Offer Valuation Analysis · 465 Blossom Hill Rd · San Jose, CA

465 Blossom
Hill Road

A defensible offer range for a 10,800 SF Class C retail building on the Blossom Hill corridor — three valuation approaches reconciled into one number.

Prepared by Alina Siert · KW Advisors

Prepared for Presence Church

465 Blossom Hill Rd · San Jose, CA 95123 02

Confidentiality & Disclaimer

This is an offer valuation analysis prepared for the prospective buyer, not a formal appraisal. Recipient agrees to keep these materials strictly confidential.

All materials and information received or derived from KW Advisors, its directors, officers, agents, advisors, affiliates and/or any third-party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property, value and/or potential value, the suitability or fitness of the property for a particular use or purpose, or any other matter.

The recipient is solely responsible for evaluating and verifying property condition and information through independent sources before making any decision to purchase, invest, lease, or otherwise act on the property. Any projections, opinions, assumptions, or estimates used herein are for example only and do not represent the current or future performance of the property.

The Offer Valuation Analysis presented here represents the broker's professional opinion of the most probable price the property would bring in a competitive and open market, prepared for the buyer's offer decision. This analysis is not a formal appraisal and should not be relied upon as such. Recipients underwriting an acquisition should obtain an independent appraisal from a licensed appraiser.

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465 Blossom Hill Rd · San Jose, CA 95123 03

Executive Summary

At a glance — concluded value, supporting ranges, and the revision.

$4.25M

Concluded Offer Value

$393.52 / SF · as of 5/6/2026

$2.7–4.0M

As-Is Range

Where vacant comp evidence converges

$4.3–4.9M

Stabilized Range

Leased at $23.88 NNN, 5.26–6.00% cap

$5.988M

Revised From

Asking price on current OM (06.04.25) — revised after verified comp + tax-assessment crosscheck

Subject: 10,800 SF retail building on 1.00 AC, built 1972, Class C / 2-star, 100% vacant ~448 days
Audience: investment fund evaluating financing for the acquisition (out-of-area)
Approach: three valuation approaches — income capitalization, sales comparison, land/redevelopment — reconciled into a defensible offer range

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Section 01 · Market Context

San Jose → South San Jose retail submarket → what it means for an offer on a vacant Class C box.

The headline numbers favor sellers. The segment numbers don't.

In this section

01Submarket key stats

02Vacancy & rent by subtype

03Sales velocity & cap rates

04The lens for our offer

465 Blossom Hill Rd · San Jose, CA 95123 05

Trends · Submarket

South San Jose retail at a glance.

4.2%

Vacancy Rate

vs. 5-yr avg 5.4%, 10-yr avg 4.9%

97.4K

12-Mo Net Absorption (SF)

Hist. avg 53,209 SF

0

12-Mo Deliveries (SF)

No supply pressure

1.4%

Asking Rent Growth (YoY)

vs. 10-yr avg 3.1% — cooling

10.3M SF total inventory; ~460,000 SF available (4.5% availability)
Headline 4.2% vacancy looks tight — but with material variation by subtype (next slide)
Forecast end-2026: vacancy 4.3%, rent growth 1.2%

Source: CoStar South San Jose Retail Submarket Report, 5/8/2026 (license #1535349)

465 Blossom Hill Rd · San Jose, CA 95123 06

Subject's segment isn't tight — neighborhood centers are the highest-vacancy subtype in the submarket.

Subtype	Vacancy	Asking Rent	YoY	Read
Mall	3.6%	$44.08	1.3%	Tight
Power Center	2.4%	$44.88	1.4%	Tightest
Neighborhood Ctr	6.3%	$43.57	1.3%	Highest vacancy
Strip Center	4.6%	$37.55	1.8%	Volatile
General Retail	1.0%	$40.34	1.7%	Tight
Submarket Overall	4.2%	$42.43	1.4%	Headline

NC vacancy peaked 9.2% in 2022 — improving but still above 2019 lows of 4.7%
Submarket asking rent: $30/SF (2014) → $42.43 (YTD 2026); forecast $47.89 by 2030

CoStar — Vacancy Rate by Subtype

Neighborhood Center (green) sits visibly above all other subtypes — same story the table tells, in one chart.

