Restored Mansion in San
For Sale
$3,725,000
1650 The Alameda, San Jose, CA 95126
Impeccably restored mansion in the heart of San Jose.
Property Size6,070 SF
Price / SF$613.67
Days on Market227
Property Features for 1650 The Alameda
General Information
Standard status
Active
Size
6,070 SF
Property subtype
Commercial
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Realty
(408) 621-7473
Listed By:
Chris Shaheen · License #01421630
(714) 497-3550
Source:
Sevengables
Added: Jan 14
Changed: Aug 28
Last Checked: Aug 29 at 10:41AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This impeccably restored mansion, designed by Julia Morgan, is located in the heart of the San Jose Rose Garden neighborhood. The property offers 6,070 square feet of space distributed across two main floors, a basement, and an attic/loft room. It features a prominent entry and reception area, with multiple possible configurations. High-quality interior finishes are present throughout, including a dramatic conference room. A shared break room with a fully functioning kitchen is available. The building is fully wired with CAT5 and includes a two-car garage. The property is in close proximity to downtown San Jose, CalTrain, SJC Airport, I-280, HWY 87, and I-880. The property is suitable for office use.
Key Highlights
- Impeccably restored Julia Morgan mansion.
- Boasting 6,070sf of space on 2 main floors, a basement, and an attic/loft room.
- Prime location in the heart of the San Jose Rose Garden neighborhood.
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
$213,537
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
5.73%
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%
$4,270,740
$4.3M
Cap Rate 7%
$3,050,529
$3.1M
Cap Rate 9%
$2,372,633
$2.4M
Market Conditions
NOI Build-Up for 6,070 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
$340.2K $56.04/SF
− Vacancy
−$55.4K −$9.13/SF
EGI
$284.7K $46.91/SF
− OpEx
−$71.2K −$11.73/SF
NOI
$213.5K $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%
$4,270,740
Cap Rate 7%
$3,050,529
Cap Rate 9%
$2,372,633
Alternative Uses
Best Use
Office B
$3.05M
$2.67M – $3.56M
NOI $213,537 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.67M
$3.21M – $4.28M
NOI $256,610 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,442
Businesses Nearby
Explore this area
Business Placement
Demographics for 95126, CA
37,372
Population
16,936
Households
2.2
Avg Household Size
36
Median Age
55%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
11,325
Density / Sq Mi
$127,297
Median Household Income
$72,722
Median Earnings
$2,544
Median Rent
$1,195,700
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 building - Impeccably restored mansion in the heart of San Jose.
Where is this office building located?
The property is located at 1650 The Alameda San Jose, CA.
What is the asking price?
The asking price for this property is $3,725,000.
What are key features of this property?
This property features: Impeccably restored Julia Morgan mansion.; Boasting 6,070sf of space on 2 main floors, a basement, and an attic/loft room.; Prime location in the heart of the San Jose Rose Garden neighborhood.
