16 Corning Ave, Milpitas, CA 95035

Listing Price: $ 3,995,000

1. Property Details

• 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)

2. Interior Details

• 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.

3. Exterior Details

• 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.

  4. FINANCIAL & LEGAL INFO

• Current Monthly Rent: $30,744.00

• Current Annual Rent: $368,928.00

• Market Rent Potential: $35,639.52/month or $427,674.24/year

• Upside Potential: Approximately $58,746 additional annual income, reflecting a 16% NOI growth opportunity

• Tenancy Details: Twelve leases eligible for immediate amendment. Current leases are primarily Gross, offering strong potential for NNN conversion.

• Estimated Property Taxes: Approximately $46,000/year (based on 2024 tax projections)

• Financing Terms: Cash, Conventional, 1031 Exchange

• Disclosures: Buyer to independently verify all square footage, rents, tenant estoppels, operating expenses, and building condition. Drive-by only; do not disturb tenants.

  5. Listing Agent Info

  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

  Showing Instructions: Drive-by only. Interior access available upon accepted offer. Buyer to conduct independent due diligence.