Retail and Office Condominium
For Sale
Contact for pricing
969 Story Road, San Jose, CA 95122
Two-condo commercial building with flexible retail and office space and select built-out suites near major San Jose freeways.
Property Size1,697 SF
Price / SF$987.04
Days on Market97
Property Features for 969 Story Road
General Information
Standard status
Active
Size
1,697 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Building Details
Year Built
2010
Units
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Palo Alto
(650) 391-1807
Listed By:
Yuri Sergunin, CCIM · License #01908322
Source:
Crexi
Added: May 28
Changed: Aug 14
Last Checked: Sep 1 at 7:12AM
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 Marcus & Millichap - Palo Alto
Investment Insights
Based on property information with market context.
969 Story Road is a modern commercial property comprised of two condominiums, offering flexible retail and office configurations for a range of commercial uses. Select suites feature fully built-out interiors with private offices, conference rooms, restrooms, and mezzanine storage, supporting efficient occupancy with limited upfront improvements.
The building is positioned along Story Road within East San Jose’s retail and business corridor. The property is described as benefiting from visibility and is surrounded by neighborhood-serving retail, restaurants, professional services, and cultural destinations. Access is supported by nearby Highways 101, 280, and 680, and the property includes ample parking for customers, employees, and clients.
This setup can work well for owner-users seeking a commercial condominium with built-out office amenities, as well as for investors and professional or service-oriented operators who value adaptable retail/office space. The combination of flexible unit configurations, select turn-key interiors, and convenient freeway connectivity is intended to support both day-to-day client traffic and ongoing workplace functionality.
The building is positioned along Story Road within East San Jose’s retail and business corridor. The property is described as benefiting from visibility and is surrounded by neighborhood-serving retail, restaurants, professional services, and cultural destinations. Access is supported by nearby Highways 101, 280, and 680, and the property includes ample parking for customers, employees, and clients.
This setup can work well for owner-users seeking a commercial condominium with built-out office amenities, as well as for investors and professional or service-oriented operators who value adaptable retail/office space. The combination of flexible unit configurations, select turn-key interiors, and convenient freeway connectivity is intended to support both day-to-day client traffic and ongoing workplace functionality.
Key Highlights
- Two‑condominium commercial building built in 2010 on Story Road in East San Jose
- Flexible retail and office configuration with space suited for owner‑users, investors, and service or office uses
- Select suites include built‑out interiors with private offices, conference rooms, restrooms, and mezzanine storage
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
$59,699
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
3.56%
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%
$1,193,980
$1.2M
Cap Rate 7%
$852,843
$852.8K
Cap Rate 9%
$663,322
$663.3K
Market Conditions
NOI Build-Up for 1,697 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
$95.1K $56.04/SF
− Vacancy
−$15.5K −$9.13/SF
EGI
$79.6K $46.91/SF
− OpEx
−$19.9K −$11.73/SF
NOI
$59.7K $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%
$1,193,980
Cap Rate 7%
$852,843
Cap Rate 9%
$663,322
Alternative Uses
Best Use
Office B
$852.8K
$746.2K – $995.0K
NOI $59,699 @ 7.0% cap · market cap 3.56%
Second Best
Retail
$654.8K
$573.0K – $764.0K
NOI $45,839 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$1.02M
$896.4K – $1.20M
NOI $71,715 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
960
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 - Two-condo commercial building with flexible retail and office space and select built-out suites near major San Jose freeways.
Where is this retail space located?
The property is located at 969 Story Road San Jose, CA.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Two‑condominium commercial building built in 2010 on Story Road in East San Jose; Flexible retail and office configuration with space suited for owner‑users, investors, and service or office uses; Select suites include built‑out interiors with private offices, conference rooms, restrooms, and mezzanine storage
