San Jose Commercial Condo
For Sale
$1,049,000
175 Lewis Road #22, San Jose, CA 95111
Well-maintained commercial condo with office, warehouse space, and modern upgrades.
Property Size2,605 SF
Price / SF$402.69
Days on Market438
Property Features for 175 Lewis Road #22
General Information
Standard status
Active
Size
2,605 SF
Building Details
Year Built
1990
Listing Agency:
PACIFICWIDE REAL ESTATE & MORTGAGE
Listed By:
KEVIN KHOI NGUYEN
Source:
Corcoran
Added: Jun 19, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 PACIFICWIDE REAL ESTATE & MORTGAGE
Investment Insights
Based on property information with market context.
This commercial condo in San Jose offers a functional layout featuring dedicated office space and a warehouse area. The property includes two restrooms and a roll-up door for convenient loading. Upgrades completed in 2022 include a new electrical panel, LED lighting, ceiling improvements, and durable laminate flooring. Ample on-site parking is available, and the property features a gated entrance for added security. Its location provides quick access to Highways 87, 280, and 101, facilitating travel throughout the Bay Area. The property is suitable for a variety of business uses and presents an investment opportunity for owner-users or investors.
Key Highlights
- 5.5% CAP Rate: A strong investment opportunity.
- Strategic Location: Quick access to Highways 87, 280, and 101.
- Versatile Unit: Features dedicated office space, warehouse area, and two restrooms.
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
$91,642
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
8.74%
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%
$1,832,840
$1.8M
Cap Rate 7%
$1,309,171
$1.3M
Cap Rate 9%
$1,018,244
$1.0M
Market Conditions
NOI Build-Up for 2,605 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
$146.0K $56.04/SF
− Vacancy
−$23.8K −$9.13/SF
EGI
$122.2K $46.91/SF
− OpEx
−$30.5K −$11.73/SF
NOI
$91.6K $35.18/SF
Area
ZIP 95111
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%
$1,832,840
Cap Rate 7%
$1,309,171
Cap Rate 9%
$1,018,244
Alternative Uses
Best Use
Office B
$1.31M
$1.15M – $1.53M
NOI $91,642 @ 7.0% cap · market cap 8.74%
Second Best
Warehouse
$752.5K
$658.4K – $877.9K
NOI $52,672 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,473 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95111, CA
60,593
Population
16,303
Households
3.7
Avg Household Size
36
Median Age
20%
College-Educated
72%
High-School Grad
5.8 sq mi
ZIP Area
10,447
Density / Sq Mi
$97,162
Median Household Income
$43,577
Median Earnings
$1,954
Median Rent
$826,200
Median Home Value
Market
Vacancy Rate% for Office in San Jose, CA
Questions? Ask Rey
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Similar Off Market Nearby
- Parties with Sol — 3010 Monterey Rd, San Jose, CA 95111
- Kona Island Coffee — 105 E Fremont Ave, Sunnyvale, CA 94087
- On The Fly Mobile Kitchen — n/a, San Jose, CA 95111
Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained commercial condo with office, warehouse space, and modern upgrades.
Where is this flex space located?
The property is located at 175 Lewis Road #22 San Jose, CA.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: 5.5% CAP Rate: A strong investment opportunity.; Strategic Location: Quick access to Highways 87, 280, and 101.; Versatile Unit: Features dedicated office space, warehouse area, and two restrooms.