Source: CoStar South San Jose Retail Submarket Report, p.3, p.6, p.18

465 Blossom Hill Rd · San Jose, CA 95123 07

Trends · Sales & Cap Rates

What buyers are paying — and absorbing.

20

Sale Comparables (12 Mo)

280K SF traded

5.3%

Avg Cap Rate

Submarket est. 5.6% · metro 5.7%

$302

Avg Price / SF

Submarket est. $472 · metro $493

20.3%

Avg Vacancy at Sale

Buyers routinely absorb material vacancy

CoStar — Market Cap Rate by Subtype

One-stat takeaway for the fund: the average buyer in this submarket already prices in 20% vacancy. Subject is 100% vacant; we underwrite it that way. The income approach later in this deck shows you exactly how that flows through.

Source: CoStar South San Jose Retail Submarket Report, p.10–13

465 Blossom Hill Rd · San Jose, CA 95123 08

Section 01 · Synthesis · The lens for the offer

Headline submarket numbers favor sellers. Segment numbers don't — and the corridor evidence makes the case for buyer leverage.

Lens — what the data implies

Headline Submarket vacancy 4.2% looks tight — but neighborhood-center vacancy (subject's segment) is 6.3%, the highest of any subtype.

Rent Growth Cooled from 10-yr avg 3.1% to 1.4% YoY — sellers don't have pricing tailwinds.

Supply 0 SF under construction; only 20K SF proposed (696 Blossom Hill, 7/2026 start). No absorption tailwind either.

Corridor 3 of 11 surveyed Blossom Hill / Monterey corridor properties are 0% leased (subject + 898 Blossom Hill / Kohl's Plaza + 5506 Monterey Hwy).

Marketing Subject's 448-day marketing time is consistent with a soft market for vacant Class B/C.

Key Readings

6.3%

NC Vacancy · Subject's Subtype

1.4%

YoY Rent Growth · Cooling

20.3%

Avg Vacancy at Sale · Submarket

448d

Subject Marketing Time

Implication for the offer: seller motivation may be elevated, buyer has pricing leverage, and underwriting must absorb lease-up cost. The headline submarket favors sellers; the segment-level data and corridor evidence don't.

Sources: CoStar Submarket Report · CoStar lease comp survey · Subject listing data · KW analysis

Section 02 · Subject Property

10,800 SF Class C retail on 1.00 acre, fully vacant — and how the listing broker priced it.

Site facts, status, tax assessment context, and the gap between the seller's ask and what the data supports.

In this section

01Property overview & site facts

02Listing & asking-price context

465 Blossom Hill Rd · San Jose, CA 95123 10

Property Overview

465 Blossom Hill Rd
by the numbers.

Building

GLA	10,800 SF
Lot	1.00 AC (43,560 SF)
Year Built	1972
Class	C / 2-star
Type	Retail Storefront
Stories	1
Frontage	Blossom Hill
Parking	53 spaces (4.90 / 1,000 SF)
Zoning	CP
Bldg FAR	0.25

Status & Tax

Occupancy	0% (fully vacant)
Marketing	~448 days
Tenancy	Single (vacant)
Tax 2025 — Land	$3,904,315
Tax 2025 — Imp.	$3,458,108
Tax 2025 — Total	$7,362,423
Tax / SF	$8.44 / SF (2024)

Seller pricing: Asking $5,988,000 (current OM dated 06.04.25) reflects a leased-asset profile and ignores 100% vacancy plus a $400K–$700K lease-up reserve. The 2025 county assessment ($7.36M) sits above verified vacant-comp evidence.

Property exteriors · 465 Blossom Hill Rd, San Jose

Photos & aerial: CoStar property database, 2025

Section 03 · Valuation

Three approaches reconciled into one defensible offer range.

