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701-705 Laurel St 14,000 SF 98% Leased Retail Building San Carlos, CA 94070 $7,000,000 ($500/SF) 3.47% Cap Rate
Investment Highlights
- Prime Downtown Office/Retail Location
- Great Opportunity to Modernize and Add Value
- Walking Distance to the Caltrain Station
- Significant Upside in Rents
- San Carlos Undergoing Development Boom
- Great Downtown, Restaurants, Shops and Amenities
Executive Summary
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.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$416,946
|
$29.78
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$12,508
|
$0.89
|
| Effective Gross Income |
$404,438
|
$28.89
|
| Taxes |
$84,150
|
$6.01
|
| Operating Expenses |
$77,212
|
$5.52
|
| Total Expenses |
$161,362
|
$11.53
|
| Net Operating Income |
$243,076
|
$17.36
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $416,946 |
| Annual Per SF | $29.78 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $12,508 |
| Annual Per SF | $0.89 |
| Effective Gross Income | |
|---|---|
| Annual | $404,438 |
| Annual Per SF | $28.89 |
| Taxes | |
|---|---|
| Annual | $84,150 |
| Annual Per SF | $6.01 |
| Operating Expenses | |
|---|---|
| Annual | $77,212 |
| Annual Per SF | $5.52 |
| Total Expenses | |
|---|---|
| Annual | $161,362 |
| Annual Per SF | $11.53 |
| Net Operating Income | |
|---|---|
| Annual | $243,076 |
| Annual Per SF | $17.36 |
Property Facts In Escrow
Amenities
- Corner Lot
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Finance and Insurance
- -
- -
- -
- -
Farmers Insurance began in 1928 with a focus on insuring the vehicles of rural farmers and ranchers, then expanded into a broad insurance business serving households and businesses across the United States. The company offers coverage for home, auto, life, business, recreational vehicles, and other specialty needs, and also provides financial products through multiple companies, brands, and distribution channels. Farmers Insurance reaches customers through a network of exclusive agencies, independent agents, and direct sales channels, while business insurance spans property, liability, crime, and industry-specific coverage options.
- Ombudsmen
- -
- -
- $35.64
- Modified Gross
- Jan 2026
- Retail Therapy
- -
- -
- $35.40
- Modified Gross
- Sep 2025
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Finance and Insurance | - | - | - | - | |
| Ombudsmen | - | - | $35.64 | Modified Gross | Jan 2026 | |
| Retail Therapy | - | - | $35.40 | Modified Gross | Sep 2025 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Studio J is a bright, newly remodeled space that offers the flexibility to serve as a private office, art studio, or creative workspace. Featuring fresh paint, new carpet, and an individual mini-split HVAC system, the studio provides a comfortable environment year-round. Large skylight fills the space with natural light, creating an inspiring place to work or create. An added storage area offers extra functionality, making Studio P an excellent choice for artists, designers, consultants, photographers, and other creative or professional users seeking a unique space in the heart of Downtown San Carlos. Please note: Photos shown are renderings of the improvements planned for the space. Month-Month Term Available
Studio P is a bright, newly remodeled space that offers the flexibility to serve as a private office, art studio, or creative workspace. Featuring fresh paint, new carpet, and an individual mini-split HVAC system, the studio provides a comfortable environment year-round. Large windows overlooking Cherry Avenue fill the space with natural light, creating an inspiring place to work or create. An added storage area offers extra functionality, making Studio P an excellent choice for artists, designers, consultants, photographers, and other creative or professional users seeking a unique space in the heart of Downtown San Carlos. Month-Month Term Available Please note: Photos shown are renderings of the improvements planned for the space.
| Space | Size | Space Use | Position | Available |
| Suite J | 250 SF | Office | - | Sep 2026 |
| Suite P | 385 SF | Office | - | Sep 2026 |
Suite J
| Size |
| 250 SF |
| Space Use |
| Office |
| Position |
| - |
| Available |
| Sep 2026 |
Suite P
| Size |
| 385 SF |
| Space Use |
| Office |
| Position |
| - |
| Available |
| Sep 2026 |
Suite J
| Size | 250 SF |
| Space Use | Office |
| Position | - |
| Available | Sep 2026 |
Studio J is a bright, newly remodeled space that offers the flexibility to serve as a private office, art studio, or creative workspace. Featuring fresh paint, new carpet, and an individual mini-split HVAC system, the studio provides a comfortable environment year-round. Large skylight fills the space with natural light, creating an inspiring place to work or create. An added storage area offers extra functionality, making Studio P an excellent choice for artists, designers, consultants, photographers, and other creative or professional users seeking a unique space in the heart of Downtown San Carlos. Please note: Photos shown are renderings of the improvements planned for the space. Month-Month Term Available
Suite P
| Size | 385 SF |
| Space Use | Office |
| Position | - |
| Available | Sep 2026 |
Studio P is a bright, newly remodeled space that offers the flexibility to serve as a private office, art studio, or creative workspace. Featuring fresh paint, new carpet, and an individual mini-split HVAC system, the studio provides a comfortable environment year-round. Large windows overlooking Cherry Avenue fill the space with natural light, creating an inspiring place to work or create. An added storage area offers extra functionality, making Studio P an excellent choice for artists, designers, consultants, photographers, and other creative or professional users seeking a unique space in the heart of Downtown San Carlos. Month-Month Term Available Please note: Photos shown are renderings of the improvements planned for the space.
Nearby Major Retailers
Property Taxes
| Parcel Number | 050-154-240 | Total Assessment | $2,180,641 |
| Land Assessment | $992,871 | Annual Taxes | $84,150 ($6.01/SF) |
| Improvements Assessment | $1,187,770 | Tax Year | 2026 |
Property Taxes
Contact the Sale Advisor
701-705 Laurel St