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Property profile & analytics
FOR LEASE
Industrial properties
475 Sycamore Dr Milpitas, CA 95035
Entity Owned
4-yr Hold
Absentee Owner
Free & Clear
Property ID
US09-2255004
For Lease
1 / 8
Contact for pricing
475 Sycamore Dr, Milpitas, CA 95035
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Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1983
Construction
TILT-UP CONCRETE
Total area
217,937 SF
Lot
14.03 ac (611,146 SF)
Zoning code
MPS
APN
083-31-001
UPID
US09-2255004
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
-
Hermosa Vista Landscape Services Landscaping General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$55.97M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$58.66M
Owner & transaction history
Duke Realty Sycamore LP · 4 yrs held
Duke Realty Sycamore LP
since 2022
Last sale
$60.5M
6 recorded transactions
Zoning & alternative use
MPS · Milpitas, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$91.1M
+35.9%
Warehouse, storage
$77.5M
+15.6%
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
$57,675,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$60,625,000
6.5%
$55,965,000
7%
$51,965,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$67,020,000
Current use
APARTMENT HOUSE (5+ UNITS)
$91,090,000
Change: +36% · Conversion: Difficult
WAREHOUSE, STORAGE
$77,475,000
Change: +16% · Conversion: Easy
Blend value · Realmo final
$58.66M
Range $52.79M – $64.53M · ±10% · vs last sale $60.50M (Feb 25 2022)
Last sale anchor
$60.50M
Feb 25 2022
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
$269 / 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
$733,492
Tax year 2024
Assessed value
$62,944,200
Assessed 2024
Previous assessed
$62,944,200
+0.0% YoY
Effective rate
1.17%
On assessed value
Assessed land
$59,823,000
Assessed improvement
$3,121,200
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
1983
Construction
TILT-UP CONCRETE
Heating
NONE
Cooling
YES
Stories
2
Units
3
Total area
217,937 SF
Lot
14.03 ac (611,146 SF)
Zoning code
MPS
APN
083-31-001
UPID
US09-2255004
Jurisdiction
SANTA CLARA
Zoning & alternative use
MPS · Milpitas, CA
Zoning MPS · permitted uses
MPS · 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
INDUSTRIAL (GENERAL) Current
Est. value
$67.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$91.1M
WAREHOUSE, STORAGE
Est. value
$77.5M
INDUSTRIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
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
1983
Construction
TILT-UP CONCRETE
Heating
NONE
Cooling
Yes
Stories
2
Units
3
Lot
14.03 ac
Current owner
From public records · entity-resolved
Duke Realty Sycamore LP
Entity
Free & Clear · 4 yrs held
Mailing address
1800 WAZEE ST STE #500, DENVER, CO 80202-2526
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
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
Feb 25, 2022
$60,500,000
Duke Realty Sycamore LP
Stp Milpitas Owner LLC
Grant Deed
—
Aug 19, 2020
$45,500,000
Stp Milpitas Owner LLC
Oak Creek Properties LLC
Grant Deed
$39,935,000 · Bsprt Cre Fin LLC
Mar 29, 2018
—
Oak Creek Properties LLC
—
Grant Deed
related
$55,183,050 · Acore Cap Mtg LP
Sep 15, 2016
$35,700,000
Oak Creek Properties LLC
475-525 Sycamore Drive-milpita
Grant Deed
—
Jul 28, 2009
—
475-525 Sycamore Drive-milpita
Trinet Milpitas Associates LLC
Grant Deed
—
Aug 18, 1998
—
Trinet Milpitas Associates LLC
Milpitas Realty Delaware INC
Quit Claim Deed
related
$82,021,814 · Prudential Insurance Co
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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Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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