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
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Morgan Hill
- County
- Santa Clara
- State
- California
- Longitude
- -121.64
- Latitude
- 37.109
