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701-705 Laurel St 14,000 SF 96% Leased Retail Building San Carlos, CA 94070 $9,568,580 CAD ($683.47 CAD/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
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 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 (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$570,315
|
$55.22
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$17,109
|
$1.66
|
| Effective Gross Income |
$553,206
|
$53.56
|
| Taxes |
$115,104
|
$11.14
|
| Operating Expenses |
$105,614
|
$10.23
|
| Total Expenses |
$220,717
|
$21.37
|
| Net Operating Income |
$332,489
|
$32.19
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $570,315 |
| Annual Per SF | $55.22 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $17,109 |
| Annual Per SF | $1.66 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $553,206 |
| Annual Per SF | $53.56 |
| Taxes (CAD) | |
|---|---|
| Annual | $115,104 |
| Annual Per SF | $11.14 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $105,614 |
| Annual Per SF | $10.23 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $220,717 |
| Annual Per SF | $21.37 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $332,489 |
| Annual Per SF | $32.19 |
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
14,000 SF
Building Class
C
Year Built
1940
Price
$9,568,580 CAD
Price Per SF
$683.47 CAD
Cap Rate
3.47%
NOI
$332,030 CAD
Percent Leased
96%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
2.01
Lot Size
0.16 AC
Zoning
MU-DC - MU-DC
Frontage
66’ on Laurel St
Amenities
- Corner Lot
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Finance and Insurance
- -
- -
- -
- -
Farmers Insurance began in 1928, when its founders set out to provide quality insurance at a reasonable price. The company offers coverage for home, auto, life, business, recreational vehicles, and other financial products through multiple brands and distribution channels, including exclusive agencies, independent agents, online sales, and company call centers. Farmers has grown into a U.S. insurance group with a broad market presence and a national claims service network. The business continues to serve households and businesses across the country while maintaining its focus on insurance and related financial services.
- Ombudsmen
- -
- -
- $48.72 CAD
- Modified Gross
- Jan 2026
- Retail Therapy
- -
- -
- $48.39 CAD
- Modified Gross
- Sep 2025
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Finance and Insurance | - | - | - | - | |
| Ombudsmen | - | - | $48.72 CAD | Modified Gross | Jan 2026 | |
| Retail Therapy | - | - | $48.39 CAD | Modified Gross | Sep 2025 |
Moderately walkable
60/100
Very drivable
80/100
Good public transit
60/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 050-154-240 | Total Assessment | $2,922,359 CAD (2025) |
| Land Assessment | $1,330,584 CAD (2025) | Annual Taxes | $115,104 CAD ($8.22 CAD/SF) |
| Improvements Assessment | $1,591,776 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
050-154-240
Land Assessment
$1,330,584 CAD (2025)
Improvements Assessment
$1,591,776 CAD (2025)
Total Assessment
$2,922,359 CAD (2025)
Annual Taxes
$115,104 CAD ($8.22 CAD/SF)
Tax Year
2026
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701-705 Laurel St
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