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Property profile & analytics
OFF-MARKET
Estimated value
$1,830,000
Office buildings
408 Main St, Milpitas, CA 95035
Individually Owned
11-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-3239997
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1994
Total area
4,000 SF
Lot
0.34 ac (15,000 SF)
Zoning code
C2
APN
086-26-020
UPID
US09-3239997
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.31M
Comparable Approach
Comparable
$1.19M
Blend (final)
Blend
$1.83M
Owner & transaction history
Puneet S Pande · 11 yrs held
Puneet S Pande
since 2015
7 recorded transactions
Zoning & alternative use
C2 · Milpitas, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.6M
+10.5%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,500,000
6.5%
$2,310,000
7%
$2,145,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,375,000
Current use
RETAIL STORES
$2,625,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$1.83M
Range $1.65M – $2.01M · ±10%
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
$458 / 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
$19,028
Tax year 2024
Assessed value
$1,620,135
Assessed 2024
Previous assessed
$1,620,135
+0.0% YoY
Effective rate
1.17%
On assessed value
Assessed land
$765,882
Assessed improvement
$854,253
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1994
Heating
NONE
Stories
1
Units
2
Total area
4,000 SF
Lot
0.34 ac (15,000 SF)
Zoning code
C2
APN
086-26-020
UPID
US09-3239997
Jurisdiction
SANTA CLARA
Zoning & alternative use
C2 · Milpitas, CA
Zoning C2 · permitted uses
C2 · 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
OFFICE BUILDING Current
Est. value
$2.4M
RETAIL STORES
Est. value
$2.6M
OFFICE BUILDING Current
RETAIL STORES
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
1994
Heating
NONE
Stories
1
Units
2
Lot
0.34 ac
Current owner
From public records · entity-resolved
Puneet S Pande
Individual
Mailing address
10935 PRIETA CT, SAN JOSE, CA 95127-2664
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 10, 2026
—
Puneet S Pande
—
Deed
related
$1,100,000 · Ffb Bank
Apr 17, 2015
$1,375,000
Puneet S Pande
Marcos Trust
Grant Deed
$687,500 · Community Bk/the Bay
Apr 3, 2007
—
Ricardo A Marcos
Ricardo A Marcos
Intrafamily Transfer
related
$800,000 · Citibank NA
Aug 29, 1995
—
Marcos Trust
Marcos,ricardo A & Alicia A
Quit Claim Deed
related
—
Jun 22, 1994
$695,000
Ricardo A Marcos
Rao,kameswara K
Grant Deed
$680,000 · Money Store Investment Corp
Feb 23, 1993
—
Rao K.
Rao,kameswara K
Quit Claim Deed
related
$350,000 · Sumitomo Bank
Apr 5, 1990
$40,000
Kameswara Rao
Nguyen,q.
Grant Deed
related
—
Sep 15, 1989
$170,000
Medal Home Gold
Sharlands Invest
Grant Deed
$85,000 · Sharland Investm
—
—
Marcos Trust
—
Deed Of Trust
related
$615,000 · Wells Fargo Bank West NA
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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