Income capitalization, sales comparison, and land/redevelopment — what each implies, where they agree, and what a buyer would actually pay.

In this section

01Income capitalization

02Sales comparison + land/redevelopment

03Reconciliation + buyer-path tranches

04Recommended offer value

465 Blossom Hill Rd · San Jose, CA 95123 12

Income Capitalization
$3.7M – $4.6M as-is · $4.4M – $5.0M stabilized.

Pro Forma Build

Rent anchor: $28 / SF NNN — Hacienda Gardens executed at $30 NNN (8/2024, 17,340 SF Class C 1963), discounted ~7% for subject condition
$28 × 10,800 SF − 5% vacancy − landlord opex → ~$264K stabilized NOI
Cap rate range: 5.26% – 6.00% (Comp 4 / 981 Blossom Hill / IHOP at 5.26% verified; market 6.00%)

Reconciled Output

Stabilized indicated: $4.4M – $5.0M
Less lease-up reserve (TI/LC + 12–18 mo downtime): $400K – $700K
As-is indicated: $3.7M – $4.6M
Best for: investor underwriting future NNN income

As-Is

$3.7M – $4.6M

Stabilized

$4.4M – $5.0M

NOI

~$264K

Cap Rate

5.26 – 6.00%

Comp 4's IHOP lease expired Nov 2025 · IHOP comp 4 anchors this approach · Full sensitivity grid in Appendix A8

465 Blossom Hill Rd · San Jose, CA 95123 13

Sales comparison and land/redevelopment — both anchored to vacant comps.

Sales Comparison

Indicated Range

$2.7M – $3.2M

$ / SF

$250 – $296

Anchor · 405 Blossom Hill Rd

Sold 3/6/2026 · $1,700,000 · 6,020 SF · $282/SF
Buyer: Charities Housing Dev Corp (nonprofit affordable redev)
Vacant retail, redev buyer — closest analog to subject: same corridor, same buyer thesis
$282/SF × 10,800 SF · adjusted −10% for size (slower lease-up)

Best for: owner-user / nonprofit redev

Land / Redevelopment

Defensible $/AC

$1.7M – $3.9M

× 1.00 AC

$1.7M – $3.9M

Anchor	$ / AC	Source
Comp 1 — 405 Blossom Hill	$2,698,413	Vacant retail / redev buyer
Comp 5 — 5651 Cottle	$1,698,946	Sale-implied; 4.27 AC
Comp 5 — assessor crosscheck	$1,639,933	Independent validation
Subject — 2025 land assessed	$3,904,315	Upper end of range
Comp 6 — 6097 Snell	$7,246,377	Owner-user gas premium
Comp 7 — 620 Blossom Hill	$8,798,165	Meriwest CU adjacency

Best for: developer / repositioning

Full comp roster + exclusions in Appendix A1, A3

465 Blossom Hill Rd · San Jose, CA 95123 14

Reconciliation & buyer-path tranches — three approaches, one range, four scenarios.

Reconciliation — Indicated Ranges by Approach

Approach	Indicated Low	Indicated High	Best for buyer type
Income Capitalization (as-is)	$3.7M	$4.6M	Investor pricing future NNN income
Sales Comparison	$2.7M	$3.2M	Owner-user / nonprofit redev
Land / Redevelopment	$1.7M	$3.9M	Developer / repositioning
Concluded — AS-IS	$2.7M	$4.0M	Where vacant comp evidence converges
Concluded — STABILIZED	$4.3M	$4.9M	Fully leased at $23.88 NNN, capped 5.26–6.00%

