Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    15675 Milan Ln Morgan Hill, CA 95037

    • Apartment buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Diamond Creek Morgan Hill / Apartment Building

    Property Details for 15675 Milan Ln

    Year built
    2015
    Property type
    Apartment buildings

    Description

    This exceptional stabilized multifamily investment opportunity presents a 39-unit apartment building located at 15675 Milan Ln, Morgan Hill, CA 95037. The property, built in 2015, boasts a total net rentable area of 44,487 square feet across a single, three-story building situated on a 21,919 square foot lot. Currently operating at a 97% occupancy rate, the property generates a Net Operating Income (NOI) of $723,474, resulting in a current cap rate of 3.17%. A pro-forma NOI of $927,482 projects a 4.07% cap rate. The property features a diverse unit mix including six 1-bedroom/1-bathroom units, twenty-seven 2-bedroom/2-bathroom units, and six 3-bedroom/2-bathroom units. Each unit has its own separate water and electric meter. The property is zoned RAM-PD and is offered free and clear of any existing debt. Individual unit APNs are 767-56-001 through 767-56-039. Importantly, while currently sold as a single package, individual condo sales are permitted after November 23, 2025, with a projected market value of $30,445,000 at that time. This presents a unique opportunity for both immediate income generation and significant long-term appreciation potential. This is a truly exceptional opportunity in the desirable Morgan Hill, California market. The property is offered for sale at $22,800,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Morgan Hill
    County
    Santa Clara
    State
    California
    Longitude
    -121.64
    Latitude
    37.109

    Comparable in this City

    • Value Estimation
      $655,000
      3.98 Acres

      16500 Monterey St

      APARTMENT HOUSE (5+ UNITS) • 3.98 Acres
      16500 Monterey St, Morgan Hill, CA 95037-5159
      View Details
    • Value Estimation
      $1,275,000
      223,897 SF

      1100 Vintage Ln

      APARTMENT HOUSE (5+ UNITS) • 223,897 SF
      1100 Vintage Ln, Morgan Hill, CA 95037-9759
      View Details
    • Value Estimation
      $195,000
      1,840 SF

      16873 Monterey St

      APARTMENT HOUSE (5+ UNITS) • 1,840 SF
      16873 Monterey St, Morgan Hill, CA 95037-8401
      View Details
    • Value Estimation
      $355,000
      2,500 SF

      San Jose, CA 95037

      APARTMENT HOUSE (5+ UNITS) • 2,500 SF
      San Jose, CA 95037
      View Details
    • Value Estimation by Request
      55,087 SF

      16800 Monterey Rd

      APARTMENT HOUSE (5+ UNITS) • 55,087 SF
      16800 Monterey Rd, Morgan Hill, CA 95037-9755
      View Details
    • Value Estimation
      $235,000
      7,283 SF

      340 Main Ave

      APARTMENT HOUSE (5+ UNITS) • 7,283 SF
      340 Main Ave, Morgan Hill, CA 95037-4558
      View Details

    Similar Nearby for Sale

    • $390,000

      Spacious Mobile Home in 55+ Community

      Comfortable 2-bedroom mobile home in rent-controlled 55+ community.
      275 Burnett Ave, Morgan Hill, CA 95037
      View Details
    • $459,000

      2004 Home in 55+ Community

      Well-maintained home in Woodland Estates with many community amenities.
      42 Dewey 42, Morgan Hill, CA 95037
      View Details
    • $1,950,000
      3.79 Acres

      Morgan Hill Estate Land Opportunity

      3.79 Acres, Prime Residential Location
      2275 Dunne Ave, Morgan Hill, CA 95037
      View Details
    • Contact for pricing

      Land in Morgan Hill Hillside

      159.10 acres in Morgan Hill with old ranch home.
      6270 Croy Rd, Morgan Hill, CA 95037
      View Details
    • $18,561,787

      Land For Sale

      Land available for sale in Morgan Hill, California.
      9080 Santa Teresa Blvd, Morgan Hill, CA 95037
      View Details
    • $335,000

      Land For Sale

      Commercial land available for sale.
      56 Creekside Dr, Morgan Hill, CA 95037
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,577 SF

      Office Space in Morgan Hill

      Office space available in Morgan Hill with national co-tenants.
      775 Cochrane Rd, Morgan Hill, CA 95037
      View Details
    • $1.25 SF/Yr
      2,930 SF

      Morgan Hill Office Space Available

      Office space for rent in Morgan Hill, California.
      18630 Sutter Blvd, Morgan Hill, CA 95037
      View Details
    • Contact for pricing
      2,020 SF

      Retail Space in Morgan Hill

      Retail space available for lease in Morgan Hill, CA.
      17043 Condit Rd, Morgan Hill, CA 95037
      View Details
    • Contact for pricing
      2,200 SF

      Retail Space Near Highway 101

      Retail space with highway frontage and development opportunities in Morgan Hill.
      1041 Cochrane Rd, Morgan Hill, CA 95037
      View Details
    • Contact for pricing
      15,000 SF

      Office/R&D Building in Morgan Hill

      Two-story office/R&D building with expansion potential, near Highway 101.
      18705 Madrone Pkwy, Morgan Hill, CA 95037
      View Details
    • $1.35 SF/Yr
      70,305 SF

      Morgan Hill Industrial/Warehouse Space

      Industrial/warehouse space suitable for manufacturing, life science, and distribution.
      18115 Sutter Blvd, Morgan Hill, CA 95037
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    15675 Milan Ln
    Morgan Hill, CA 95037
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.