San Jose Industrial Facility For
For Sale
$5,500,000
90 Pullman Way, San Jose, CA 95111
Industrial building with heavy power, convenient loading, and flexible occupancy.
Property Size22,837 SF
Lot Size0.53 Acres
Price / SF$240.84
Days on Market153
Property Features for 90 Pullman Way
General Information
Standard status
Active
Size
22,837 SF
Lot size
0.53 Acres
Property subtype
Industrial
Listing Agency:
CBRE | San Jose
(408) 453-7407
Listed By:
Brian Matteoni · License #00917296
(408) 453-7407
Source:
Cbre
Added: Mar 25
Changed: Aug 15
Last Checked: Aug 24 at 8:03AM
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
Investment Insights
Based on property information with market context.
This industrial property, located in San Jose, CA, features heavy industrial zoning and includes approximately 15% office area. The property is situated on an approximately 0.53-acre lot and provides parking with 4 surface spaces, plus street parking. The building has a clear height of 15 to 16 feet. It is equipped with fire sprinklers, grade-level loading, and heavy power at 800 amps / 240 V (buyer to verify). This property is suitable for either investment or owner-user purchase. Existing tenants are on shorter-term leases, and the property can be delivered vacant. It features six oversized grade-level roll-up doors (three in front, three in rear), 12’ X 14’ insulated ceilings in the warehouse portion, and air conditioning in approximately 2,000 square feet of the warehouse. The property also includes a fenced parking and loading area in the rear. The building size is 22,837 square feet.
Key Highlights
- Heavy Industrial Zoning
- Delivered Vacant or with Existing Tenants on Shorter Term Leases
- Enjoy the convenience of 6 oversized grade level roll up doors (3 in front, 3 in rear)
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
$380,266
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
6.91%
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%
$7,605,320
$7.6M
Cap Rate 7%
$5,432,371
$5.4M
Cap Rate 9%
$4,225,178
$4.2M
Market Conditions
NOI Build-Up for 22,837 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
$589.2K $25.80/SF
− Vacancy
−$46.0K −$2.01/SF
EGI
$543.2K $23.79/SF
− OpEx
−$163.0K −$7.14/SF
NOI
$380.3K $16.65/SF
Area
ZIP 95111
Vacancy
7.80%
Lease Rate
$25.80 /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%
$7,605,320
Cap Rate 7%
$5,432,371
Cap Rate 9%
$4,225,178
Alternative Uses
Best Use
Industrial
$5.43M
$4.75M – $6.34M
NOI $380,266 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.71M
$12.00M – $16.00M
NOI $959,704 @ 7.0% cap · market cap 17.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Industrial building with heavy power, convenient loading, and flexible occupancy.
Where is this industrial property located?
The property is located at 90 Pullman Way San Jose, CA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Heavy Industrial Zoning; Delivered Vacant or with Existing Tenants on Shorter Term Leases; Enjoy the convenience of 6 oversized grade level roll up doors (3 in front, 3 in rear)
