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    490 North McCarthy Boulevard Milpitas, CA 95035

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    68-acre campus with 1.1 million sq ft workspace.

    Type:FlexIndustrial
    Property size:
    11,993 SF
    Added:
    Nov 22, 2025
    Days on Market:
    135
    Last Refresh:
    Apr 5 at 9:10 pm

    Property Features for 490 North McCarthy Boulevard

    General Information

    Standard status
    Active
    Size
    11,993 SF
    Property subtype
    FlexIndustrial

    Spaces For Lease

    at 490 North McCarthy Boulevard Contact us

    We can help!

    Listing Contact
    Mark Schmidt

    Listing agent Mark Schmidt License #00872826

    Listing office CBRE | San Jose

    Listing date Nov 22, 2025

    Source Cbre

    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 CBRE | San Jose

    Overview

    Versatile Flex Space in Milpitas

    McCarthy Center is a 68-acre campus community comprising 19 buildings, offering 1.1 million square feet of workspace. The available space is suitable for flex workspace purposes. The location provides convenient access to Highway 237, Interstate 880, McCarthy Ranch retail center, and North Park apartment homes. The property offers a streamlined leasing process.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Joe's Towing Auto Repair Shop Codeobjects Inc IT Consulting Firm HEAT Software Corporate Office Envision Peripherals, Inc ... Factory Rohde & Schwarz Business Service Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • World Tour Cafe — 18 S Abbott Ave, Milpitas, CA 95035
    • Tech Lunch Corporate Catering — 187 S Main St, Milpitas, CA 95035

    Location Insight

    • Map
    • Local Demand
    City
    Milpitas
    County
    Santa Clara
    State
    California
    Longitude
    -121.921
    Latitude
    37.4352

    Nearby Similar for Lease

    • $3/mo

      Milpitas Flex Space Available

      68-acre campus with 1.1 million square feet workspace.
      820 North McCarthy Boulevard, Milpitas, CA, 95035
      View Details
    • $4/mo

      Milpitas Retail Space Available

      5,600 SF retail space for rent in Milpitas, CA.
      1523 Gladding Court, Milpitas, CA
      View Details
    • $2/mo

      Milpitas Flex Workspace Available

      68-acre campus with 1.1 million square feet workspace.
      860 North McCarthy Boulevard, Milpitas, CA, 95035
      View Details
    • $4/mo

      Milpitas Retail Space Available

      Retail space available for rent in Milpitas, California.
      1463 Centre Pointe Drive, Milpitas, CA
      View Details
    • $1.75/mo

      Milpitas Office Space Available

      Office space with lab, clean room, and ample power.
      670 McCarthy Boulevard, Milpitas, CA, 95035
      View Details
    • $2/mo

      Milpitas Office and R&D Campus

      19-building office and R&D campus on 68 acres.
      640 North McCarthy Boulevard, Milpitas, CA, 95035
      View Details
    • $2/mo

      Milpitas Office and R&D Campus

      19-building office and R&D campus on 68 acres.
      660 North McCarthy Boulevard, Milpitas, CA, 95035
      View Details
    • $1.70/mo

      Milpitas Warehouse Space Available

      7,200 SF warehouse with loading docks in Milpitas.
      386-404 Railroad Ct, Milpitas, CA
      View Details
    • $5/mo

      Turnkey Bakery Space Available

      Former bakery space with FF&E included, ready for occupancy.
      642-668 Barber Ln, Milpitas, CA
      View Details
    • $4/mo

      Milpitas Office Space Available

      Office space for rent near McCarthy Ranch Shopping Center.
      430 North McCarthy Boulevard, Milpitas, CA, 95035
      View Details
    • $1.55/mo

      Milpitas Warehouse with Planned Office

      36,288 SF warehouse with planned office space for rent.
      746 South Milpitas Boulevard, Milpitas, CA, 95035
      View Details
    • $1.58/mo

      Milpitas Warehouse with Loading Docks

      Warehouse space featuring dock and grade-level loading in Milpitas.
      418 South Abbott Avenue, Milpitas, CA, 95035
      View Details

    FAQs

    What type of property is this?
    Flex space - 68-acre campus with 1.1 million sq ft workspace.
    Where is this flex space located?
    The property is located at 490 North McCarthy Boulevard Milpitas, CA.
    What are key features of this property?
    This property features: Sprawling 68‑acre campus community featuring 19 buildings.; Boasting 1.1 million square feet of workspace.; **Expertly designed Flex Workspace+™ offices** available.
    (408) 453-7440
    We can help!
    Listing Contact
    Mark Schmidt
    Real Estate License ID: 00872826
    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.

    More about this property
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