Multi-Tenant Flex
New
For Sale
$5,600,000
2134 Old Middlefield Way, Mountain View, CA 94043
Fully occupied commercial property with adaptable space and convenient access to major regional highways.
Property Size11,595 SF
Lot Size0.80 Acres
Price / SF$482.97
Days on Market2
Property Features for 2134 Old Middlefield Way
General Information
Standard status
Active
Size
11,595 SF
Total Parking Spaces
47
Lot size
0.80 Acres
Property subtype
Commercial
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Year Built
1971
Stories
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap
(650) 391-1784
Listed By:
Joshua Johnson · License #01930127
(650) 391-1784
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 5:50AM
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
Investment Insights
Based on property information with market context.
This 100% occupied flex property includes approximately 11,595 square feet on a 34,960-square-foot parcel. Built in 1971, the multi-tenant configuration offers adaptable space suited to a range of commercial uses. On-site parking includes 47 spaces, equating to a 4.00 spaces-per-1,000-square-feet ratio.
The property is located at 2134 Old Middlefield Way in Mountain View, with access to Highways 101, 85, and 237, as well as Central Expressway. The location also records a bikeScore of 96, a walkScore of 66, and a transitScore of 35.
The property is located at 2134 Old Middlefield Way in Mountain View, with access to Highways 101, 85, and 237, as well as Central Expressway. The location also records a bikeScore of 96, a walkScore of 66, and a transitScore of 35.
Key Highlights
- 100% occupied multi‑tenant flex property
- Approximately 11,595 square feet on a 34,960 square foot parcel
- 47 on‑site parking spaces
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
$407,902
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
7.28%
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%
$8,158,040
$8.2M
Cap Rate 7%
$5,827,171
$5.8M
Cap Rate 9%
$4,532,244
$4.5M
Market Conditions
NOI Build-Up for 11,595 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
$649.8K $56.04/SF
− Vacancy
−$105.9K −$9.13/SF
EGI
$543.9K $46.91/SF
− OpEx
−$136.0K −$11.73/SF
NOI
$407.9K $35.18/SF
Area
Santa Clara County, CA
Vacancy
16.30%
Lease Rate
$56.04 /SF/Yr
Expense Ratio
25.00%
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%
$8,158,040
Cap Rate 7%
$5,827,171
Cap Rate 9%
$4,532,244
Alternative Uses
Best Use
Office B
$5.83M
$5.10M – $6.80M
NOI $407,902 @ 7.0% cap · market cap 7.28%
Second Best
Industrial
$2.76M
$2.42M – $3.23M
NOI $193,533 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$7.00M
$6.13M – $8.17M
NOI $490,006 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,519
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94043, CA
31,414
Population
14,756
Households
2.1
Avg Household Size
36
Median Age
71%
College-Educated
94%
High-School Grad
8.5 sq mi
ZIP Area
3,696
Density / Sq Mi
$180,781
Median Household Income
$113,861
Median Earnings
$2,965
Median Rent
$1,647,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully occupied commercial property with adaptable space and convenient access to major regional highways.
Where is this flex space located?
The property is located at 2134 Old Middlefield Way Mountain View, CA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: 100% occupied multi‑tenant flex property; Approximately 11,595 square feet on a 34,960 square foot parcel; 47 on‑site parking spaces