Buyer-Path Tranches — Where You Land Depends on Who You Are

Scenario	Range	$/SF	Buyer profile	What you'd need to believe
Conservative (as-is)	$3.5M – $4.0M	$324 – $370	Owner-user / nonprofit redev	Mirror Comp 1 (Charities Housing) — defensive pricing
Recommended Offer Midpoint	$4.25M	$393.52	Investor or owner-user (general)	Defensible without a special story
Lease-up investment	$4.5M – $4.9M	$417 – $454	Investor underwriting NNN income	$23.88/SF NNN × 10,800 SF ≈ $258K NOI capped 5.26–6%
Strategic buyer	$5.0M – $5.5M+	$463+	Specific owner-user / dense entitlement	Mirror Comp 7 (Meriwest adjacency) or Comp 6 (Gawfco)

Three lenses, one range. The $4.25M recommended midpoint sits cleanly inside the as-is income approach indicated range. Pick the tranche that matches your thesis — once you decide, we'll set the offer accordingly.

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Recommendation · Final Value

Concluded value: $4,250,000.

Final Value

$4.25M

$ / SF

$393.52

As Of

5/6/2026

Revised from current OM asking of $5.988M after verified comp + tax-assessment crosscheck
Sits inside the as-is income approach indicated range ($3.7M – $4.6M)
Cross-checked against submarket data (avg cap 5.3% / avg vacancy at sale 20.3%)
Final offer should reflect seller motivation, deal terms, and buyer profile

Appendix · Supporting Detail

The data behind the conclusion.

Sales-comp roster, tax-assessment crosscheck, lease comps (executed + active), pro forma build, cap-rate sensitivity, sources.

In the appendix

A1Sales comp roster (all 7)

A2Tax assessment crosscheck

A3Excluded comps & why

A4–5Lease comps (executed + active)

A6–7Market rent + pro forma NOI build

A8Cap-rate sensitivity grid

A10Sources & methodology

465 Blossom Hill Rd · Appendix A1 17

Sales comp roster — all 7 comps, peach = anchored, ✕ = excluded.

#	Address	Sale Date	Sale Price	GLA (SF)	$/SF	Cap	Land (AC)	Buyer / Type
1	405 Blossom Hill Rd	3/6/2026	$1,700,000	6,020	$282	—	0.63	Charities Housing (nonprofit redev)
2	1015 Blossom Hill Rd (Denny's)	1/16/2026	$4,195,333	5,504	$762	—	1.06	Essential Properties (sale-leaseback)
3	6133 Camino Verde — Plaza de Santa Teresa	12/30/2025	$1,550,000	20,091	$154	—	—	50% partial interest in condo
4	981 Blossom Hill Rd (IHOP)	7/22/2025	$5,575,000	4,600	$1,212	5.26%	0.72	Longzhe Li — income cap anchor
5	5651 Cottle Rd (Orchard Supply)	6/26/2025	$7,254,500	44,648	$162	—	4.27	Dollinger Properties (vacant big-box auction)
6	6097 Snell (Santa Teresa Sq)	5/15/2025	$5,000,000	2,001	$2,499	—	0.69	Gawfco (gas station owner-user)
7	620 Blossom Hill (Sunrise Plaza)	5/5/2025	$9,590,000	9,001	$1,065	—	1.09	Meriwest Credit Union (adjacency)

Highlighted (peach): strongest comps for subject · Greyed: excluded — see A3 · Source: CoStar transaction notes, May 2026

465 Blossom Hill Rd · Appendix A2 18

Tax assessment crosscheck — Prop 13* lens.

#	Address	Land Assessed	Imp. Assessed	Total Assessed	Sale Price	Assd / Sale
1	405 Blossom Hill	$1,393,996	$2,162,712	$3,556,708	$1,700,000	209%
4	981 Blossom Hill (IHOP)	$4,319,899	$1,421,738	$5,741,637	$5,575,000	103%
5	5651 Cottle (Orchard)	$7,002,517	$3,612,688	$10,615,205	$7,254,500	146%
6	6097 Snell (gas)	$1,323,928	$281,941	$1,605,869	$5,000,000	32%
7	620 Blossom Hill (CU)	$2,151,776	$1,352,541	$3,504,317	$9,590,000	37%
—	SUBJECT — 465 Blossom Hill	$3,904,315	$3,458,108	$7,362,423	— (vacant)	—

