NNN Retail Strip
For Sale
$4,600,000
226 W Alma Avenue, San Jose, CA 95110
Fully occupied center with five individually metered suites and triple-net leases.
Property Size9,680 SF
Price / SF$475.21
Days on Market10
Property Features for 226 W Alma Avenue
General Information
Standard status
Active
Size
9,680 SF
Total Parking Spaces
36
Property subtype
Commercial/Industrial
Occupancy
100%
Net Operating Income
$266,870
Financials
Asking Price
$4,600,000
Cap Rate
5.8%
Building Details
Year Built
2008
Construction
concrete slab
Tenancy
Multi
Listing Agency:
MJA Equity Investments, Inc.
Listed By:
Jake Anthony · License #02059020
(650) 787-6707
Source:
Exitrealty
Added: Sep 1
Changed: Sep 9
Last Checked: Sep 10 at 6:13AM
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 MJA Equity Investments, Inc.
Investment Insights
Based on property information with market context.
This NNN retail property is a fully occupied strip center with five established tenants under triple-net lease structures. The tenant roster includes Pizza Hut, Metro by T-Mobile, Healing Grove, and two local service retailers. Each suite is individually metered, with tenants responsible for their own utilities, taxes, insurance, and CAM reimbursements.
Built in 2008, the property features concrete slab construction, a flat roof, and rooftop package HVAC units serving each suite. Approximately 36 on-site parking spaces support the center. The property fronts W. Alma Avenue at Almaden Expressway in San Jose, providing access to a prominent area intersection.
Built in 2008, the property features concrete slab construction, a flat roof, and rooftop package HVAC units serving each suite. Approximately 36 on-site parking spaces support the center. The property fronts W. Alma Avenue at Almaden Expressway in San Jose, providing access to a prominent area intersection.
Key Highlights
- 100% occupied with five established tenants
- Triple‑net leases with individually metered suites
- Tenant roster includes Pizza Hut, Metro by T‑Mobile, and Healing Grove
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
$261,471
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
5.68%
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%
$5,229,420
$5.2M
Cap Rate 7%
$3,735,300
$3.7M
Cap Rate 9%
$2,905,233
$2.9M
Market Conditions
NOI Build-Up for 9,680 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
$391.5K $40.44/SF
− Vacancy
−$17.9K −$1.85/SF
EGI
$373.5K $38.59/SF
− OpEx
−$112.1K −$11.58/SF
NOI
$261.5K $27.01/SF
Area
San Jose, CA
Vacancy
4.58%
Lease Rate
$40.44 /SF/Yr
Expense Ratio
30.00%
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%
$5,229,420
Cap Rate 7%
$3,735,300
Cap Rate 9%
$2,905,233
Alternative Uses
Best Use
Retail
$3.74M
$3.27M – $4.36M
NOI $261,471 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.85M
$5.12M – $6.82M
NOI $409,223 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,573
Businesses Nearby
195k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Groceries 26%
Shops & Services 12%
Apparel 2%
Walmart Neighborhood Market
Groceries
50,156 visits/mo
0.4 miles
Starbucks
Dining
20,629 visits/mo
0.3 miles
Denny's
Dining
19,604 visits/mo
0.3 miles
Jack in the Box
Dining
18,942 visits/mo
0.4 miles
Wendy's
Dining
15,481 visits/mo
0.3 miles
Demographics for 95110, CA
20,495
Population
7,568
Households
2.7
Avg Household Size
35
Median Age
40%
College-Educated
81%
High-School Grad
4.6 sq mi
ZIP Area
4,455
Density / Sq Mi
$132,800
Median Household Income
$60,241
Median Earnings
$2,629
Median Rent
$947,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in San Jose, CA
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Frequently Asked Questions
What type of property is this?
NNN property - Fully occupied center with five individually metered suites and triple-net leases.
Where is this nnn property located?
The property is located at 226 W Alma Avenue San Jose, CA.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 100% occupied with five established tenants; Triple‑net leases with individually metered suites; Tenant roster includes Pizza Hut, Metro by T‑Mobile, and Healing Grove
