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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2971 Monterey Hwy San Jose, CA 95111-3156

    • Retail space
    • 6,428 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    May 01, 2025
    $2,150,000
    Value Estimations
    $2,125,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-0763316
    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

    • Retail space

    Property Details for 2971 Monterey Hwy

    Year built
    1961
    Construction
    TILT-UP CONCRETE
    Lot size
    0.31 lot acres
    Property size
    6,428 SF
    Zone code
    M1
    Property type
    Retail space
    APN
    456-41-013
    APU
    45641013

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,895,000
      6.5%
      $2,670,000
      7%
      $2,480,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,538,000
      Market price range: $1.54M - $4.95M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,075,000
      Current use
      WAREHOUSE, STORAGE
      $2,940,000
      Change: -4% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $2,800,000
      Change: -9% Conversion: Difficult
      OFFICE BUILDING
      $2,525,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    San Jose
    County
    Santa Clara
    State
    California
    Longitude
    -121.848
    Latitude
    37.2895
    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
    $4,934
    $82,180
    $209,220
    $291,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,130,000
      4,481 SF

      5400 Monterey Hwy

      RETAIL STORES (PERSONAL SERVICES) • 4,481 SF
      5400 Monterey Hwy, San Jose, CA 95111-2952
      View Details
    • Value Estimation
      $4,070,000
      12,000 SF

      2859 Senter Rd

      RETAIL STORES (PERSONAL SERVICES) • 12,000 SF
      2859 Senter Rd, San Jose, CA 95111-1149
      View Details
    • Value Estimation by Request
      0.43 Acres

      3390 Monterey Hwy

      RETAIL STORES (PERSONAL SERVICES) • 0.43 Acres
      3390 Monterey Hwy, San Jose, CA 95111-3317
      View Details
    • Value Estimation
      $910,000
      3,922 SF

      5158 Monterey Hwy

      RETAIL STORES (PERSONAL SERVICES) • 3,922 SF
      5158 Monterey Hwy, San Jose, CA 95111-4000
      View Details
    • Value Estimation
      $740,000
      3,840 SF

      2662 Monterey Hwy

      RETAIL STORES (PERSONAL SERVICES) • 3,840 SF
      2662 Monterey Hwy, San Jose, CA 95111-3050
      View Details
    • Value Estimation by Request
      1,144 SF

      44 Southside Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,144 SF
      44 Southside Dr, San Jose, CA 95111-3222
      View Details

    Similar Nearby for Sale

    • $4,500,000
      5,000 SF

      San Jose Multi-Tenant Retail Investment

      High-Traffic Retail Complex, 4 Tenants
      2400 Monterey Hwy, San Jose, CA 95111
      View Details
    • $250,000

      Established Bubble Tea House

      Turnkey bubble tea house with diverse beverage options.
      3151 Senter Rd, San Jose, CA 95111
      View Details
    • $3,000,000
      12,320 SF

      San Jose Investment Opportunity

      Tenant-occupied commercial land near Downtown San Jose and Highway 101.
      50 Umbarger Rd, San Jose, CA 95111
      View Details
    • $1,049,000
      2,605 SF

      San Jose Commercial Condo Opportunity

      Well-maintained commercial condo with office, warehouse space, and modern upgrades.
      175 Lewis Rd, San Jose, CA 95111
      View Details
    • Contact for pricing
      41,600 SF

      San Jose Industrial Property For Sale

      Heavy Industrial property featuring five buildings totaling 41,600 square feet.
      230 Umbarger Rd, San Jose, CA 95111
      View Details
    • $3,000,000
      12,320 SF

      San Jose Warehouse with Yard

      Tenant-occupied warehouse with a fenced lot and large yard.
      50 Umbarger Rd, San Jose, CA 95111
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,700 SF

      Retail Space on Tully Road

      Retail space available for rent in San Jose, CA.
      614 Tully Rd, San Jose, CA 95111
      View Details
    • $39 SF/Yr
      3,150 SF

      Retail Space in San Jose

      Retail space available in shopping center anchored by Lion Supermarket.
      1007 E Capitol Expy, San Jose, CA 95111
      View Details
    • Contact for pricing
      171,407 SF

      Industrial Warehouse Space Available 2025

      New industrial warehouse with dock loading, available Spring 2025.
      6480 Hellyer Ave, San Jose, CA 95111
      View Details
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    San Jose, CA 95111-3156
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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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