Wide ratio spread = Prop 13 timing, not weak market values. Long-held comps (6: 11.5 yrs; 7: 7.5 yrs) carry frozen pre-reset assessments → low ratios.
Comp 1's 209% ratio is also a Prop 13 quirk: 2025 roll set before the 3/6/2026 sale.
Comp 5: assessor land value independently validates sale-implied $/AC ($1,639,933 / AC vs. $1,698,946 / AC sale-implied).
Subject's 2025 land assessment ($3.9M / 1.00 AC) sits at the upper end of the defensible $/AC range.

*Prop 13: California's 1978 property-tax limitation. A property's assessed value is set at acquisition price and can only rise ~2% per year while held; on sale, the assessor "resets" to the new market value. Long-held assets therefore carry assessments well below market (low assessed/sale ratios), while recently-traded assets reset close to market — which is why ratios swing widely across comps and don't reflect underlying value.

Source: Santa Clara County Assessor 2025 roll · CoStar tax data

465 Blossom Hill Rd · Appendix A3 19

Appendix A3

Excluded comps & why.

Including these would inflate the indicated value without an apples-to-apples buyer-profile match. The peach-highlighted comps (1, 4, 5) are the ones we anchor methods to.

Comp 2 · 1015 Blossom Hill (Denny's)

Sale-leaseback / portfolio allocation. Master Lease at portfolio level, not market lease — not arm's-length.

Comp 3 · 6133 Camino Verde

50% partial interest in a condo. Not directly comparable to subject's whole-asset, fee-simple profile.

Comp 6 · 6097 Snell (Santa Teresa Sq)

Gas station operator (Gawfco) owner-user purchase. Strategic premium for fuel-pad operations, not a generic land or redev comp.

Comp 7 · 620 Blossom Hill (Sunrise Plaza)

Meriwest Credit Union owner-user with adjacency premium. Buyer paid for proximity to existing operations, not raw land/building value.

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465 Blossom Hill Rd · Appendix A4 20

Lease comps — executed (last 24 months).

#	Address	Yr / Class	SF	Rent $/SF	Service	Sign Date	Tenant / Term	Notes
1	1015 Blossom Hill	1978 / B	5,504	Withheld	NNN	1/16/26	Denny's, 25 yr	Sale-leaseback
2	1030 Blossom Hill	1964 / B	19,592	Not disclosed	Direct	10/16/25	—	Same corridor, similar size
3–5	5272 Monterey Hwy	1964 / C	14,000	Not disclosed	Direct	6/30/25	Los Gonzales / Mariscos / Barreras	Multi-tenant Class C
6	4850 Harwood Rd	1963 / C	5,802	$45.00 NNN	NNN +4% esc	6/2/25	Toddler Town, 10 yr	Disclosed; "Needs Renovation"
7	Hacienda Gardens (3171–3197 Meridian)	1963 / C	17,340	$30.00 NNN	NNN	8/21/24	Sky Zone, 10 yr	STRONGEST ANALOG — large-block Class C

Disclosure rate: 2 of 7 (29%) — large-block Class B/C lease rents are typically withheld
Disclosed rents: $30 NNN (Hacienda Gardens, large block) and $45 NNN (Toddler Town, small footprint)
$30 NNN at Hacienda Gardens is the closest analog to subject's profile — same era (1963 vs 1972), same Class, large block, similar South San Jose corridor

Source: CoStar lease comp pull, May 2026

465 Blossom Hill Rd · Appendix A5 21

Lease comps — active listings.

