Commercial Condominiums in Vietnam
For Sale
Contact for pricing
Pending
959 Story Rd Suite 5220, San Jose, CA 95122
Medical, professional, and retail condos for sale or lease-to-own.
Property Size1,198 SF
Days on Market842
Property Features for 959 Story Rd Suite 5220
General Information
Standard status
Pending
Size
1,198 SF
Property subtype
Retail
Listing Agency:
GD Commercial Real Estate Inc.
Listed By:
Jeff Vo · License #1441068
(408) 955-9900
Source:
Crexi
Added: May 16, 2024
Changed: Sep 2
Last Checked: Sep 1 at 9:24PM
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 GD Commercial Real Estate Inc.
Investment Insights
Based on property information with market context.
Commercial condominiums are available in Vietnam Town, suitable for medical, professional, and retail businesses. Ownership opportunities are available in this newly built property. The location is convenient for medical, dental, clinic, urgent care, surgery, and healthcare provider facilities. It is also suitable for professional and service offices such as optometry, acupuncture, insurance, real estate, finance, legal and law firms, immigration, cosmetics, beauty salons, and non-profit organizations. The retail tenant mix includes branded fashion shops, grocery markets, gift shops, product stores, teashops, food to-go, and restaurants. Financing is available through the Small Business Administration (SBA) at 90% of the purchase price. Real estate investment offers potential for long-term tenants, low maintenance costs, better rental income, and greater return on capital. The property provides easy access to Highways 101, 280, and 680, and Mineta San Jose International Airport. Vietnam Town also offers a Lease-To-Own Program. Upstairs units are available for the Lease-to-Own program with lease rates starting at $2.00 per Sq.Ft. NNN, with six months of free base rent for a 3-year lease term. The purchase price can be locked in, and the buyer can exercise the purchase option within two years. The building features approximately 16' clear height. Unit sizes range from 558 SF to 1,583 SF, and units can be combined for larger square footage. There are a total of 17 office and 17 retail units. Each unit comes with a single completed restroom. Power is 100 Amps, 120/208 Volt, 3-phase 4-wire.
Key Highlights
- Opportunity to OWN commercial property in a high‑growth area (Vietnam Town) instead of leasing.
- SBA financing available at 90% of the purchase price.
- Lease‑to‑Own program available with locked‑in purchase price and option to buy within two years.
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
$42,145
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
6.40%
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%
$842,900
$842.9K
Cap Rate 7%
$602,071
$602.1K
Cap Rate 9%
$468,278
$468.3K
Market Conditions
NOI Build-Up for 1,198 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
$67.1K $56.04/SF
− Vacancy
−$10.9K −$9.13/SF
EGI
$56.2K $46.91/SF
− OpEx
−$14.0K −$11.73/SF
NOI
$42.1K $35.18/SF
Area
ZIP 95122
Vacancy
16.30%
Lease Rate
$56.04 /SF/Yr
Expense Ratio
25.00%
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%
$842,900
Cap Rate 7%
$602,071
Cap Rate 9%
$468,278
Alternative Uses
Best Use
Office B
$602.1K
$526.8K – $702.4K
NOI $42,145 @ 7.0% cap · market cap 6.40%
Second Best
Retail
$462.3K
$404.5K – $539.3K
NOI $32,360 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$723.3K
$632.9K – $843.8K
NOI $50,628 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
961
Businesses Nearby
Explore this area
Business Placement
Demographics for 95122, CA
54,056
Population
12,560
Households
4.3
Avg Household Size
36
Median Age
18%
College-Educated
65%
High-School Grad
4.8 sq mi
ZIP Area
11,262
Density / Sq Mi
$103,406
Median Household Income
$41,704
Median Earnings
$2,424
Median Rent
$838,900
Median Home Value
Market
Vacancy Rate% for Office in San Jose, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Medical, professional, and retail condos for sale or lease-to-own.
Where is this retail space located?
The property is located at 959 Story Rd Suite 5220 San Jose, CA.
What is the asking price?
The asking price for this property is $658,900.
What are key features of this property?
This property features: Opportunity to OWN commercial property in a high‑growth area (Vietnam Town) instead of leasing.; SBA financing available at 90% of the purchase price.; Lease‑to‑Own program available with locked‑in purchase price and option to buy within two years.
