Entity Owned 
For Lease
1 / 8
$23,760,000
18225 Butterfield Blvd, Morgan Hill, CA 95037
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Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
2022
Construction
TILT-UP CONCRETE
Total area
85,456 SF
Lot
4.98 ac (216,928 SF)
Zoning code
M
APN
726-25-102
UPID
US09-5364305
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$21.95M
Comparable Approach
Comparable
$27.91M
Blend (final)
Blend
$23.76M
Owner & transaction history
since 2022
Last sale
$24.8M
2 recorded transactions
Zoning & alternative use
M · Morgan Hill, CA
Top alternative use upside
Apartment house (5+ units)
$35.7M
+70.6%
Warehouse, storage
$30.4M
+45.1%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 6 comparables with addresses
3 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$23.76M
Value range
$21.38M – $26.14M
±10% around blend
Estimated value / SF
$278 / SF
Confidence
High
6 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
60
Income certainty
100
$21.38M
blend $23.76M
$26.14M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
85,456 SF
Lot area
4.98 ac
Year built
2022
Stories
1
APN
726-25-102
Zoning
M
Assessed value
$25,749,900
Annual tax
$295,740
3
Income approach: direct capitalization
Partial preview
Income approach indication
$21.95M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$23.78M
@ 6.5% CAP return
$21.95M
@ 7% CAP return
$20.38M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$295,740
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$32.17M
Weighted, 6 comps · high confidence
Evidence
6 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
10.4 mi away · 110,542 SF
17.4 mi away · 80,192 SF
23.5 mi away · 88,704 SF
25.2 mi away · 95,725 SF
26.0 mi away · 83,600 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$23.76M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 46 sales
$245
+13%
Submarket 46 sales
$245
+13%
County 655 sales
$328
-15%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $278/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Apartment House (5+ Units)
Gross theoretical uplift
+71%
vs current-use indication
Warehouse, Storage
Industrial (general) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 6 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
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Overview
Selected market yield
6.00%
Selected cap rate for this industrial properties
Derived from the Morgan Hill market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 6.00%
9.0%
NOI (est.)
$4.08M *
Last sale · Jun 2022
$24.75M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$68.01M
Move the market yield to see immediate price impact.
Value / SF
$796
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.50%6.00%6.50%
$3.67M
$66.78M
$61.21M
$56.50M
$4.08M
$74.20M
$68.01M
$62.78M
$4.49M
$81.62M
$74.81M
$69.06M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
6 found
High confidence · county-verified
Closest comparable
$15.05M
0.9 mi · Nov 2025 · $245/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$295,740
Tax year 2024
Assessed value
$25,749,900
Assessed 2024
Previous assessed
$25,749,900
+0.0% YoY
Effective rate
1.15%
On assessed value
Assessed land
$3,839,076
Assessed improvement
$21,910,824
Applied tax rate
4.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
2022
Construction
TILT-UP CONCRETE
Stories
1
Units
1
Total area
85,456 SF
Lot
4.98 ac (216,928 SF)
Zoning code
M
APN
726-25-102
UPID
US09-5364305
Jurisdiction
SANTA CLARA
Zoning & alternative use
M · Morgan Hill, CAZoning M · permitted uses
M · Morgan Hill, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2022
Construction
TILT-UP CONCRETE
Stories
1
Units
1
Lot
4.98 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
M
Jurisdiction
Morgan Hill, CA
Recorded code
M
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for M in Morgan Hill, CA.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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- Local Zoning Insight
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