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    Two-Story Retail Building with Custom Buildout Title is generated by Realmo AI

    383 1st St, Gilroy, CA 95020

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    New
    For Lease
    $7,650 /Mo

    Corner retail building with second-floor space and two restrooms, ready for full customization after being taken to the studs.

    Type:Commercial
    Lot size:
    0.34 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 4:49 am

    Property Features for 383 1st St

    General Information

    Standard status
    Active
    Lot size
    0.34 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1935

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    Listing Contact
    Ricardo Archila
    Ricardo Archila

    Listing agent Ricardo Archila

    Listing office

    Listing date Jun 3, 2026

    Source Elliman

    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 Ricardo Archila

    HighLights

    • Two‑story corner retail building at 1st St and Hanna St in Gilroy, built in 1935
    • Taken down to the studs and ready for full custom buildout with former restaurant infrastructure for reconfiguration
    • Zoned for commercial use with flexible leasing potential
    • Second‑floor layout suitable for office or creative use; includes 2 restrooms (one on each level)
    • Walk Score 90/100 (very walkable) and bikeScore 82/100 (very bikeable)
    • Estimated 21+/- parking spaces and corner street exposure for signage and visibility

    Overview

    This two-story retail building offers a true blank-canvas condition, currently taken down to the studs for a full custom buildout. The property retains a former restaurant infrastructure that may be reconfigured, and includes two restrooms, with one on each level. The second-floor layout is suitable for office or creative use, depending on tenant requirements and design.

    Located at the corner of 1st St and Hanna St just steps from the downtown core, the building benefits from strong street exposure in an established commercial district. Walk Score is reported at 88/100, with Bike Score of 82, supporting frequent pedestrian activity. The property also includes approximately 21+/- parking spaces and presents signage potential given its street visibility. It is zoned for commercial use, and the larger site includes approximately a 15,000 sq ft lot (tenant to verify).

    With flexible leasing potential and a layout that can support retail with an office or creative component, this property is positioned for tenants who want to design and construct a space to their specifications. The existing infrastructure and two-story configuration can help streamline planning for users seeking ground-level customer-facing space paired with a functional second level.
    Location Intelligence

    Current Use by Public Records

    Gilroy Publishing House Los Juniors Mariscos Restaurant Z And Z Solutions Business To Business Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Rosies & Posies Florist — 8355 Monterey Rd, Gilroy, CA 95020
    • Rosies & Posies — 8355 monterey rd, gilroy, ca 95020

    Location Insight

    • Map
    • Local Demand
    City
    Gilroy
    County
    Santa Clara
    State
    California
    Longitude
    -121.5769893
    Latitude
    37.0135505

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    FAQs

    What type of property is this?
    Storefront property - Corner retail building with second-floor space and two restrooms, ready for full customization after being taken to the studs.
    Where is this storefront property located?
    The property is located at 383 1st St Gilroy, CA.
    What is the lease rate?
    The lease rate is $7,650 /Mo.
    What are key features of this property?
    This property features: Two‑story corner retail building at 1st St and Hanna St in Gilroy, built in 1935; Taken down to the studs and ready for full custom buildout with former restaurant infrastructure for reconfiguration; Zoned for commercial use with flexible leasing potential
    (650) 438-1562
    We can help!
    Listing Contact
    Ricardo Archila
    Ricardo Archila
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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