16 Corning Ave, Milpitas, CA 95035
LISTED AT $3,995,000
32-Unit Multi-Tenant Office | $150K+ Value-Add Potential | Prime Silicon Valley Submarket
Located at the gateway of Silicon Valley’s booming commercial corridor, 16 Corning Ave is a rare opportunity to acquire a high-performing, value-add office asset. This 32-suite, 18,156 SF property is currently approximately 89% leased, producing
$30,744/month in stable rental income, with a Gross Scheduled Income of $34,717/month once fully leased and stabilized. Twelve suites are primed for immediate lease amendments, unlocking rapid NOI growth and creating significant equity upside. The tenant mix spans professional services and health-related businesses, offering a resilient income stream even in changing market cycles.
Strategically positioned minutes from major tech campuses, Highways 680 and 880, and the Milpitas BART station, 16 Corning Ave offers investors a rare blend of current cash flow, strong fundamentals, and immediate upside potential — all in one of Silicon Valley’s most supply-constrained office markets.
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APN: 086-02-061
Listing Price: $3,995,000
MLS Area: Milpitas
County: Santa Clara
Property Type: Commercial Office Building (Multi-Tenant)
Building Subtype: Multi-Tenant Professional Offices
Zoning: C2S (Service Commercial)
Ownership Type: Fee Simple
Occupancy: Approximately 89% (vacant suites allow immediate lease-up potential)
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Total Units: 32 Office Suites
Unit Sizes: Ranging approximately 250 SF to 1,600+ SF per suite
Building Size: 18,156 SF
Year Built: 1978
Flooring: Commercial-grade carpet, vinyl, and tile (suite-specific)
Heating/Cooling: Central HVAC and wall units (suite-specific)
Interior Features: Varied flexible floorplans, individual suite entries in many units, tenant
mix including professional services, health & beauty, consulting, and medical-adjacent
businesses. Shared hallways and restrooms. Prominent signage opportunities available.
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Lot Size: Approximately 29,620 SF (0.68 acres)
Parking: Ample surface parking (estimated 40+ spaces, buyer to verify exact count)
Roof: Composition Shingle Roof (well maintained)
Construction: Wood Frame with Stucco Exterior
Additional Features: Mature landscaping, monument and building signage options, strong street frontage visibility, easy access to Highways 680, 880, and Milpitas BART station.
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For further information or to schedule a private tour, please contact:
Chesca Joan Pagkalinawan REALTOR®
DRE License #: 02187076
Phone: (424) 468-3669
Office: (408) 854-0828
Email: chesca@nexthomeaxisrealty.com
Brokerage: NextHome Axis Realty
Office Address: 2690 S White Road, Suite 110, San Jose, CA 95148
Website: NextHomeAxisRealty.com
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Showing Instructions: Drive-by only. Interior access available upon accepted offer. Buyer to conduct independent due diligence.
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