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Property profile & analytics
OFF-MARKET
Estimated value
$7,540,000
Office buildings
61 Serra Way Milpitas, CA 95035-8519
Entity Owned
9-yr Hold
Absentee Owner
Free & Clear
Property ID
US10-1955132
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1999
Construction
STEEL & CONCRETE
Total area
16,740 SF
Lot
0.73 ac (31,816 SF)
Zoning code
C2
APN
022-24-049
UPID
US10-1955132
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
-
N & M Dental Care Dental Office
-
Nguyen DDS, Sxuan Dental Office
-
Chavez DDS, Belen T Dental Office
-
The Vegan Lasagna Garden Restaurant
-
Karki Beauty & Threading Hair Salon Nail Salon
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$9.67M
Comparable Approach
Comparable
$5.00M
Blend (final)
Blend
$7.54M
Owner & transaction history
Serra Property LLC · 9 yrs held
Serra Property LLC
since 2016
4 recorded transactions
Zoning & alternative use
C2 · Milpitas, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Specific Plan area is currently designated General Commercial (C2) by the City of Milpitas Zoning Code. The C2 zoning district is intended to provide for a wide range of retail sales and personal and business services primarily oriented to the automobile customer and is intended to promote stable, attractive commercial development which will afford a ple…
Zone name
General Commercial
General category
COMMERCIAL
Zone area
168.55 ac
Top alternative use upside
Retail stores
$11.0M
+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%
$10,470,000
6.5%
$9,665,000
7%
$8,975,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$9,935,000
Current use
RETAIL STORES
$10,975,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$7.54M
Range $6.79M – $8.29M · ±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
$450 / 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
$82,849
Tax year 2024
Assessed value
$7,168,322
Assessed 2024
Previous assessed
$7,168,322
+0.0% YoY
Effective rate
1.16%
On assessed value
Assessed land
$1,331,259
Assessed improvement
$5,837,063
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
1999
Construction
STEEL & CONCRETE
Heating
NONE
Cooling
YES
Stories
2
Total area
16,740 SF
Lot
0.73 ac (31,816 SF)
Zoning code
C2
APN
022-24-049
UPID
US10-1955132
Jurisdiction
SANTA CLARA
Zoning & alternative use
C2 · Milpitas, CAZoning C2 · permitted uses
C2 · Milpitas, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Specific Plan area is currently designated General Commercial (C2) by the City of Milpitas Zoning Code. The C2 zoning district is intended to provide for a wide range of retail sales and personal and business services primarily oriented to the automobile customer and is intended to promote stable, attractive commercial development which will afford a pleasant shopping environment. This zone permits retail sales as of right. Grocery stores that are within one thousand (1,000) feet of a residential zone and Liquor Stores (Alcohol Beverage Sales) are conditionally permitted.
Zone name
General Commercial
General category
COMMERCIAL
Zone area
168.55 ac
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$9.9M
RETAIL STORES
Est. value
$11.0M
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
1999
Construction
STEEL & CONCRETE
Heating
NONE
Cooling
Yes
Stories
2
Lot
0.73 ac
Current owner
From public records · entity-resolved
Serra Property LLC
Entity
Free & Clear · 9 yrs held
Mailing address
1261 MARTIN AVE, SANTA CLARA, CA 95050-2652
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 23, 2016
$8,800,000
Serra Property LLC
N & M Plaza LLC
Grant Deed
—
Jan 10, 2005
—
City Of Milpitas
N & M Plaza LLC
Grant Deed
related
—
Jul 17, 1998
—
N & M Plaza LLC
Ma,daniel & Sxuan N
Grant Deed
$1,500,000 · Cupertino National Bank
Oct 31, 1996
$1,000,000
Daniel M Ma
California State Automobile
Grant Deed
—
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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