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1023 Chestnut St 10,765 SF 100% Leased Flex Building Redwood City, CA 94063 $7,049,396 CAD ($654.84 CAD/SF) 5.25% Cap Rate
EXECUTIVE SUMMARY
Building offers upside as 100% leased investment, with stable tenant base that has renewed leases multiple times. Rent Roll and Cash Flow Statement available upon request.
• Prime Development Opportunity at the Gateway to Redwood City (according to RWC Municipal Code). Across from nearly-completed Broadway Plaza, in the strategic Mixed-Use Corridor (MU-C) zoned area of Redwood City's most recent Strategic General Plan.
• Parcel is 0.58 acres. MU-C allows for 80du/ac = 46 potential units + ground floor commercial (buyer to verify).
• Complete MU-C Zoning Code: https://library.municode.com/ca/redwood_city/codes/zoning_code?nodeId=ART53MIECOZODI
• The property is currently fully leased 10,765 square foot Office/Flex property with upgraded interiors, producing significant cash flow for long term hold or through the planning/permitting process for redevelopment.
• Building is within 1 mile of three major mixed-use developments that will bring over 1,500 apartment units and 1,000,000 SF of commercial space:
1. Broadway Plaza (1401 Broadway Ave)
-518 Residential Units (For Rent)
-420,000 sq. ft. Office
-26,000 sq. ft. Retail
2. Elco Yards (1601 El Camino)
-540 Residential Units (For Rent)
-420,653 sq. ft. Research and Development
-109,347 sq. ft. Office
-28,841 sq. ft. Retail
3. 1205 Veterans Boulevard
-409 Residential Units (For Rent)
-5,600 sq. ft. Retail.
• Prime Development Opportunity at the Gateway to Redwood City (according to RWC Municipal Code). Across from nearly-completed Broadway Plaza, in the strategic Mixed-Use Corridor (MU-C) zoned area of Redwood City's most recent Strategic General Plan.
• Parcel is 0.58 acres. MU-C allows for 80du/ac = 46 potential units + ground floor commercial (buyer to verify).
• Complete MU-C Zoning Code: https://library.municode.com/ca/redwood_city/codes/zoning_code?nodeId=ART53MIECOZODI
• The property is currently fully leased 10,765 square foot Office/Flex property with upgraded interiors, producing significant cash flow for long term hold or through the planning/permitting process for redevelopment.
• Building is within 1 mile of three major mixed-use developments that will bring over 1,500 apartment units and 1,000,000 SF of commercial space:
1. Broadway Plaza (1401 Broadway Ave)
-518 Residential Units (For Rent)
-420,000 sq. ft. Office
-26,000 sq. ft. Retail
2. Elco Yards (1601 El Camino)
-540 Residential Units (For Rent)
-420,653 sq. ft. Research and Development
-109,347 sq. ft. Office
-28,841 sq. ft. Retail
3. 1205 Veterans Boulevard
-409 Residential Units (For Rent)
-5,600 sq. ft. Retail.
PROPERTY FACTS
| Price | $7,049,396 CAD | Rentable Building Area | 10,765 SF |
| Price Per SF | $654.84 CAD | No. Stories | 1 |
| Sale Type | Investment | Year Built | 1948 |
| Cap Rate | 5.25% | Parking Ratio | 3.44/1,000 SF |
| Property Type | Flex | Clear Ceiling Height | 15’ |
| Property Subtype | Flex Research & Development | No. Drive In / Grade-Level Doors | 1 |
| Building Class | B | Opportunity Zone |
Yes
|
| Lot Size | 0.58 AC | ||
| Zoning | MU-C - Mixed-Use Corridor (MU-C): Mixture of high-density residential, office and retail with significant vertical development in walkable community | ||
| Price | $7,049,396 CAD |
| Price Per SF | $654.84 CAD |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Property Type | Flex |
| Property Subtype | Flex Research & Development |
| Building Class | B |
| Lot Size | 0.58 AC |
| Rentable Building Area | 10,765 SF |
| No. Stories | 1 |
| Year Built | 1948 |
| Parking Ratio | 3.44/1,000 SF |
| Clear Ceiling Height | 15’ |
| No. Drive In / Grade-Level Doors | 1 |
| Opportunity Zone |
Yes |
| Zoning | MU-C - Mixed-Use Corridor (MU-C): Mixture of high-density residential, office and retail with significant vertical development in walkable community |
AMENITIES
- 24 Hour Access
- Commuter Rail
- Air Conditioning
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 053-212-190 | Improvements Assessment | $1,068,552 CAD |
| Land Assessment | $636,572 CAD | Total Assessment | $1,705,123 CAD |
PROPERTY TAXES
Parcel Number
053-212-190
Land Assessment
$636,572 CAD
Improvements Assessment
$1,068,552 CAD
Total Assessment
$1,705,123 CAD
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1023 Chestnut St
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