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Property profile & analytics
OFF-MARKET
Estimated value
$35,305,000
Apartment buildings
2021 Milpitas Blvd Milpitas, CA 95035-2566
Entity Owned
5-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-2390626
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1989
Construction
WOOD
Total area
98,052 SF
Lot
4.1 ac (178,608 SF)
Zoning code
R3
APN
022-01-015
UPID
US09-2390626
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
-
The Hazelwood Apartments Apartment Building Apartment Complex
-
Mithun Madhura Marketing & Advertising IT Consulting Firm
-
HelloLumbini (Bike/Boat/Book/etc) Store Corporate Office
-
Akira AI Advertising Agency Marketing & Advertising
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$28.68M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$35.31M
Owner & transaction history
Kmf Xii Milpitas LLC · 5 yrs held
Kmf Xii Milpitas LLC
since 2020
Last sale
$36.3M
6 recorded transactions
Zoning & alternative use
R3 · Milpitas, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$58.2M
+42.0%
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
$40,055,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$31,065,000
6.5%
$28,675,000
7%
$26,625,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$40,985,000
Current use
OFFICE BUILDING
$58,205,000
Change: +42% · Conversion: Moderate
WAREHOUSE, STORAGE
$34,855,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$35.31M
Range $31.77M – $38.84M · ±10% · vs last sale $36.25M (Oct 2 2020)
Last sale anchor
$36.25M
Oct 2 2020
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
$360 / 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
$447,470
Tax year 2024
Assessed value
$38,786,659
Assessed 2024
Previous assessed
$38,786,659
+0.0% YoY
Effective rate
1.15%
On assessed value
Assessed land
$6,101,946
Assessed improvement
$32,684,713
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1989
Construction
WOOD
Heating
CENTRAL
Cooling
YES
Stories
3
Units
98
Total area
98,052 SF
Lot
4.1 ac (178,608 SF)
Zoning code
R3
APN
022-01-015
UPID
US09-2390626
Jurisdiction
SANTA CLARA
Zoning & alternative use
R3 · Milpitas, CA
Zoning R3 · permitted uses
R3 · 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.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$41.0M
OFFICE BUILDING
Est. value
$58.2M
WAREHOUSE, STORAGE
Est. value
$34.9M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
WAREHOUSE, STORAGE
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
1989
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
3
Units
98
Lot
4.1 ac
Current owner
From public records · entity-resolved
Kmf Xii Milpitas LLC
Entity
Mailing address
205 COUNTY RD H H, ELKHORN, WI 53121-2308
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
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
Apr 1, 2025
—
Kmf Xii Milpitas LLC
—
Deed
related
$25,545,000 · Pnc Bank NA
Oct 2, 2020
$36,250,000
Kmf Xii Milpitas LLC
Victorian Square Apartments LLC
Grant Deed
$22,100,000 · Pnc Bank NA
Mar 21, 2018
—
Victorian Sq Apartments LLC
Victorian Sq Apartments LLC
Quit Claim Deed
related
—
Mar 15, 1990
$8,600,000
Square Victorian
The Luckey Compa
Grant Deed
$5,293,000 · Bankers Mutual
—
—
Victorian Square Apartments
—
Deed Of Trust
related
$6,400,000 · Union Bank Of California
—
—
Victorian Square Apartments Ll
—
Deed Of Trust
related
$8,800,000 · Cuna Mutual Insurance Society
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.
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