Strip Mall Retail
New
For Sale
$2,100,000
1185 Laurel St, San Carlos, CA 94070
Established retail property offering a compact commercial footprint in a long-standing building.
Property Size2,633 SF
Price / SF$797.57
Days on Market2
Property Features for 1185 Laurel St
General Information
Standard status
Active
Size
2,633 SF
Property subtype
Shopping Strip
Amenities
Prime Investment Opportunity in Downtown San Carlos, CA
Two Tenant Building
Remodeled in 2023
Building Details
Building Size
2,633 SF
Year Built
1950
Listing Agency:
Marcus & Millichap - Palo Alto
Listed By:
Yuri Sergunin · License #License(s): CA: 01908322
(650) 391-1764
Source:
Marcusmillichap
Added: Sep 11
Last Checked: Sep 12 at 3:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Palo Alto
Investment Insights
Based on property information with market context.
This strip mall retail property contains 2,633 square feet and dates to 1950. The asset is located at 1185 Laurel St in San Carlos, California, providing a defined storefront setting within the city’s downtown area.
Key Highlights
- 2,633 square feet of retail property
- Located at 1185 Laurel St, San Carlos, CA 94070
- Building constructed in 1950
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$67,238
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,344,760
$1.3M
Cap Rate 7%
$960,543
$960.5K
Cap Rate 9%
$747,089
$747.1K
Market Conditions
NOI Build-Up for 2,633 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$100.8K $38.28/SF
− Vacancy
−$4.7K −$1.80/SF
EGI
$96.1K $36.48/SF
− OpEx
−$28.8K −$10.94/SF
NOI
$67.2K $25.54/SF
Area
San Mateo County, CA
Vacancy
4.70%
Lease Rate
$38.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,344,760
Cap Rate 7%
$960,543
Cap Rate 9%
$747,089
Alternative Uses
Best Use
Retail
$960.5K
$840.5K – $1.12M
NOI $67,238 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.09M
$1.83M – $2.44M
NOI $146,400 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,823
Businesses Nearby
84k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 47%
Shops & Services 28%
Dining 24%
Trader Joe's
Groceries
39,937 visits/mo
0.3 miles
Shell
Shops & Services
18,104 visits/mo
0.1 miles
Jack in the Box
Dining
16,149 visits/mo
0.1 miles
O'Reilly Auto Parts
Shops & Services
5,345 visits/mo
0.1 miles
Baskin-Robbins
Dining
1,634 visits/mo
0.4 miles
Demographics for 94070, CA
31,585
Population
11,958
Households
2.6
Avg Household Size
42
Median Age
68%
College-Educated
97%
High-School Grad
6.1 sq mi
ZIP Area
5,178
Density / Sq Mi
$235,373
Median Household Income
$118,194
Median Earnings
$2,802
Median Rent
$2,000,001
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Established retail property offering a compact commercial footprint in a long-standing building.
Where is this strip mall located?
The property is located at 1185 Laurel St San Carlos, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 2,633 square feet of retail property; Located at 1185 Laurel St, San Carlos, CA 94070; Building constructed in 1950
