{"id":269174,"date":"2026-04-15T15:03:08","date_gmt":"2026-04-15T15:03:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/269174\/"},"modified":"2026-04-15T15:03:08","modified_gmt":"2026-04-15T15:03:08","slug":"investor-buys-former-san-jose-mens-bathhouse-site-as-prices-stay-low","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/269174\/","title":{"rendered":"Investor buys former San Jose men’s bathhouse site as prices stay low"},"content":{"rendered":"

SAN JOSE \u2014 An East Bay investor has bought the site of a former men\u2019s bathhouse in San Jose for a price that suggests values remain feeble for many types of commercial properties.<\/p>\n

The property, at 1010 The Alameda in San Jose<\/a>, was bought for just under $2.5 million, documents filed on April 14 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n

\"MeetingMeeting and work areas at 1010 The Alameda in San Jose.\u00a0(George Avalos\/Bay Area News Group)<\/p>\n

In recent years, Briggs Development launched an extensive redevelopment of the property<\/a>, a revamp that converted the former bathhouse into a small office building.<\/p>\n

Narayan Group, a business entity headed up by Livermore resident and investor Sanjay Bhanvadia, is the new owner of the property.<\/p>\n

An Arizona-based business group that paid $2.4 million for the converted office building a few months ago in September 2025 was the seller in the just-completed deal.<\/p>\n

The latest transaction for the property is a reminder of the steep slide in office building values throughout the Bay Area.<\/p>\n

In 2021, Briggs Development paid $4 million for the former bathhouse, which means the latest price is 37.5% less than what Briggs paid.<\/p>\n

\u201cThis is an example of people buying commercial real estate at one-third its replacement value,\u201d said Mark Ritchie, president of Ritchie Commercial, a San Jose-based real estate firm. \u201cThey believe this will pay off at these low prices.\u201d<\/p>\n

The nosedive in the site\u2019s value suggests the property might suffer a decline in its assessed valuation. The plunge also has implications for local government agencies and the services they provide.<\/p>\n

If real estate values falter in a community, the decline could imperil a crucial revenue stream from property taxes for cities, counties, regional agencies, and school districts.<\/p>\n

The 1010 The Alameda building consists primarily of 10,900 square feet of office spaces that can be divided into as many as four office suites, according to a marketing brochure that Cushman & Wakefield, a commercial real estate firm, had circulated.<\/p>\n

The office property also features four breakout rooms, a courtyard and an outdoor seating area. Despite the significant upgrade of the property, it has remained empty since the bathhouse shut its doors in 2020.<\/p>\n

The owners of the bathhouse, known as Watergarden, blamed the economic fallout from the COVID-19 pandemic for the demise of the venue\u2019s demise after 43 years of operation as a men\u2019s health club.<\/p>\n

\u201cThis is really now built only for office-type use after the conversion,\u201d Ritchie said.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 An East Bay investor has bought the site of a former men\u2019s bathhouse in San…\n","protected":false},"author":2,"featured_media":269175,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,8,3010,1335,383,1533,181,100,3012,388,88,90,89,5406,198,94685,200],"class_list":{"0":"post-269174","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-jose","8":"tag-bay-area","9":"tag-business","10":"tag-california","11":"tag-california-news","12":"tag-commercial-real-estate","13":"tag-development","14":"tag-economy","15":"tag-keywee","16":"tag-latest-headlines","17":"tag-news","18":"tag-office-buildings","19":"tag-real-estate","20":"tag-san-jose","21":"tag-san-jose-headlines","22":"tag-san-jose-news","23":"tag-san-jose-real-estate","24":"tag-santa-clara-county","25":"tag-social-alert","26":"tag-south-bay"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/269174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=269174"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/269174\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/269175"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=269174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=269174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=269174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}