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Project #5 Bldg 691 S Milpitas Blvd 105,619 SF 71% Leased Office Building Milpitas, CA 95035 $24,000,000 ($227.23/SF)
Investment Highlights
- 106,676 RSF multi-tenant office/R&D property currently 86% leased.
- Recent capital improvements include new HVAC, paint, carpet, and tenant upgrades.
- Excellent access to I-880, I-680, and SR-237, with proximity to BART and major tech employers.
- Located in a supply-constrained, employment-driven Silicon Valley submarket.
- Rooftop solar installation reduces operating costs and supports sustainability.
- Positioned on 6.36 acres, offering future redevelopment flexibility.
Executive Summary
691 S Milpitas Boulevard offers a rare opportunity to acquire a well-leased, multi-tenant office and R&D property in the heart of Silicon Valley. Spanning approximately 106,676 rentable square feet, the asset is currently 86% occupied, providing immediate, stable cash flow with limited near-term vacancy risk. The property is positioned within one of the region’s most supply-constrained and employment-driven submarkets, ensuring long-term value preservation and income durability.
The building supports a phased occupancy model, allowing an owner-user to benefit from a diversified income stream while planning future expansion. Recent upgrades, including new HVAC systems, fresh paint, carpet, and tenant improvements, enhance operational efficiency and tenant appeal. Additionally, the property features rooftop solar panels, reducing operating expenses and supporting sustainability initiatives.
Strategically located near the I-880/I-680/237 interchange, the site offers seamless connectivity to the broader Silicon Valley and East Bay markets. Surrounded by a dense concentration of technology and hardware innovators, the property benefits from strong demand drivers and minimal new supply. This acquisition represents a compelling investment with both immediate income and long-term redevelopment potential.
The building supports a phased occupancy model, allowing an owner-user to benefit from a diversified income stream while planning future expansion. Recent upgrades, including new HVAC systems, fresh paint, carpet, and tenant improvements, enhance operational efficiency and tenant appeal. Additionally, the property features rooftop solar panels, reducing operating expenses and supporting sustainability initiatives.
Strategically located near the I-880/I-680/237 interchange, the site offers seamless connectivity to the broader Silicon Valley and East Bay markets. Surrounded by a dense concentration of technology and hardware innovators, the property benefits from strong demand drivers and minimal new supply. This acquisition represents a compelling investment with both immediate income and long-term redevelopment potential.
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
105,619 SF
Building Class
B
Year Built
1998
Price
$24,000,000
Price Per SF
$227.23
Percent Leased
71%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
52,810 SF
Building FAR
0.38
Lot Size
6.36 AC
Zoning
M2
Parking
300 Spaces (2.84 Spaces per 1,000 SF Leased)
Amenities
- Fitness Center
- Security System
- Signage
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 086-42-037 | Improvements Assessment | $5,927,895 |
| Land Assessment | $9,233,619 | Total Assessment | $15,161,514 |
Property Taxes
Parcel Number
086-42-037
Land Assessment
$9,233,619
Improvements Assessment
$5,927,895
Total Assessment
$15,161,514
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