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41-61 Serra Way, Milpitas, CA 95035-8519 41 Serra Way 18,164 SF 95% Leased Retail Building Milpitas, CA 95035 $11,988,000 ($659.99/SF) 2.65% Cap Rate
INVESTMENT HIGHLIGHTS
- Two-story mixed-use building: ground floor retail, second floor professional / office / medical suites
- Ample storefront signage visibility at signalized intersection of Serra Way & South Abel Street
- Convenient access to I-880 and Montague Expressway (Hwy 237)
- Recent ADA upgrades to parking lot & path of travel
EXECUTIVE SUMMARY
Exceptional Investment Opportunity — 41 & 61 Serra Way, Milpitas, CA
Offering 1.98 acres across two adjacent properties in the highly-visible Serra Way retail/office corridor. The two-story building at 61 Serra Way features ground-floor retail and second-floor professional offices with elevator access and fire-sprinklered construction.
The adjoining address at 41 Serra Way further anchors the asset within the plaza, offering strong tenant diversity and a solid retail draw.
Strategically located in Milpitas, just minutes from U.S. Routes 880 & 237, the site benefits from heavy traffic counts, high daytime population, and strong visibility. The offering presents an ideal entry or expansion acquisition for investors seeking an established asset with value enhancement potential through leasing rollout or repositioning.
Key highlights:
Currently 95% Tenant Occupancy
Combined ± 86,074.56 SQFT of mixed-use retail + professional office space.
Existing infrastructure supports high-quality tenants (elevator, ADA upgrades, sprinklers).
Prime Bay Area submarket with long-term demand drivers from tech-driven employment and retail services growth.
Proven location with active tenant base in the Serra Way corridor.
Contact us today for full offering package, financials, tenant information and value-add strategies. Don’t miss this rare Milpitas investment offering in a market with robust fundamentals.
Offering 1.98 acres across two adjacent properties in the highly-visible Serra Way retail/office corridor. The two-story building at 61 Serra Way features ground-floor retail and second-floor professional offices with elevator access and fire-sprinklered construction.
The adjoining address at 41 Serra Way further anchors the asset within the plaza, offering strong tenant diversity and a solid retail draw.
Strategically located in Milpitas, just minutes from U.S. Routes 880 & 237, the site benefits from heavy traffic counts, high daytime population, and strong visibility. The offering presents an ideal entry or expansion acquisition for investors seeking an established asset with value enhancement potential through leasing rollout or repositioning.
Key highlights:
Currently 95% Tenant Occupancy
Combined ± 86,074.56 SQFT of mixed-use retail + professional office space.
Existing infrastructure supports high-quality tenants (elevator, ADA upgrades, sprinklers).
Prime Bay Area submarket with long-term demand drivers from tech-driven employment and retail services growth.
Proven location with active tenant base in the Serra Way corridor.
