.2K $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%
$823,200
Cap Rate 7%
$588,000
Cap Rate 9%
$457,333
Alternative Uses
Best Use
Office B
$588.0K
$514.5K – $686.0K
NOI $41,160 @ 7.0% cap · market cap 4.85%
Second Best
Healthcare Medical
$279.8K
$244.8K – $326.4K
NOI $19,586 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$706.6K
$618.3K – $824.4K
NOI $49,462 @ 7.0% cap · market cap 5.83%
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
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Frequently Asked Questions
What type of property is this?
Office units - Spacious office condo in a thriving San Jose location.
Where is this office units located?
The property is located at 1569 Lexann Avenue #224 San Jose, CA.
What is the asking price?
The asking price for this property is $848,000.
What are key features of this property?
This property features: Located in the highly desirable Evergreen neighborhood of San Jose.; Versatile 1,100+ sq ft office condominium suitable for professional or medical use.; Flexible open floor plan allowing for efficient customization.
