For Sale or JV. Call listing broker for details. 650-793-0541. Further disclosures available with signed NDA. Leased Investment with mixed use development upside. 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 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. Buyer to inspect as desired. Existing Lease: 2,900 sf, Stable Tenant for 9 Years Existing Lease expires 3/31/28. Rent rate is a gross rate, not NNN plus cams. Gross Revenue = $114,156 / yr Expenses: Current Property Tax = $9,848.34 / yr New Property Tax = 1.1297% x $1,800,000 = $20,334.60 + $1,529 = $21,863.60 / yr Property Insurance = $4,000 / yr Maintenance = $3,600 / yr Current NOI = $96,707.66 / yr Proforma NOI = $84,692.40 / yr Asking Price = $1,800,000 Current Cap = 5.30% Proforma Cap = 4.7%