#	Address	Yr / Class	Avail. SF	Asking Rent	% Leased	Notes
1	2011–2023 Camden (Camden Park)	1990 / 3-star	690 – 1,548	$39 NNN	77.7%	Small in-line pads, premium
2	5750–5768 Santa Teresa (Cahalan Sq)	1979 / renov 2022	1,420 – 1,805	$36 NNN +$0.90 CAM	81.9%	Recent renovation premium
3	898 Blossom Hill (Kohl's Plaza)	1971 / 2-star	20,000	Withheld	0%	SUBJECT'S TWIN — same era, class, corridor
4	1080 Blossom Hill (Blossom Hill Shopping)	1978 / 3-star	1,400 – 5,505	Withheld	13.6%	Same corridor, heavy vacancy
5	1111–1125 Branham Ln	1967 / 3-star	1,500 – 5,000	Withheld	74.2%	CVS, O'Reilly, Carl's Jr anchors
6	5899 Santa Teresa (Plaza Del Rey)	1986 / 3-star	5,803	Withheld	50%	Heavy vacancy
7	2029–2035 Camden (Camden Park)	1990 / 3-star	1,902	$60 NNN	69.7%	OUTLIER — small pad premium
8	4424–4442 Pearl Ave (Branham Plaza)	1965 / 2-star	650	$30 NNN	92.8%	Disclosed, 650 SF small suite
9	1173–1187 Redmond (Redwood Plaza)	1976 / 3-star	875	Withheld	90.2%	Small strip, well-leased
10	5506 Monterey Hwy (Monterey Plaza)	1990 / 2-star	5,000	Withheld	0%	Newer (1990) but FULLY VACANT

Disclosure rate 5 of 10 (50%) · 3 of 11 surveyed properties (subject + 898 + 5506) are 0% leased — corridor-level evidence of soft demand

465 Blossom Hill Rd · Appendix A6–7 22

Market rent conclusion → pro forma NOI build · $28 NNN → ~$264K NOI.

A6 · Market Rent Conclusion — Anchor at $28 NNN

Tier	Market Rent	Anchor / Logic
Low / conservative	$26.00 NNN	Subject's $23.88 ask + slight uplift; worst-case condition discount
MID / RECOMMENDED ANCHOR	$28.00 NNN	Hacienda Gardens ($30 NNN) discounted ~7% for condition
High / aspirational	$30.00 NNN	Match Hacienda Gardens. Achievable only with significant TI
Outliers (do NOT use)	$36 – $60 NNN	Small in-line pad rents (650 – 1,900 SF) — not analog

A7 · Pro Forma Income Build — Two Methods Converge

Line Item	Method A — NNN	Method B — Gross Equivalent (35%)
Market rent (NNN)	$28.00 / SF	$28.00 / SF
+ Estimated opex burden	—	$12.00 / SF
× Subject GLA	10,800 SF	10,800 SF
Gross potential rent	$302,400	$432,000
Less 5% vacancy / collection loss	−$15,120	−$21,600
Less expenses	landlord ~8% of EGI	35%*
STABILIZED NOI	~$264K	~$265K

$28 NNN → ~$264K NOI. Hacienda Gardens executed at $30 NNN (17,340 SF Class C 1963) on 8/21/2024 — discount ~7% for subject condition lands at $28 NNN. Both pro forma methods (NNN and gross-equivalent) converge near the same NOI — independent validation.

*standard assumption

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465 Blossom Hill Rd · Appendix A8 23

Cap rate sensitivity grid — NOI / cap = indicated value.

Rent	NOI	@ 5.26%	@ 5.90%	@ 6.00%	@ 6.50%	@ 7.00%	Notes
$26	$245,419	$4.67M	$4.16M	$4.09M	$3.78M	$3.51M	Conservative; matches subject's $23.88 ask
$28	$264,298	$5.02M	$4.48M	$4.40M	$4.07M	$3.78M	RECOMMENDED ANCHOR
$30	$283,176	$5.38M	$4.80M	$4.72M	$4.36M	$4.05M	Match Hacienda Gardens; needs significant TI
$32	$302,054	$5.74M	$5.12M	$5.03M	$4.65M	$4.32M	Aspirational; submarket avg minus 25% large-block

Bold row = recommended anchor at $28 NNN (Hacienda Gardens minus condition discount). Submarket-level avg cap rate from CoStar 12-mo trades is 5.3% — supports the lower end of our 5.26 – 6.00% range.

