Milpitas CA Real Estate & Commercial for Sale

The property is a 0.46 acre infill residential development opportunity, directly off W Calaveras Blvd located between S Abel St and S Main St in Milpitas. The property is in the Milpitas Gateway Main Street Specific Plan MGSP, formerly known as the Midtown Specific Plan MSP. A variety of uses are allowed in this general land use designation, including entertainment, retail, commercial, residential, civic, cultural, office, and high-density mixed use residential in a compact, walkable, and unique centralized setting. The City may consider opportunities to waive commercial requirements in mixed use areas for 100% affordable projects that increase the affordable housing stock within Milpitas for very low income and low income categories. Extremely strong demographics with household incomes in excess of $171,494 in a 1-mile radius. Immediate access to Highway 880 and 680.

Subject to city planner approval, the lot is good for 5-9 units but conservatively will likely be subdivided into 4-5 mixed-use units due to clearance limitations, with a frontage of 281.42 ft. Buildable area is one story (4435 SF per old building plan in 90'), now w building floor ratio almost 3x, subject to meeting all requirements for setbacks, parking, open space, and building codes. Current R3B zoning allows for a 3-story, 4+ units, with a maximum of 11,330 SF. Single-family homes have sold for $828/SF, and condos for $667-1,000/SF, with sellers leaving lots of profit on the table. The property offers a mixed-use opportunity for potential buyers, with the option to use the 1st floor as a versatile commercial space adaptable to various needs such as medical clinics, retail stores, showrooms, classrooms, restaurants, offices, OEMs/branches/sales offices. The 2nd and 3rd floors are for residential use, offering the potential to create either a large family home or another 3-4 separate condos, at the buyer's preference. The flexible layout of the building presents multiple opportunities, such as a Michelin Stars restaurant with the 1st and 2nd floors for the restaurant and kitchen, and the 3rd floor for the chef's residence, also with an herb or vegetable garden in one place.