Contact us today for full offering package, financials, tenant information and value-add strategies. Don’t miss this rare Milpitas investment offering in a market with robust fundamentals.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$610,092
|
$33.59
|
| Other Income |
$248,852
|
$13.70
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$858,944
|
$47.29
|
| Taxes |
$116,793
|
$6.43
|
| Operating Expenses |
$404,497
|
$22.27
|
| Total Expenses |
$521,290
|
$28.70
|
| Net Operating Income |
$337,654
|
$18.59
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $610,092 |
| Annual Per SF | $33.59 |
| Other Income | |
|---|---|
| Annual | $248,852 |
| Annual Per SF | $13.70 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $858,944 |
| Annual Per SF | $47.29 |
| Taxes | |
|---|---|
| Annual | $116,793 |
| Annual Per SF | $6.43 |
| Operating Expenses | |
|---|---|
| Annual | $404,497 |
| Annual Per SF | $22.27 |
| Total Expenses | |
|---|---|
| Annual | $521,290 |
| Annual Per SF | $28.70 |
| Net Operating Income | |
|---|---|
| Annual | $337,654 |
| Annual Per SF | $18.59 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
18,164 SF
Building Class
B
Year Built
1999
Price
$11,988,000
Price Per SF
$659.99
Cap Rate
2.65%
NOI
$318,210
Percent Leased
95%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.21
Lot Size
1.98 AC
Zoning
C2 - General Commercial (C-2) zoning permits a broad mix of retail, service commercial, and professional office activities. 95% occupied commercial tenants
Parking
75 Spaces (4.13 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- 24 Hour Access
- Atrium
- Bus Line
- Corner Lot
- Courtyard
- Security System
- Signage
- Signalized Intersection
- Tenant Controlled HVAC
- Wheelchair Accessible
- Recessed Lighting
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Asian Kitchen
- Retailer
- -
- -
- -
- -
- Biryani 'n' Tadka
- Public Administration
- -
- -
- -
- -
- Bleu De Beaute
- Services
- -
- -
- -
- -
- Daruma Dojo
- -
- -
- -
- Triple Net
- Dec 2029
- Dr Sxuan
- -
- -
- -
- -
- -
- Eye Vue Optometry
- Manufacturing
- -
- -
- -
- -
- Hub 61 The Indian Bistro
- Retailer
- -
- -
- -
- -
- L & J LLC
- Public Administration
- -
- -
- -
- -
- N M
- Public Administration
- -
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Asian Kitchen | Retailer | - | - | - | - | |
| Biryani 'n' Tadka | Public Administration | - | - | - | - | |
| Bleu De Beaute | Services | - | - | - | - | |
| Daruma Dojo | - | - | - | Triple Net | Dec 2029 | |
| Dr Sxuan | - | - | - | - | - | |
| Eye Vue Optometry | Manufacturing | - | - | - | - | |
| Hub 61 The Indian Bistro | Retailer | - | - | - | - | |
| L & J LLC | Public Administration | - | - | - | - | |
| N M | Public Administration | - | - | - | - |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
± 22’ wide × ± 40’ deep. End Cap unit. Former Subway with patio seating, Type 2 stainless steel (SS) exhaust hood, in-ground grease interceptor, separate kitchen area, dishwashing station, mop sink, walk-in refrigerator/freezer unit, FF&E available, 1 ADA-compliant restroom, ceramic tile floors and Marlite walls, 100% drop t-bar ceiling 9’0” & 9’6” above finished floor (AFF), 38-Gallon electric hot water heater, Electrical: 200 Amp; 3 PH; 4 W, separate HVAC system. Available now.
| Space | Size | Space Use | Position | Available |
| 110 | 880 SF | Retail | - | Now |
110
| Size |
| 880 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
1 of 17
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
110
| Size | 880 SF |
| Space Use | Retail |
| Position | - |
| Available | Now |
± 22’ wide × ± 40’ deep. End Cap unit. Former Subway with patio seating, Type 2 stainless steel (SS) exhaust hood, in-ground grease interceptor, separate kitchen area, dishwashing station, mop sink, walk-in refrigerator/freezer unit, FF&E available, 1 ADA-compliant restroom, ceramic tile floors and Marlite walls, 100% drop t-bar ceiling 9’0” & 9’6” above finished floor (AFF), 38-Gallon electric hot water heater, Electrical: 200 Amp; 3 PH; 4 W, separate HVAC system. Available now.
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $10,213,144 (2025) | |
| Land Assessment | $3,319,268 (2025) | Annual Taxes | $116,793 ($6.43/SF) |
| Improvements Assessment | $6,893,876 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,319,268 (2025)
Improvements Assessment
$6,893,876 (2025)
Total Assessment
$10,213,144 (2025)
Annual Taxes
$116,793 ($6.43/SF)
Tax Year
2024
1 of 14
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Citistar Inc
41-61 Serra Way, Milpitas, CA 95035-8519 | 41 Serra Way
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