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465 Blossom Hill Rd · Appendix A10 24

Appendix A10

Sources & methodology.

Verified comp data, lease comps, submarket benchmarks, and the underwriting assumptions behind the NOI build and the $/AC range.

Transaction & Property Data

Verified comp transaction details (buyer, sale type, NOI, cap rate): CoStar transaction notes, May 2026
Tax assessment values: Comps 1, 4, 6, 7 from CoStar; Comps 2, 3, 5 from Santa Clara County Assessor
Subject 2025 tax assessment: $3.9M land / $3.5M imp / $7.4M total

Lease & Submarket Data

Executed lease comps + active listings: CoStar, May 2026 pull
South San Jose Retail Submarket Report, 5/8/2026 (license #1535349)
Submarket benchmarks: vacancy 4.2%, asking $42.43 / SF, NC vacancy 6.3%

Methodology

Method A (NNN structure): tenant pays opex; landlord ~5–10% expense load
Method B (gross-equivalent, 35% expense ratio — standard assumption)
Lease-up cost ($400K – $700K): TI $30 – 50/SF, LCs ~6% of lease value, 12 – 18 mo downtime
Land valuation: $/AC anchored to vacant non-owner-user comps (1, 5)

Photography & Aerial

Property exterior & aerial photography sourced from CoStar property database, 2025
KW broker confirmed property condition observations during March 2026 review

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Contact · KW Advisors

Alina Siert

Commercial Real Estate, Luxury Residential · Keller Williams Advisors

Direct (408) 712-7692 Email Alina@SiertGroup.com Office 1430 Howard Ave, Burlingame, CA 94010 DRE 01893238

Schedule a consultation Connect on LinkedIn

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465 BlossomHill Road

This is an offer valuation analysis prepared for the prospective buyer, not a formal appraisal. Recipient agrees to keep these materials strictly confidential.

At a glance — concluded value, supporting ranges, and the revision.

San Jose → South San Jose retail submarket → what it means for an offer on a vacant Class C box.

South San Jose retail at a glance.

Subject's segment isn't tight — neighborhood centers are the highest-vacancy subtype in the submarket.

What buyers are paying — and absorbing.

Headline submarket numbers favor sellers. Segment numbers don't — and the corridor evidence makes the case for buyer leverage.

10,800 SF Class C retail on 1.00 acre, fully vacant — and how the listing broker priced it.

465 Blossom Hill Rdby the numbers.

Three approaches reconciled into one defensible offer range.

Income Capitalization $3.7M – $4.6M as-is · $4.4M – $5.0M stabilized.

Pro Forma Build

Reconciled Output

Sales comparison and land/redevelopment — both anchored to vacant comps.

Anchor · 405 Blossom Hill Rd

Reconciliation & buyer-path tranches — three approaches, one range, four scenarios.

Concluded value: $4,250,000.

The data behind the conclusion.

Sales comp roster — all 7 comps, peach = anchored, ✕ = excluded.

Tax assessment crosscheck — Prop 13* lens.

Excluded comps & why.

Comp 2 · 1015 Blossom Hill (Denny's)

Comp 3 · 6133 Camino Verde

Comp 6 · 6097 Snell (Santa Teresa Sq)

Comp 7 · 620 Blossom Hill (Sunrise Plaza)

Lease comps — executed (last 24 months).

Lease comps — active listings.

Market rent conclusion → pro forma NOI build · $28 NNN → ~$264K NOI.

Cap rate sensitivity grid — NOI / cap = indicated value.

Sources & methodology.

Transaction & Property Data

Lease & Submarket Data

Methodology

Photography & Aerial

Alina Siert

465 Blossom
Hill Road

465 Blossom Hill Rd
by the numbers.

Income Capitalization
$3.7M – $4.6M as-is · $4.4M – $5.0M stabilized.