Low Maintenance Mixed-Use Building in Downtown San Carlos
Trophy Downtown San Carlos Mixed-Use Building
Marketing description
The MKD Group, brokered by Compass, is pleased to exclusively present 577 Laurel Street, a 2003-built 5 uni mixed-use asset in one of the Peninsula's most coveted downtown corridors, offered as a true value-add play with long-term appreciation potential. The building is comprised of four (4) 2 bedroom/2 bathroom units, and a ground floor retail space. In-place residential rents sit materially below market, the ground-floor retail can be positioned as vacant or lease backed at COE to capture downtown Laurel Street rents, and architectural drawings for a sixth unit — a top-floor penthouse expansion — are already in hand. With a clean basis, modern construction, and a clear path to NOI growth, the asset is well-suited as a 1031 exchange replacement for investors seeking durable Peninsula income with built-in upside.
Investment highlights
- Residential Mark-to-Market. In-place 2BD/2BA rents range $3,800-$4,000 vs. market comps at $4,200 for comparable downtown San Carlos product, with immediate ~5-10% upside on natural turnover.
- Retail Repositioning. Ground-floor ~450 SF retail delivered vacant or lease-back at COE, allowing a buyer to reset to market rents on Laurel Street, one of the Peninsula's most active retail corridors.
- Penthouse Expansion. Architectural drawings for a sixth unit on the top floor — a rare value-add path in a supply-constrained downtown submarket.
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