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KEY FEATURES:
AVAILABE TOGETHER OR SEPARATELY
• 1100 Laurel Price: $3,460,000, $392 per square foot, 6.27% cap rate
88% leased to medical labs, dental, general and specialty physician tenancies; 100% of leases with 3.5 years or more remaining
• 1140 Laurel Price: $1,650,000, available for user or investor
43% leased to medical tenant, 57% vacant or available for a user
• Long-term tenant histories proving convenience and desirability of location
• Highly visible property in retail area of San Carlos
• Abundant Off-Street Parking at 3.8 per 1,000 ratio with additional 10 spaces fronting property on Laurel Street
• Shares parking lot with adjacent available, 43% leased ±3,852 medical office building
• Located at the corner of Brittan Avenue and Laurel Street, one block from El Camino Real
• Easy access to El Camino Real, a major North-South arterial, and US-101 via Brittan Avenue, a major East-West arterial
INVESTMENT SUMMARY:
1100 Laurel Street is an 8,822 square foot medical office property conveniently located in an amenity-rich retail district of San Carlos in the center of the San Francisco Peninsula. It is leased to 6 tenants with its income diversified across various medical tenants such as podiatrists, endocrinologists, dentists, ophthalmologists and a Quest Diagnostics laboratory. While all in-place leases have annual increases and more than 3 years remaining term, in-place rental rates are below market levels, providing an upside in the income stream over time. The property has been a very stable investment as very few opportunities exist to replicate the asset in the mature and built-out Peninsula commercial markets. Replacement costs as well as sales comparable data support values well over the asking price, providing a discount to replacement for new buyers for a sound and stable investment.
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