Street-Front Retail NNN
For Sale
$3,900,000
909 Main Street, Redwood City, CA 94063
Leased street-front retail property on a dedicated NNN structure with operating expenses shifted to the tenant.
Property Size4,450 SF
Lot Size0.15 Acres
Price / SF$876.40
Days on Market125
Property Features for 909 Main Street
General Information
Standard status
Active
Size
4,450 SF
Lot size
0.15 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1963
Listing Agency:
Coldwell Banker Realty
(650) 596-5400
Listed By:
Johnny Heckenberg · License #01415801
(650) 776-5779
Source:
Exitrealty
Added: May 8
Changed: Sep 8
Last Checked: Aug 15 at 6:56AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
909 Main Street is a street-front commercial retail building positioned along a well-known retail corridor in Redwood City. The property contains 4,450 square feet and sits on a 6,650 square foot lot, providing frontage, visibility, and direct accessibility from the street. The building is currently leased under a triple-net (NNN) structure, with operating expenses including property taxes, insurance, utilities, and maintenance paid directly by the tenant.
The surrounding area features a mix of local and regional retailers, restaurants, and service businesses. Downtown Redwood City is characterized by ongoing revitalization, and the property is located close to the Caltrain Station, offering connectivity to major employment hubs across the Peninsula and San Francisco.
For buyers seeking an income-producing, low-landlord-responsibility retail asset, this property combines an in-place NNN lease with street-facing retail presence.
The surrounding area features a mix of local and regional retailers, restaurants, and service businesses. Downtown Redwood City is characterized by ongoing revitalization, and the property is located close to the Caltrain Station, offering connectivity to major employment hubs across the Peninsula and San Francisco.
For buyers seeking an income-producing, low-landlord-responsibility retail asset, this property combines an in-place NNN lease with street-facing retail presence.
Key Highlights
- 4,450 sq ft street‑front commercial building built in 1963
- 6,650 sq ft lot with street frontage and dedicated street‑front access
- Currently leased under a triple‑net (NNN) structure with operating expenses shifted to the tenant
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
$113,638
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
2.91%
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%
$2,272,760
$2.3M
Cap Rate 7%
$1,623,400
$1.6M
Cap Rate 9%
$1,262,644
$1.3M
Market Conditions
NOI Build-Up for 4,450 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
$170.3K $38.28/SF
− Vacancy
−$8.0K −$1.80/SF
EGI
$162.3K $36.48/SF
− OpEx
−$48.7K −$10.94/SF
NOI
$113.6K $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%
$2,272,760
Cap Rate 7%
$1,623,400
Cap Rate 9%
$1,262,644
Alternative Uses
Best Use
Retail
$1.62M
$1.42M – $1.89M
NOI $113,638 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.53M
$3.09M – $4.12M
NOI $247,428 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,962
Businesses Nearby
557k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Dining 32%
Shops & Services 31%
Apparel 3%
Safeway
Groceries
72,725 visits/mo
0.2 miles
In-N-Out Burger
Dining
54,798 visits/mo
0.4 miles
Whole Foods Market
Groceries
51,605 visits/mo
0.4 miles
Dollar Tree
Shops & Services
35,846 visits/mo
0.4 miles
McDonald's
Dining
35,421 visits/mo
0.4 miles
Demographics for 94063, CA
35,836
Population
12,162
Households
2.9
Avg Household Size
34
Median Age
35%
College-Educated
74%
High-School Grad
6.5 sq mi
ZIP Area
5,513
Density / Sq Mi
$115,528
Median Household Income
$50,960
Median Earnings
$2,802
Median Rent
$1,077,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Leased street-front retail property on a dedicated NNN structure with operating expenses shifted to the tenant.
Where is this nnn property located?
The property is located at 909 Main Street Redwood City, CA.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 4,450 sq ft street‑front commercial building built in 1963; 6,650 sq ft lot with street frontage and dedicated street‑front access; Currently leased under a triple‑net (NNN) structure with operating expenses shifted to the tenant
