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    Property profile & analytics

    2248 1st St San Jose, CA 95131-2022

    • Office buildings
    • 4,875 SF
    • 0.42 lot acres
    OFF-MARKET
    Value Estimations
    $1,255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-0159245
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • C.W. Driver / Construction Company / General Contractor
    • Sunset Detox / Crisis Center / Medical Clinic
    • Clover House / Social Service Agency / Charitable Organization

    Property Details for 2248 1st St

    Year built
    1982
    Construction
    WOOD
    Lot size
    0.42 lot acres
    Property size
    4,875 SF
    Zone code
    I
    Property type
    Office buildings
    APN
    237-17-150
    APU
    23717150

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,271,000
      Market price range: $1.18M - $1.94M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,590,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Jose
    County
    Santa Clara
    State
    California
    Longitude
    -121.92
    Latitude
    37.3785
    CBSA code
    41940
    CBSA name
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $15,667
    $841,421
    $319,159
    $1,160,580
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.73 Acres

      2010 1st St

      OFFICE BUILDING • 0.73 Acres
      2010 1st St, San Jose, CA 95131-2018
      View Details
    • Value Estimation
      $12,675,000
      72,496 SF

      2580 1st St

      OFFICE BUILDING • 72,496 SF
      2580 1st St, San Jose, CA 95131-1042
      View Details
    • Value Estimation by Request
      1,277 SF

      2051 Jct Ave Ste, Unit 218

      OFFICE BUILDING • 1,277 SF
      2051 Jct Ave Ste, San Jose, CA 95131-2114
      View Details
    • Value Estimation by Request
      1,776 SF

      2050 Concourse Dr Ste, Unit 74

      OFFICE BUILDING • 1,776 SF
      2050 Concourse Dr Ste, San Jose, CA 95131-1895
      View Details
    • Value Estimation
      $1,355,000
      5,272 SF

      2262 1st St

      OFFICE BUILDING • 5,272 SF
      2262 1st St, San Jose, CA 95131-2022
      View Details
    • Value Estimation
      $990,000
      3,790 SF

      2226 1st St

      OFFICE BUILDING • 3,790 SF
      2226 1st St, San Jose, CA 95131-2007
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Club Sportiva: San Jose Creative Office

      Prime San Jose Creative Office Condo, 3108 SF
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    • $520,000
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      Versatile Commercial Condo in San Jose

      Flexible 1,216 sq ft condo in a prime San Jose location.
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      Ringwood Business Center in San Jose

      Business center in the International Business Park area of San Jose.
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    • $880,000
      1,756 SF

      Professionally Designed Office Condo

      Ground-floor office condo in Venture Commerce Center, San Jose.
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    • Contact for pricing

      Professional Office Space Available

      Professional office space suitable for medical or dental practices.
      1879 Lundy Ave, San Jose, CA 95131
      View Details
    • $1,088,000

      Turn Key Office Suite

      Office suite in thriving San Jose business district.
      2050 Concourse Dr, San Jose, CA 95131
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      75,432 SF

      San Jose Office Space Available

      Office space for rent in San Jose near light rail.
      2525 N 1St St, San Jose, CA 95131
      View Details
    • Contact for pricing
      62,280 SF

      Premium Office Space Available

      Adaptable office space in a prime location near amenities.
      2535 N 1St St, San Jose, CA 95131
      View Details
    • Contact for pricing
      4,338 SF

      Office Space Near Light Rail

      Office buildings with prominent signage and ample parking for lease.
      2226-2232 N 1St St, San Jose, CA 95131
      View Details
    • $2 SF/Yr
      48,536 SF

      Class A Office Campus Space

      Office space with direct highway access and light rail proximity.
      375 West Trimble Rd, San Jose, CA 95131
      View Details
    • Contact for pricing
      69,821 SF

      Class A Office Space Available

      High-visibility Class A office space for lease in San Jose.
      2315 North 1St St, San Jose, CA 95131
      View Details
    • Contact for pricing
      9,208 SF

      North San Jose Corner Office

      Office building with light rail access and ample parking.
      2290 N 1St St, San Jose, CA 95131
      View Details
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    2248 1st St
    San Jose, CA 95131-2022
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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