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Property profile & analytics
FOR LEASE
Office buildings
1533 California Cir Milpitas, CA 95035-3023
Individually Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-0088040
For Lease
Contact for pricing
1533 California Cir, Milpitas, CA 95035-3023
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2000
Construction
CONCRETE
Total area
26,976 SF
Lot
1.35 ac (58,806 SF)
Zoning code
HS
APN
022-37-045
UPID
US09-0088040
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Northland Controls Security Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$15.58M
Comparable Approach
Comparable
$13.50M
Blend (final)
Blend
$13.87M
Owner & transaction history
El Camino Hospital · 1 yrs held
El Camino Hospital
since 2025
Last sale
$13.2M
7 recorded transactions
Zoning & alternative use
HS · Milpitas, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
“commercial zones” shall refer to the CO, C1, C2, and HS zones). B.2.040 Zoning of Annexed Areas Any area annexed to the City after the effective date of this amendment shall immediately upon such annexation be automatically classified as an Agricultural District with the "S" Overlay District ("A-S" Zone), unless said area is located east of the alignment of…
Zone name
Highway Service
General category
COMMERCIAL
Zone area
36.94 ac
Top alternative use upside
Retail stores
$17.7M
+10.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Milpitas submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Milpitas submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$16,870,000
6.5%
$15,575,000
7%
$14,460,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$16,015,000
Current use
RETAIL STORES
$17,685,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$13.87M
Range $12.48M – $15.26M · ±10% · vs last sale $13.20M (May 8 2025)
Last sale anchor
$13.20M
May 8 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$514 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$76,735
Tax year 2024
Assessed value
$6,574,551
Assessed 2024
Previous assessed
$6,574,551
+0.0% YoY
Effective rate
1.17%
On assessed value
Assessed land
$2,321,169
Assessed improvement
$4,253,382
Applied tax rate
12.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
2000
Construction
CONCRETE
Heating
NONE
Cooling
YES
Stories
2
Units
1
Total area
26,976 SF
Lot
1.35 ac (58,806 SF)
Zoning code
HS
APN
022-37-045
UPID
US09-0088040
Jurisdiction
SANTA CLARA
Zoning & alternative use
HS · Milpitas, CAZoning HS · permitted uses
HS · Milpitas, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
“commercial zones” shall refer to the CO, C1, C2, and HS zones). B.2.040 Zoning of Annexed Areas Any area annexed to the City after the effective date of this amendment shall immediately upon such annexation be automatically classified as an Agricultural District with the "S" Overlay District ("A-S" Zone), unless said area is located east of the alignment of Piedmont Road, Evans Road, North Park Victoria Drive
Zone name
Highway Service
General category
COMMERCIAL
Zone area
36.94 ac
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$16.0M
RETAIL STORES
Est. value
$17.7M
OFFICE BUILDING Current
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2000
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
2
Units
1
Lot
1.35 ac
Current owner
From public records · entity-resolved
El Camino Hospital
Individual
Mailing address
44150 S GRIMMER BLVD, FREMONT, CA 94538-6310
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 8, 2025
$13,200,000
El Camino Hospital
Northland Properties California Cir
Grant Deed
—
Jun 27, 2019
—
Northland Prop California Circ
—
Deed
related
$6,650,000 · Miscellaneous Ins Co
Aug 14, 2018
—
Northland Prop California Circ
—
Deed
related
$9,645,000 · Lone Oak Fund
May 31, 2018
—
Northland Properties California Cir
—
Deed
related
$400,000 · City National Bank
Aug 14, 2017
—
Northland Properties California Cir
—
Deed
related
$400,000 · City National Bank
Jun 27, 2016
$5,665,000
Northland Properties California Cir
1521 & 1533 California Circle LLC
Grant Deed
$2,832,480 · City National Bank
Aug 1, 2011
$2,820,000
Us Bank NA Series 2001-top1
Beacon Default Mgmt INC
Trustees Deed
related
—
Jul 22, 2011
$2,820,000
Bank Of America Series 2001-top1
Beacon Default Mgmt INC
Trustees Deed
related
—
Jul 10, 2007
—
Trt-westcore Ca Cirle LLC
Grifcar Partners
Grant Deed
—
—
—
Northland Prop California Circ
—
Deed Of Trust
related
$6,650,000 · Miscellaneous Ins Co
—
—
Northland Props California Cir
—
Deed Of Trust
related
$412,000 · Mortgage Cap Dev
—
—
Northland Prop California Circ
—
Deed Of Trust
related
$9,645,000 · Lone Oak Fund
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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