49111 & 49117 Milmont Dr
10,010 SF for sale in Fremont, CA.
The building is divided by a demising wall into two warehouse suites (approximately 4,029 SF and 3,258 SF within the structure), allowing an owner-user to occupy one suite and lease the other for supplemental income, or an investor to hold both units leased.
800-amp, 208/120V three-phase service supports equipment-intensive users — testing labs, light manufacturing, or advanced hardware assembly — a spec increasingly scarce in Fremont's tight industrial stock.
Milmont Drive sits inside Fremont's Warm Springs/Irvington industrial district, within a few miles of the Tesla Fremont Factory, Lam Research, and other advanced manufacturing and AI-hardware employers driving regional industrial demand.
Direct access to I-880 and I-680 connects the site to the broader East Bay and Silicon Valley logistics network, with the Warm Springs/South Fremont BART station providing regional transit access for employees.
Building specifications
Warm Springs / Irvington Industrial District, Fremont
Milmont Drive runs through Fremont's established East Industrial area, part of the broader Warm Springs/Irvington submarket that anchors Silicon Valley's southern industrial base. The corridor sits minutes from I-880 and I-680, giving occupiers fast access to San Jose, Oakland, and the wider Bay Area, while the Warm Springs/South Fremont BART station extends transit access for employees commuting from across the region.
The surrounding district is home to a dense cluster of advanced manufacturing and technology employers, most notably the Tesla Fremont Factory a few miles to the north, along with Lam Research and other semiconductor and hardware companies that have made Fremont one of the most sought-after industrial submarkets in Silicon Valley.
Fremont's Industrial Vacancy Falls Below 3% as AI Hardware Makers Compete for Space
Fremont's industrial market has tightened sharply in 2026, with vacancy reported at roughly 3.4% citywide — and some local brokers estimating true availability closer to 2%. Across all of Silicon Valley, only about six newly constructed industrial buildings sit vacant, totaling roughly 1 million square feet, as AI hardware, semiconductor, and advanced manufacturing tenants compete for a shrinking pool of space, according to Silicon Valley Business Journal reporting relayed by Propmodo.
Tenant demand is running two to three times higher than available supply, and asking rents have climbed as much as 10% at some competitively positioned projects. Fremont has also seen large-scale investment activity, including Tesla's lease of a 108,000-square-foot R&D building at 45401 Research Avenue — roughly three miles from its main Fremont Factory — underscoring how the city's manufacturing base continues to expand and pull industrial real estate demand with it.
Source: Propmodo, citing Silicon Valley Business Journal (September 3, 2026); The Real Deal (January 27, 2026)
How we'd position this listing
Sub-3% vacancy and two-to-three-times oversubscribed tenant demand make Fremont one of the tightest industrial markets in the Bay Area right now, and 49111-49117 Milmont Dr offers a rare small-bay opportunity to buy in at a $3,495,000 basis rather than compete for space against AI-hardware and semiconductor tenants on lease terms alone.
The two-suite configuration and heavy 800-amp power give this asset real optionality — occupy one unit and lease the other, hold both as an investment, or reconfigure for a single user needing equipment-intensive space. Given the scarcity of functional industrial product under 15,000 SF in Fremont's Warm Springs/Irvington corridor, we'd expect strong interest from both owner-users and small industrial investors.
Get rent roll detail, floor plans, and comparable sales for 49111 & 49117 Milmont Dr.
Let's talk about 49111 & 49117 Milmont Dr.
jida@lee-associates.com
Brendan Gallagher — (760) 846-1736
242 California St, San Francisco, CA 94111