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Property profile & analytics
OFF-MARKET
Estimated value
$1,265,000
Life science properties
1940 Milmont Dr Milpitas, CA 95035-2578
Individually Owned
1-yr Hold
Free & Clear
Property ID
US09-1551213
Property profile
Verified
Property type
Life science properties
Use group
R&D FACILITY, LABS, PHARMA
Year built
1980
Construction
CONCRETE
Total area
54,440 SF
Lot
6.17 ac (268,765 SF)
Zoning code
M1P
APN
022-01-006
UPID
US09-1551213
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
-
Ascentool Inc Industrial Manufacturer Production Facility
-
Spartronics Industrial Manufacturer Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.27M
Owner & transaction history
Norcal Industrial Portfolio Owner L · 1 yrs held
Norcal Industrial Portfolio Owner L
since 2025
6 recorded transactions
Zoning & alternative use
M1P · Milpitas, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$23 / 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 2022Property tax & assessments
Tax year 2022
Assessed value
$10,382,627
Assessed 2023
Previous assessed
$10,179,047
+2.0% YoY
Assessed land
$6,398,598
Assessed improvement
$3,984,029
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
Life science properties
Use group
R&D FACILITY, LABS, PHARMA
Status
Off-Market
Year built
1980
Construction
CONCRETE
Heating
NONE
Cooling
YES
Buildings
2
Stories
1
Units
35
Total area
54,440 SF
Lot
6.17 ac (268,765 SF)
Zoning code
M1P
APN
022-01-006
UPID
US09-1551213
Jurisdiction
SANTA CLARA
Zoning & alternative use
M1P · Milpitas, CA
Zoning M1P · permitted uses
M1P · Milpitas, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Milpitas. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1980
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Buildings
2
Units
35
Lot
6.17 ac
Current owner
From public records · entity-resolved
Norcal Industrial Portfolio Owner L
Individual
Free & Clear · 1 yrs held
Mailing address
PO BOX A3879, CHICAGO, IL 60690-3879
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 16, 2025
—
Norcal Industrial Portfolio Owner L
Psb Northern California Industrial
Grant Deed
—
Sep 29, 2022
—
Psb Northern California Industrial
—
Deed
related
$411,200,000 · Citibank NA
Dec 22, 2011
$7,484,500
Psb Nthrn Ca Indl Portfolio
Northern Ca Indl Portfolio
Grant Deed
—
Nov 20, 2006
—
N Ca Indl Portfolio INC
Owner,record
Grant Deed
related
—
Sep 29, 2004
—
Rreef America Reit II Corp Mmm
Eop-industrial Portfolio LLC
Grant Deed
related
—
Dec 17, 1996
—
Properties LP Spieker
New Century Beverage Co
Grant Deed
related
—
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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