Mixed-Use Condominium
For Sale
Contact for pricing
4115 El Camino Real, Palo Alto, CA 94306
New 2025 mixed-use condominium asset includes ground-floor retail and second-floor office units in shell condition.
Property Size31,459 SF
Days on Market58
Property Features for 4115 El Camino Real
General Information
Standard status
Active
Size
31,459 SF
Total Parking Spaces
45
Property subtype
Comm Ind For Sale
Units
Multifamily Units
7
Office Units
2
Building Details
Building Size
31,459 SF
Year Built
2025
Tenancy
Multi
Listing Agency:
DEAL Real Estate Services
Listed By:
Awne Elrabadi, · License #01480736
(408) 688-4928
Source:
Redoakrealty
Added: Jul 8
Changed: Aug 31
Last Checked: Sep 1 at 11:49PM
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 DEAL Real Estate Services
Investment Insights
Based on property information with market context.
Newly constructed in 2025, this mixed-use condominium development is offered as an entire asset with vacant units ready for lease-up or customization. The project includes seven residential condominium units with 1BR, 2BR, and 3BR floor plans that are move-in ready. It also includes two ground-floor retail condominiums and two second-floor office condominiums, with the commercial units delivered in shell condition for owner or tenant buildout.
The development provides parking for 45 vehicles, including private garages, underground parking, street-level parking, and a 19-car automated stacker system. The property is located approximately one mile from top-rated schools and tech corridors, and about 2.8 miles from downtown Palo Alto.
The owner is actively pursuing leases across residential, retail, and office spaces, supported by a unit mix spanning living, retail, and workplace uses.
The development provides parking for 45 vehicles, including private garages, underground parking, street-level parking, and a 19-car automated stacker system. The property is located approximately one mile from top-rated schools and tech corridors, and about 2.8 miles from downtown Palo Alto.
The owner is actively pursuing leases across residential, retail, and office spaces, supported by a unit mix spanning living, retail, and workplace uses.
Key Highlights
- New 2025 mixed‑use condominium development with 7 residential units (1BR, 2BR, and 3BR), plus ground‑floor retail and second‑floor office condominiums
- Commercial units delivered in shell condition for owner or tenant customization (retail and office)
- 2 ground‑floor retail condominium units plus 2 second‑floor office condominium units
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
$1,106,700
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
6.15%
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%
$22,134,000
$22.1M
Cap Rate 7%
$15,810,000
$15.8M
Cap Rate 9%
$12,296,667
$12.3M
Market Conditions
NOI Build-Up for 31,459 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
$1.76M $56.04/SF
− Vacancy
−$287.4K −$9.13/SF
EGI
$1.48M $46.91/SF
− OpEx
−$368.9K −$11.73/SF
NOI
$1.11M $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%
$22,134,000
Cap Rate 7%
$15,810,000
Cap Rate 9%
$12,296,667
Alternative Uses
Best Use
Office B
$15.81M
$13.83M – $18.45M
NOI $1,106,700 @ 7.0% cap · market cap 6.15%
Second Best
Retail
$12.14M
$10.62M – $14.16M
NOI $849,755 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$18.99M
$16.62M – $22.16M
NOI $1,329,460 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
985
Businesses Nearby
Explore this area
Business Placement
Demographics for 94306, CA
28,659
Population
11,853
Households
2.4
Avg Household Size
41
Median Age
81%
College-Educated
96%
High-School Grad
4.1 sq mi
ZIP Area
6,990
Density / Sq Mi
$186,479
Median Household Income
$112,500
Median Earnings
$2,927
Median Rent
$2,000,001
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?
Mixed-use property - New 2025 mixed-use condominium asset includes ground-floor retail and second-floor office units in shell condition.
Where is this mixed-use property located?
The property is located at 4115 El Camino Real Palo Alto, CA.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: New 2025 mixed‑use condominium development with 7 residential units (1BR, 2BR, and 3BR), plus ground‑floor retail and second‑floor office condominiums; Commercial units delivered in shell condition for owner or tenant customization (retail and office); 2 ground‑floor retail condominium units plus 2 second‑floor office condominium units
