Warehouse and Residential
For Sale
$6,600,000
Pending
1995 Old Calaveras Road, Milpitas, CA 95035
Set on 20 acres with flat and hillside areas, the property includes an air-conditioned warehouse and a single-story home.
Property Size9,600 SF
Lot Size20.00 Acres
Days on Market73
Property Features for 1995 Old Calaveras Road
General Information
Standard status
Pending
Size
9,600 SF
Lot size
20.00 Acres
Property subtype
Commercial/Industrial
Listing Agency:
Coldwell Banker Realty
(650) 833-8498
Listed By:
Joe Velasco · License #01309200
(650) 833-8498
Source:
Exitrealty
Added: May 29
Changed: Aug 8
Last Checked: Jun 25 at 5:42PM
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.
Located at 1995 Old Calaveras Road in Milpitas, CA, this 20-acre estate combines land with an existing commercial building and a single-story residence. The parcel includes 10 acres described as flat and 10 acres described as hillside, offering a mix of terrain within one property.
An approximately 9,600 sq. ft. air-conditioned building is in place, providing enclosed space for a variety of commercial or operational needs. A 1,750 sq. ft. single-story home is also included on-site, which may support guest or temporary occupancy while the property is utilized.
Overall, the combination of acreage, air-conditioned warehouse space, and an on-site home creates a flexible setup for buyers seeking a single-site estate with both operational and residential components.
An approximately 9,600 sq. ft. air-conditioned building is in place, providing enclosed space for a variety of commercial or operational needs. A 1,750 sq. ft. single-story home is also included on-site, which may support guest or temporary occupancy while the property is utilized.
Overall, the combination of acreage, air-conditioned warehouse space, and an on-site home creates a flexible setup for buyers seeking a single-site estate with both operational and residential components.
Key Highlights
- 20‑acre Milpitas property with 10 acres flat and 10 hillside
- 9,600 sq. ft. air‑conditioned building suitable for storage or workspace use
- 1,750 sq. ft. single‑story home for guest house, second home, or temporary residence
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
$194,570
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
2.95%
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%
$3,891,400
$3.9M
Cap Rate 7%
$2,779,571
$2.8M
Cap Rate 9%
$2,161,889
$2.2M
Market Conditions
NOI Build-Up for 9,600 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
$247.7K $25.80/SF
− Vacancy
−$18.8K −$1.96/SF
EGI
$228.9K $23.84/SF
− OpEx
−$34.3K −$3.58/SF
NOI
$194.6K $20.27/SF
Area
Santa Clara County, CA
Vacancy
7.58%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
15.00%
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%
$3,891,400
Cap Rate 7%
$2,779,571
Cap Rate 9%
$2,161,889
Alternative Uses
Best Use
Warehouse
$2.78M
$2.43M – $3.24M
NOI $194,570 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.80M
$5.07M – $6.76M
NOI $405,697 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 95035, CA
80,440
Population
25,851
Households
3.1
Avg Household Size
37
Median Age
59%
College-Educated
90%
High-School Grad
22.4 sq mi
ZIP Area
3,591
Density / Sq Mi
$176,723
Median Household Income
$81,070
Median Earnings
$3,110
Median Rent
$1,180,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Set on 20 acres with flat and hillside areas, the property includes an air-conditioned warehouse and a single-story home.
Where is this warehouse located?
The property is located at 1995 Old Calaveras Road Milpitas, CA.
What is the asking price?
The asking price for this property is $6,600,000.
What are key features of this property?
This property features: 20‑acre Milpitas property with 10 acres flat and 10 hillside; 9,600 sq. ft. air‑conditioned building suitable for storage or workspace use; 1,750 sq. ft. single‑story home for guest house, second home, or temporary residence
