Listed by Kinghorn Commercial Properties
$7,000,000
701 Laurel Street
Details
APN 050-154-240
Property Type Retail, Office
Sub Type Executive Office
Square Footage 14,000
Units 19
Cap Rate 3.45%
NOI $242,139
Price per SqFt $500
Acreage 0.170
Zoning MU-DC
Retail | 3.45% CAP | 14,000 SqFt
Marketing description
Prime downtown San Carlos investment/add value offering. Located on the corner of Laurel and Cherry Street, the building has ground floor retail and office space currently configured into five units. The 2nd floor is comprised of 19 small office units. The building has a total of approximately 14,000 square feet. Value can be added by renovating/modernizing the 2nd floor and converting it into one or two office suites at substantially higher market rents. This will also help capture all of the rentable square footage on the 2nd floor which is not currently included due the floor's configuration.
San Carlos is ready to see significant development in the near future as it aims to meet its requirement to build 2,735 new units from 2023-2031 according to the City's Housing Element. San Carlos commercial rents may benefit as they catch up to neighboring cities San Mateo and Redwood City who's downtown commercial rents are significantly higher.
The City has permanently closed this section of the street to vehicular traffic and has a vision to transform the 700 block of Laurel Street into a public plaza, thereby paving the way for a more vibrant and pedestrian-friendly downtown.
San Carlos is located between two major economic hubs San Francisco and San Jose as well as within a ten minute drive from approximate 24 million sf of office space occupied by high paying companies in the fields of technology, finance, law, life/bio sciences and health care. Here is a partial list of some of the major employers in the surrounding area: Oracle, Visa, Electronic Arts, Sutter/Palo Alto Medical Foundation, Novartis, PG&E Zuora, Evernote, Check Point, MarkLogic, Nikon, Zuora, Acxiom, Natera, Shutterfly, Nintendo, Bristol Myers Squibb, Box, Fisher Investments, Snowflake Computing, Indeed, Rakutan, Guideware, WorkDay, Chan Zuckerberg Initiative, SurveyMonkey, Apptus, Gilead ScIences, Robolox, Franklin Templeton, Tano Capital, Coupa, Qualys, IBM, Marketo, Gunderson Dettmar, Fish & RIchardson, Seiler LLP, and Goodwin & Procter.
The city of San Carlos describes itself as, "ideally situated between San Francisco and San Jose, San Carlos is easily accessed by highways, railways and airways. The ultimate in geography and livability, it strikes a rare balance between small-town charm and big-city access. Here, a quaint village feeling goes hand in hand with the latest global advances.
Investment highlights
- Prime Downtown Office/Retail Location
- Significant Upside in Rents
- Great Opportunity to Modernize and Add Value
- San Carlos Undergoing Development Boom
- Walking Distance to the Caltrain Station
- Great Downtown, Restaurants, Shops and Amenities
- Close Proximity to Major Employment Base of Redwood Shores
- Conveniently Located in Between San Francisco and San Jose
Listing Contacts
Listed by Kinghorn Commercial Properties
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$242,139.00
$20,178.25/mo
Valuation Metrics
0
DSCR
3.46%
Cap Rate
3.46%
ROI
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