For Lease, Sale or JV. Call listing broker for details. 650-793-0541. Further disclosures available with signed NDA. Permitted: Office – Business and Professional, Medical and Dental Office, General Personal Service, Multi-Unit Residential, Family Child Care, Day Care, Adult Day Care, Trade School, Community Assembly/Church, Instructional, Private School (CUP), Grooming/Pet Store, Veterinary (CUP), Business Services, Restaurant, Bar (CUP), Hotel, Convenience/Grocery, Retail. MU-SB-100: Mixed-Use South Boulevard This district is intended to facilitate the transformation of the southeastern portion of Laurel Street into a mixed-use corridor. The physical form varies to transition from MU-N-40 west of Laurel Street to MU-SB-120 on El Camino Real. This district allows a mix of residential development of up to one hundred (100) units per net acre and retail and commercial uses. Could go 60 feet or 5 stories with existing zoning codes, new state laws could potentially go higher depending on transit assessment. Building is 49 feet wide and 57 feet deep. Please call the City of San Carlos Planning Department to confirm the permissibility of your use, and please contact me regardless of what they say to discuss it. https://www.codepublishing.com/CA/SanCarlos/html/SanCarlos18/SanCarlos1805.html#18.05 There is an existing strong tenant, who has a first right of refusal on a sale and an option to extend the lease past March 31, 2026 expiration. If you make a purchase offer, the tenant might want to take that deal, should the seller want to accept it, or the tenant might choose to not exercise their first right and vacate in a time frame that is desirable to a buyer. For buyers/investors that want a leased investment, with a strong tenant, this is a positive scenario for them. For buyers/investors that want a mixed use or residential development opportunity, with in place lease income, this is a positive scenario for them. As-Is sale. Seller reserves the right to reject any and all offers. New roof. Buyer to inspect as desired. Existing Lease: 2,900 sf, Stable Tenant for 9 Years Existing Lease expires 3/31/26 2 Year Option to Extend, Must Decide by 11/30/25. Right of First Refusal on a Purchase. Gross Revenue = $114,156 / yr Expenses: Current Property Tax = $9,848.34 / yr New Property Tax = 1.1297% x $1,950,000 = $22,029.15 + $1,529 = $23,558.15 / yr Property Insurance = $4,000 / yr Maintenance = $3,600 / yr Current NOI = $96,707.66 / yr Proforma NOI = $82,997.85 / yr Asking Price = $1,950,000 Current Cap = 4.96% Proforma Cap = 4.26% This is a Compass listing, but Costar/Loopnet is not able to show my new listings as Compass, and my older listings as Symphonic.