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Property profile & analytics
FOR LEASE
Office buildings
61 Serra Way, Milpitas, CA 95035
Entity Owned
9-yr Hold
Absentee Owner
Free & Clear
Property ID
US10-1955132
For Lease
1 / 2
$42 SF/Yr
61 Serra Way, Milpitas, CA 95035
View Listing →
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
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
For Lease
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, 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
$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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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